The Province of BC has announced a new grant for parents trying to save for their child’s education.
A one time $1,200 grant is now available for parents of children born after 2007 to go towards an RESP.
“In order to pay for their education, parents really do need to start saving early.” Spruce Credit Union CEO Kelly Zammit said “Post secondary education has become more and more expensive and it’s really important to get a jump start on it as soon as possible.”
Families have three years, or until the day before the child’s ninth birthday, to submit an application for the grant.
“The only place that parents can apply for this particular $1,200 is within the credit unions.” Zammit said “It’s really nice to have the opportunity to meet with parents and help them get their children started on the right road.”
The only requirement for the grant is an RESP, there is no matching or additional contributions required.
The province says they are working with the banks, where in the coming months the grant should also become available.