Chilliwack financial advisor Terry Brown (left), Barb Van Santen and just some of her many foster kids. Brown helped Van Santen get the $1,200 BC Training and Education Savings Grant for eight children last year and he’s campaigning for all parents to sign up. (Paul Henderson/The Progress file)

B.C. parents still missing out on hundreds of thousands in free money

Chilliwack financial advisor still banging the drum over unclaimed $1,200 RESP grant cash

Terry Brown has been screaming from the rooftops for months about free money that B.C. parents continue to leave on the table.

And yet still thousands and thousands aren’t listening.

“It’s a real head-scratcher,” the Chilliwack financial advisor said this week.

Brown’s message is about the free $1,200 B.C. Training and Education Savings Grant. All parents have to do is open an Registered Education Savings Plan at a financial institution, which is free, then apply for the grant through the bank or credit union. There is no requirement to match the government grant or continue to contribute.

“The ‘trick that isn’t a trick’, as I like to call it, is to open an empty RESP account just to collect your child’s provincial and federal grants,” Brown said.

“Many RESP providers allow this, but it seems that half of B.C. parents still don’t know.”

Despite his efforts to promote the grant on social media and in person to anyone who will listen, take-up is still not great.

About 47,000 kids are born every year in B.C., yet just 41 per cent of eligible children born between 2006 and 2012 have grabbed the free money offer. Of those born between 2007 and 2009, a little over 51 per cent received the grant, and for the rest of them, time’s up.

Of those born in 2010, 43.7 per cent; 2011, 34.8 per cent; and in the most recent year of eligibility, 2012, just 6,810 out of 46,028 kids have the free money so far, or 14.8 per cent.

For parents of kids born in 2006, time is running out. More than 30,000 children have not applied. The deadline is Aug. 14, 2019, after which, the money is left on the table.

• READ MORE: Free $1,200 grants going unclaimed by thousands in B.C.

The parents of children between the ages of six and nine when the program was introduced in 2015 were given three years to apply. The program was later extended to include children born in 2006. And the deadline for the kids born in 2007, 2008 and 2009 was last summer, meaning nearly half of those kids didn’t get it.

The deadline to apply now is by the beneficiary’s ninth birthday.

“It’s free money for kids. It takes 15 minutes out of your day to bring in $1,200.”

For information, any parent just needs to contact their financial institution or check out Brown’s Facebook page dedicated to the subject: www.facebook.com/TerryBrowninBC.


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Artist-biologist duo that contributed to conservation on Haida Gwaii wins award

Aleta Karstad, Dr. Fred Schueler win prize for conservation efforts, including Cumshewa Head area

CHN, province reach ‘milestone’ tree cutting agreement, reducing annual cut by 13%

Haida Gwaii Management Council has determined new allowable annual cut of 804,000 cubic metres

Skeena—Bulkley Valley MP Taylor Bachrach salutes 10-day sick leave

Trudeau to seek 10 days paid sick leave for Canadians; NDP to support virtual parliament in exchange

UPDATE: Cable, internet restored for GwaiiComm, Mascon customers impacted by outage

GwaiiTel says cut fibre has been repaired; advised people to contact BC 1 Call before digging

VIDEO: B.C. artist filmed apocalyptic timelapse on Haida Gwaii

Tasha Lavdovsky footage symbolizes sea level rise; featured in Ora Cogan music video for ‘Sleeping’

B.C. records no new COVID-19 deaths for the first time in weeks

Good news comes despite 11 new test-positive cases in B.C. in the past 24 hours

BC Corrections to expand list of eligible offenders for early release during pandemic

Non-violent offenders are being considered for early release through risk assessment process

Fraser Valley driver featured on ‘Highway Thru Hell’ TV show dies

Monkhouse died Sunday night of a heartattack, Jamie Davis towing confirmed

B.C. visitor centres get help with COVID-19 prevention measures

Destination B.C. gearing up for local, in-province tourism

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

36 soldiers test positive for COVID-19 after working in Ontario, Quebec care homes

Nearly 1,700 military members are working in long-term care homes overwhelmed by COVID-19

B.C. poison control sees spike in adults, children accidentally ingesting hand sanitizer

Hand sanitizer sales and usage have gone up sharply amid COVID-19 pandemic

Most Read