Money is About to Start Falling Off the Table! - Presley & Partners - Presley & Partners

Blog

Advice and articles from our team leaders, specifically for business owners.
August 2nd, 2018

Money is About to Start Falling Off the Table!

David C_E5Q9313David Christie, CPA, CGA

Make sure you’ve applied for this education grant

If you have a child born between 2006 and 2009, you’ll want to read this!

In 2015 the British Columbia government introduced the BC Training and Education Savings Grant. It represents a $1,200 grant for all children born after 2005, which the government will deposit into a Registered Education Savings Plan (RESP), and a matching contribution isn’t necessary to get it.

The grant has to be applied for between your child’s sixth and ninth birthday, but when the government introduced the program they made special extension deadlines for children born between 2006 and 2009.

The deadline for children born between 2007 and 2009 is August 14, 2018 – very soon! The deadline for children born in 2006 is August 14, 2019.

You’ll note that the 2006 children have a later deadline than the children born after that date. We assume the government has a rational reason for the difference. It is not a typo!

The deadline for children born in 2010 or later is the day before their ninth birthday, so for a child born on January 1, 2010, the deadline would December 31, 2018.

You can apply for the grant at your financial institution, and the only stated criteria is that you have (or set up) an RESP, the child has a Social Insurance Number, and that both the child and parents are residents of BC.

If you have an existing RESP, your advisor may already have had you sign the paperwork for the grant, but it’s worth asking the question, just in case.

For further information, use the following link to access the BC government webpage:

https://www2.gov.bc.ca/gov/content/education-training/k-12/support/bc-training-and-education-savings-grant

David Christie is a Chartered Professional Accountant, CGA and Manager with Presley & Partners, CPAs and Business Advisors, in Courtenay, BC. He can be reached at 250.338.1394 or dchristie@presleyandpartners.com.