Scotiabank and the Government of B.C. are helping families plan for their children’s future.    

On Friday, Minister of Education Mike Bernier announced that the $1,200 B.C. Training and Education Savings Grant is now available at any of the 126 Scotiabank locations in B.C.

"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, Minister of Education for B.C. “ My hope is every eligible child in the province applies and receives this kick-start for their post-secondary and skills training."

Photo Credit: Scotiabank.The grant will be available at all of the 126 Scotiabank locations in B.C.

They helped families sign up for the process, explain that is only takes three steps. First, parents have to get their children a social insurance number, open an RESP at a participating financial institution and apply for the grant.

The grant applies to B.C. children born in 2007 or later. Guardians have three years to apply for the grant when their child becomes eligible.

Through Budget 2016, the provincial government is adding $39 million to extend to make children born in 2006 eligible. The families of these 40,000 additional children will be able to apply for the grant in late 2016.

This grant is ideal for families of all income levels because there is no matching or additional contributions required to access the $1,200.  

Scotiabank's BC and Yukon Region senior vice president Winnie Leong accompanied Bernier for the RESP announcement.

"Scotiabank is proud to work alongside the Ministry of Education to provide our customers with access to the B.C. Training and Education Savings Grant,” said Leong. “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.”

If parents invest $50 a month on top of the $1,200 grant, savings could grow to $12,000 in 13 years  with a 3.5 per cent annual growth rate.