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Other Ways to Save

There are lots of ways to save for your child's education after high school. Here are a few programs that provide access to grants or matching funds.

Canada Education Savings Grant

The Canada Education Savings Grant is money the government adds to your child's Registered Education Savings Plan (RESP) to help their savings grow.To receive the Canada Education Savings Grant (CESG), a Registered Education Savings Plan (RESP) must have been opened for the child.The basic CESG provides 20 cents on every dollar you contribute, up to a maximum of $500 on an annual contribution of $2,500. If you cannot make a contribution in any given year, you may be able to catch up in future years.This grant is available up until the end of the calendar year in which the child turns 17.

Additional Canada Education Savings Grant

The Additional Canada Education Savings Grant is money provided by the Government of Canada for Canadian children from low-income and middle-income families. This money is added to a child’s Registered Education Savings Plan to help them receive the maximum grant amount. This grant money is in addition to any money they might be getting through the basic Canada Education Savings Grant. This grant adds an additional 10% or 20% onto the first $500 or less contributed to the RESP annually, depending on family income.

British Columbia Training and Education Savings Grant

Starting in August 2015, the Government of British Columbia will contribute a grant of $1,200 to eligible children through the British Columbia Training and Education Savings Grant (BCTES).

To be eligible for the BCTES grant, a child must meet the following three criteria:

  1. The child was born in 2007 or later;
  2. At the time of application the child and a parent/guardian of the child are residents of British Columbia;
  3. At the time of application the child is the beneficiary of a Registered Education Savings Plan (RESP) with a participating financial institution.

Children are eligible for the BCTES grant on their sixth birthday up until the day before their ninth birthday.

Youth in Care Tuition Waiver Program

Vancouver Island University offers the Youth in Care Tuition Waiver Program to eligible students who have grown up in the care system in British Columbia. To be eligible for this Program, students must be a resident of British Columbia, who is living or has lived a significant part of their life as a youth in care in British Columbia.