To access the new grant, families simply open a Registered Education Savings Plan (RESP) before their child turns seven. It's a straightforward process that takes only a short time at a bank or other financial institution. You can also open an RESP securely through an online investment firm.
Make sure to have:
- Family member or guardian's Social Insurance Number.
- Social Insurance Number for the RESP beneficiaries (the child or children).
- One piece of government-issued identification for the family member or guardian setting up the RESP.
By opening an RESP account -- not only is a child entitled to $1,200 from the Province of British Columbia, --he or she also can access other savings grants from the Government of Canada. Parents then work with the financial institution to make the necessary applications. No matching or additional contribution is required to receive the BC Training and Education Savings Grant.