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

Chemainus youth helps deliver important messages loud and clear

Loss of part of his foot in a lawn mower accident doesn’t hold spunky kid back

Pandemic needs to be taken more seriously

Having people from the U.S. or Alberta travelling around B.C. is a health risk

Keeping them in line

Popular thrift shop reopens to the return of customers’ quest for great bargains

New RCMP building process wrong in so many ways

Community suggestions that should have been considered

Forms due next week on AAP for new police building

Don’t miss the deadline if you’re opposed

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

Shellfish industry get funds to clean up at Island sites and beyond

Businesses can apply to cover half of costs to clean up so-called ‘ghost gear’

BREAKING: Amber Alert for two Quebec girls cancelled after bodies found

Romy Carpentier, 6, Norah Carpentier, 11, and their father, Martin Carpentier, missing since Wednesday

B.C. man prepares to be first to receive double-hand transplant in Canada

After the surgery, transplant patients face a long recovery

Grocers appear before MPs to explain decision to cut pandemic pay

Executives from three of Canada’s largest grocery chains have defended their decision to end temporary wage increases

Bringing support to Indigenous students and communities, while fulfilling a dream

Mitacs is a nonprofit organization that operates research and training programs

RCMP ‘disappointed’ by talk that race a factor in quiet Rideau Hall arrest

Corey Hurren, who is from Manitoba, is facing 22 charges

NHL’s Canadian hubs offer little economic benefit, but morale boost is valuable: experts

Games are slated to start Aug. 1 with six Canadian teams qualifying for the 24-team resumption of play

‘Made in the Cowichan Valley’ coming to a wine bottle near you

Cowichan Valley has the honour of being the first sub-GI outside of the Okanagan

Most Read