Credit unions connect parents with $1,200 B.C. education grant

Parents in Kamloops, Clearwater, Barriere and Chase can go to Interior Savings Credit Union to save for their children’s future

The world is changing and parents want to make sure their children are ready to succeed.  Education and training after graduation can help unlock that success.

Parents in Kamloops, Clearwater, Barriere and Chase can go to Interior Savings Credit Union or Valley First Credit Union to kick-start their savings for their children’s future.

To be eligible for the $1,200, children must be born in 2007 or later. Families have 3 years, or until the day before the child’s ninth birthday, to submit an application for the grant.

No matching or additional contributions are required to access the $1,200.

“This grant will help and encourage parents to plan and save for their children’s post-secondary education,” Kamloops-South Thompson MLA Todd Stone said. “Opening an RESP account to receive the grant is a simple process and will give children a solid start toward a rewarding career.”

“Even a small amount of savings in an RESP increases the likelihood that a child will continue his or her studies after completing high school,” Kamloops-North Thompson MLA Terry Lake said. “This is a great way to ensure our young people are prepared for job opportunities in the years to come.”

In the next decade more than 78 per cent of job openings will require some form of post-secondary education and training.

With the $1,200 grant and an investment of $50 a month, savings could grow to $12,000 (based on a 3.5 per cent annual growth rate). Growth of funds will depend on the amount invested and actual returns.

One in three British Columbians are members of a credit union. Central 1 Credit Union is the host organization of the grant for their 42 member credit unions, consisting of 365 branches and more than 550 ATMs across B.C.

The one-time grant of $1,200 per eligible child will be deposited into a Registered Education Savings Plan (RESP) upon approval of the application.

For more information visit your financial institution or go to www.canlearn.ca

For more information on the B.C. Training and Education Savings Grant, go to www.gov.bc.ca/BCTESG or call 1-888-276-3624.