B.C. breaks piggy bank for parents

To qualify, registered parents have to open a Registered Education Savings Plan and apply for the grant before their child turns seven

Black Press

A children’s education fund set up by the B.C. government in 2007 is being distributed to parents, with a suggestion that they add to the fund for their kids’ education.

Finance Minister Mike de Jong announced in Tuesday’s budget that payouts of $1,200 will be made from the fund for each child as they turn six years old. To qualify, registered parents have to open a Registered Education Savings Plan and apply for the grant before their child turns seven.

Eligible children are those born on or after Jan. 1, 2007, resident in B.C. with an RESP account set up by Feb. 28, 2014.

The budget also provides $32 million over three years for new childcare spaces, and a new early childhood tax benefit for families with young children, to take effect in April 2015. It would provide up to $55 per month for children up to age six, administered through the Canada Child Tax Benefit system.

 

De Jong noted that an RESP is applicable to vocational, trade and college programs as well as university.