Families with eligible children will be able to apply for a $1200 education grant from the provincial government to help their children get a head start in pursuing their dreams.
Parents and families can go into almost any credit union in British Columbia to kick-start their education savings through the $1200 B.C. training and education savings grant. The one-time grant of $1200 per eligible child will be deposited into a registered education savings plan (RESP) upon approval of the application.
The Lakes District Branch of the Bulkley Valley Credit Union is a participating branch.
Sandy Doré, Branch Manager, said she has been personally letting eligible members know that they can apply for this grant.
“This is a great plan and people should take advantage of it,” she said.
Doré explained that in order to open a RESP account, credit unions require the child's social insurance number (SIN). The Lakes District Branch also offers application forms so that parents can apply for their child's SIN. To be eligible for the $1200 grant, children must have been born in 2007 or later. Families have three years, or until the day before the child's ninth birthday, to submit an application for the grant.
There is no barrier to low-income families since no matching or additional contributions are required to access the $1200. The province is also working to ensure that low-income families and children in care are able to tap into the grant.
Don Wright, President and CEO of Central 1 Credit Union, said saving for a child's education is one of the most important investments a parent will make.
“This grant provides a great head start, and we're pleased that credit unions across B.C. are the first financial institutions in the province able to make the application widely available to families," he said.
The province is working with other financial institutions so over the coming months they will be able to offer the grant.