VANCOUVER, BC–(Marketwired – May 13, 2016) – Scotiabank and the B.C. Ministry of Education today announced a partnership to provide families in British Columbia with access to the $1,200 B.C. Training and Education Savings Grant (BCTESG) through a Registered Education Savings Plan (RESP).
“Scotiabank is proud to work alongside the B.C. Ministry of Education to provide our customers in British Columbia with access to the B.C. Training and Education Savings Grant,” said Winnie Leong, Senior Vice President, B.C. & Yukon Region at Scotiabank. “Saving for your children’s future education costs can often feel overwhelming, and a Registered Education Savings Plan is one of the most effective ways to ease some of the stress. Scotiabank Financial Advisors can help to create a financial plan that works for every family’s unique needs.”
The BCTESG is a $1,200 one-time grant to eligible children born in 2007 or later, who along with their parent(s) are residents of B.C. at the time of application. The earliest the grant can be requested is when the child turns six. After that, the application must be made any day before the child’s ninth birthday. Applications for eligible children born in 2007, 2008, and 2009 must be made by the later of August 14, 2018, or the day before their ninth birthday. B.C. residents can apply at any Scotiabank branch.
“Ten months after launching the B.C. Training and Education Savings Grant, more than 14,000 younger British Columbians have already received $1,200 for their future, for a total of $17.6 million,” said Mike Bernier, B.C. Minister of Education. “My hope is every eligible child in the province applies and receives this kick-start for their post-secondary and skills training.”
According to Statistics Canada, university tuition prices increased by 3.2% for the 2015/2016 academic year and, on average, undergraduates paid $6,191 in tuition fees.1 With fees increasing at more than three times the current rate of inflation2, it is more important than ever for families to plan well in advance for their children’s post-secondary education.
“Working with a financial advisor and investing in a Registered Education Savings Plan is a great way to enable families to plan ahead for the costs of university or college, so that students can focus on their studies rather than how they’re going to pay the bills,” continued Ms. Leong.
For more information on the BCTESG or advice on RESPs, visit www.scotiabank.com or visit a local Scotiabank branch.
About Scotiabank:
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of $920 billion (as at January 31, 2016), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank’s media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.
1 http://www.statcan.gc.ca/daily-quotidien/150909/dq150909b-eng.htm
2 Average 2015 inflation rate is 1.06% (http://www.inflation.eu/inflation-rates/canada/historic-inflation/cpi-inflation-canada.aspx)
For media enquiries only:
Heather Armstrong
Public, Corporate and Government Affairs
Scotiabank
T: 416-933-3250
M: 647-632-4524
E: [email protected]
