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Knowledge First Financial sends important message to its BC customers

Jul 17, 2018

As a leading RESP provider in Canada, Knowledge First Financial is urging its BC customers to apply for the BC Training and Education Savings Grant (BCTESG), a unique provincial grant that provides $1,200 for a child’s RESP, with no matching contributions required.

It’s especially important for BC residents who have a child born in 2007, 2008 or 2009 to apply now.  Simply download the application, fill it out and return it to us with the required proof of BC residency by August 14, 2018.

Understanding the BCTESG deadlines

A child is eligible for BCTESG when they turn six, up until the day before they turn nine.  Children who were between the ages of 6 and 9 when the program was introduced in 2015, were given additional time to apply.  The program was later extended to include children who were born in 2006.  The application deadlines are:

 
Year of Birth Last Day to Apply for BCTESG
2006 August 14, 2019
2007 or      2008 August 14, 2018
2009 August 14, 2018, or the day before the child turns nine, whichever is later
2010 or later Day before the child turns nine

According to a recent study by Ipsos conducted for Knowledge First Financial, one in five BC parents with children 13 or under report taking advantage of the provincial grant. The survey also found that four in ten (37%) of BC parents were not aware the grant can only be applied for between the child’s 6th and 9th birthdays. As a result, some eligible families may unknowingly leave $1,200 in provincial funding on the table.*

"For families in British Columbia, the benefits of saving early for post-secondary education are clear," said George Hopkinson, President & CEO, Knowledge First Financial Inc. "Our RESP specialists are experts in helping families take advantage of the BC Training and Education Savings Grant and other government incentives to make saving for education easier.”


BC residents may have three years to claim the BCTESG for their children, but the best advice is --  apply as soon as your child turns six. Entering grade 1 is a big milestone in a child’s life – it’s also a great time to make sure you’ve started saving for their future education with an RESP, and receive an extra $1,200 through the BC Training and Education Savings Grant.
 
About Knowledge First Financial

Canadian families have relied on education savings plans offered by Knowledge First Financial for more than 50 years. Today, the company manages $3.6 billion in assets on behalf of approximately 250,000 customers. Since 1965, payments from the plans have reached $4.2 billion and the Knowledge First Foundation has further enhanced Education Assistance Payments to students by over $50 million.

Knowledge First Financial Inc. is a wholly-owned subsidiary of the Foundation and is the investment fund manager, administrator and distributor of Registered Education Savings Plans. Knowledge First Foundation is a not-for-profit Canadian corporation with no shareholders. The Foundation is therefore able to reinvest excess revenues in initiatives that support students, such as the Knowledge First Financial Graduate Scholarship Awards.

* These are some of the findings of an Ipsos poll conducted between August 3 and 15, 2017, on behalf of Knowledge First Financial. For this survey, a sample of 1,919 Canadian parents from Ipsos' online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.6 percentage points, 19 times out of 20, had all Canadian parents been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.



 
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