Looking to plan for your childrens’ future? Don’t leave education money on the table.

Looking to plan for your childrens’ future? Don’t leave education money on the table.

Too many B.C. parents leaving free money on the table

Opening an RESP is free, and the B.C. government will provide a no-strings grant of $1,200

Education Savings Week was from Nov. 18 to 22, 2019, but B.C. families are being encouraged to plan for their children’s future at any time of the year by opening a Registered Education Savings Plan (RESP) before time runs out for their children to be eligible.

The Government of B.C. will deposit $1,200 into the RESP for each eligible child, and no additional money is needed from families to receive the funds, which come from the B.C. Training and Educations Savings Grant.

Families can ask their local financial institution if they are one of the 56 official promoters of the grant, and are urged to not be part of the 40 per cent of families who leave this grant unclaimed. There is no charge for opening an RESP.

Almost 80 per cent of job openings in British Columbia over the next decade will require some form of post-secondary education. The grant allows parents and families who may not be able to currently afford to put money aside to start an RESP. Studies indicate that children with RESPs are more likely to pursue higher education.

Students can use the money to pay for many of their education expenses (including books, tools, rent, or transportation) in an apprenticeship program, a trade school, college, or university.

Applications are open to eligible children between six and nine years old, but there are eligibility deadlines:

* Children born in 2010 have until the day before their ninth birthday to apply.

* Children born in 2011 have until their ninth birthday in 2020 to apply.

* Children born in 2012 have until their ninth birthday in 2021 to apply.

* Children born in 2013 have until their ninth birthday in 2022 to apply.

* Children born in 2014 can start applying on their sixth birthday.

The Government of Canada also offers eligible families with modest incomes up to $2,000 for each child’s RESP from the Canada Learning Bond. As well, the Canada Education Savings Grant matches RESP contributions up to a maximum of $7,200 per child.

Terry Brown — a Chilliwack-based financial advisor — is baffled as to why so many parents don’t take advantage of the opportunity. It’s estimated that 75,000 children born in 2007, 2008, and 2009 who are no longer eligible missed out, with some $90 million in free money left on the table.

READ MORE: Thousands of B.C. parents missing out on $1,200 grants

“I’m running out of new ways to say the same thing: empty RESP accounts are free, and free money is available,” Brown says.

“It’s free money for kids. It takes 15 minutes out of your day to bring in $1,200.”

More information can be found at www.Canada.ca/education-savings.



editorial@accjournal.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A dose of COVID-19 vaccine is prepared at a vaccination clinic in Montreal’s Olympic Stadium on Tuesday, Feb. 23, 2021. THE CANADIAN PRESS/Paul Chiasson
39 new cases of COVID-19 in Interior Health region

The total number of cases in the region since the pandemic began is now at 7,334

A rainbow shining on Kelowna General Hospital on May 12, 2020 International Nurses Day. (Steve Wensley - Prime Light Media)
New COVID cases trending down in Interior Health

24 new cases reported Thursday, Feb. 25, death at Kelowna General Hospital

(File Photo)
Crash causes delays on Coquihalla southbound, travel advisory issued

A vehicle incident between Merrit and Hope has caused major delays heading south

A nurse performs a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. (THE CANADIAN PRESS/Paul Chiasson)
30 new COVID-19 cases, five more deaths in Interior Health

This brings the total number of cases to 7,271 since testing began

FILE – A COVID-19 vaccine being prepared. (Olivia Sullivan/Sound Publishing)
B.C. seniors 80 years and older to get COVID vaccine details over next 2 weeks: Henry

Province is expanding vaccine workforce as officials ramp up age-based rollout

Abbotsford’s Kris Collins turned to TikTok out of boredom when the provincial COVID-19 lockdown began in March 2020. She now has over 23 million followers on the video app. Photo: Submitted
Internet famous: Abbotsford’s Kris Collins is a TikTok comedy queen

Collins has found surprise stardom alone with a phone

A Vancouver restaurant owner was found guilty of violating B.C.’s Human Rights Code by discriminating against customers on the basis of their race. (Pixabay)
Vancouver restaurant owner ordered to pay $4,000 to customers after racist remark

Referring to patrons as ‘you Arabs’ constitutes discrimination under B.C.’s Human Rights Code, ruling deems

Nanaimo children’s author and illustrator Lindsay Ford’s latest book is ‘Science Girl.’ (Photo courtesy Lindsay Ford)
B.C. children’s writer encourages girls to pursue the sciences in new book

Lindsay Ford is holding a virtual launch for latest book, ‘Science Girl’

Pig races at the 145th annual Chilliwack Fair on Aug. 12, 2017. Monday, March 1, 2021 is Pig Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Feb. 28 to March 6

Pig Day, Canadian Bacon Day and Grammar Day are all coming up this week

Staff from the Marine Mammal Rescue Centre, passersby, RCMP and Nanaimo Fire Rescue carried a sick 300-kilogram steller sea lion up the steep bluff at Invermere Beach in north Nanaimo in an attempt to save the animal’s life Thursday. (Photo courtesy Marine Mammal Rescue Centre)
300-kilogram sea lion muscled up from B.C. beach in rescue attempt

Animal dies despite efforts of Nanaimo marine mammal rescue team, emergency personnel and bystanders

Doctors and counsellors warn of an increase in panic attacks, anxiety, depression and suicide ideas between ages 10 to 14, in Campbell River. ( Black Press file photo)
Extended pandemic feeding the anxieties of B.C.’s youth

Parents not sure what to do, urged to reach out for help

Kara Sorensen, diagnosed with lung cancer in July, says it’s important for people to view her as healthy and vibrant, rather than sick. (Photo courtesy of Karen Sorensen)
B.C. woman must seek treatment overseas for inoperable lung cancer

Fundraising page launched on Karen Sorensen’s behalf, with a goal of $250,000

Gina Adams as she works on her latest piece titled ‘Undying Love’. (Submitted photo)
‘Toothless’ the kitty inspires B.C. wood carver to break out the chainsaw

Inspired by plight of a toothless cat, Gina Adams offers proceeds from her artwork to help animals

B.C. Finance Minister Selina Robinson presents bill to delay B.C.’s budget as late as April 30, and allow further spending before that, B.C. legislature, Dec. 8, 2020. (Hansard TV)
How big is B.C.’s COVID-19 deficit? We’ll find out April 20

More borrowing expected as pandemic enters second year

Most Read