Free Money for RESPs

Free government money for B.C. kids' education savings!

Families in B.C. can receive up to $3,200 for their child’s education without contributing a cent.

Every child in B.C., born 2006 or later, can get the $1,200 B.C. Training & Education Savings Grant (BCTESG). Kids in B.C. also have free money waiting to get their post-secondary education savings started through the federal government’s Canada Learning Bond.

Yes, it’s FREE MONEY for families to get savings started, even when they have no money of their own to contribute.

You only need to set up an RESP account to apply and receive the money. Without an RESP, kids miss out on the federal and provincial education savings incentives they are entitled to receive from the government.

Did You Know?

• Without any deposits from you, you can receive up to $3,200 for your child’s education.
• Kids with some savings are more likely to graduate from high school1 and 50% more likely to pursue a post-secondary education2.
• Kids from modest income families with savings of $500 are 4 times more likely to graduate from post-secondary school3.
• You need a Social Insurance Number for child and primary caregiver and an RESP for the child to receive the money.
• An RESP can be opened for $0 and with $0 in family contributions.
• RESPs are flexible. A child can use the money in their account to pursue a wide range of educational options.
• An RESP does not have to be opened by a parent – it can be opened by a relative, public caregiver or even a friend.
• RESPs can be kept open for 36 years.

 

RESP Quick Facts

• An RESP is the tax-sheltered receiving account required for benefits like the Canada Learning Bond, BCTESG and matching contributions.

• An RESP can be started for $0 and with $0 in family contributions.

• A Social Insurance Number is required for the child and for the child’s primary caregiver.

• RESPs are flexible. A child can use the money in their account to pursue a wide range of educational options.

• An RESP does not have to be opened by a parent – it can be opened by a relative, public caregiver or even a friend.

• RESPs can be kept open for 36 years.

 

Frequently Asked Questions!

I am confused by the process required to open this account for my child. Where do I start?
To start an RESP you and your child must each have a Social Insurance Number (SIN). A Social Insurance Number is a special number assigned only to you that you need to work in Canada or to receive benefits from the Government.

How do I apply for Social Insurance Numbers?
Identification: you need proof of identity to apply for a Social Insurance Number.
This is most often an original birth certificate. If you do not have a copy of your or your child’s birth certificate, you can
apply for this document in one of four ways:

1. Online
Use the Vital Statistics Agency’s secure online ordering service. A credit card is required.

2. By Phone
Call the Vital Statistics Agency at (250) 952-2681 in Victoria or 1-888-876-1633 elsewhere in B.C. A credit card is required.

3. In Person
Go to any Service BC counter. You do not need to fill out an application, but will need to provide the customer service representative with the same details about the birth that are requested on the Application for Birth Certificate or Registration Photocopy / Extract. You will also need to provide payment.

4. By Mail
Send a completed Application for Birth Certificate or Registration Photocopy (VSA 430B) form with payment to:

Vital Statistics Agency
PO Box 9657 Stn Prov Govt
Victoria, B.C. V8W 9P3

Apply: Once you have identification, apply for a Social Insurance Number
Service Canada has made it easier for you to get a Social Insurance Number, replace your Social Insurance Number card and/or amend your Social Insurance Number record.

For more information about Social Insurance Numbers, visit Service Canada at www.servicecanada.gc.ca, call 1-800-206-7218, or visit a Service Canada Centre. Service Canada Centres are offices where fully-trained staff are ready to help you find the information you need on all Government of Canada programs and services.

1. In Person
Take the originals of the identity documents you need to your nearest Service Canada Centre where an agent will help you. If your identity documents are in order, you will get a Social Insurance Number or have your Social Insurance Number record amended before you leave. Your Social Insurance Number card will arrive in the mail shortly afterwards. A $10 fee is charged to replace a Social Insurance Number card. There is no fee to amend the name(s) on your card if you have had a legal name change (marriage, divorce, legal name change, etc.).

2. By Mail
If you live further than 100km from a Service Canada Centre, fill out an application form. The application form is only available in English or French and you must fill it out in English or French. Application forms are available at www.servicecanada.gc.ca or at your local Service Canada Centre. Mail your completed application form, original identity document(s), and fee for replacement card (if applicable) to:

Service Canada Social Insurance Registration Office
P.O. Box 7000
Bathurst, NB E2A 4T1

We have Social Insurance Numbers. How do we open an RESP?
All you need to do is go to your local credit union in B.C. or participating bank, tell them that you want to set up a “BC Training and Education Savings Grant RESP”. The financial institution you choose will have the application there and can assist you in completing it. The credit union or bank will submit the application to the government, and the funds will be deposited directly into your child’s education savings account.

 

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