Keeping up with all the changes to Registered Education Savings Plans (RESP) since 1997 is a difficult task to say the least. You are now able to contribute up to $50,000 per child and the Federal Government will contribute up to $7,200.
Many additional educational programs qualify in addition to traditional University and College degrees. In order to maximize the value of the RESP, comprehensive planning is required.
One benefit available to residents of B.C. is the Training and Education Savings Grant (BCTESG). Unlike the Federal Government Grant, this is not based on how much you contribute. However, you do need to apply for this. In order to qualify, the following criteria must be met:
Child born in 2006 or later
You and the child are residents of B.C.
The child is a beneficiary of an RESP with a participating institution
For children born between 2006 and 2009, the BCTESG is now available. Depending on the year of birth, the last day to apply may be as soon as August 14, 2018. Start the process early to ensure you are dealing with a qualified institution that is able to access this grant for you.