Guest Post Thursday: Knowledge First Financial

Knowledge First Financial urges parents to apply for BCTESG

1 in 5 BC children have received the $1,200 education grant

Approximately 80% of eligible children have yet to receive the $1,200 British Columbia Education Savings Grant. Knowledge First Financial, a Canadian RESP Provider, is urging parents to apply now and enjoy all the benefits of an RESP including compound, tax-free growth and the Canada Education Savings Grant (CESG) of up to $7,200. That means up to $8,400 of ‘free’ money for each child to help pay for post-secondary education for BC parents.

More than ever, post-secondary students have more freedom to choose programs and schools, more time to focus on studies and explore new opportunities, less stress and less debt thanks to the savings accrued from RESPs. Knowledge First Financial supports students in their post-secondary studies – in fact, when the BCTESG was introduced in 2015, Knowledge First Financial was one of the first RESP providers to support it.

If you’re the parent of a child born in BC in 2006 or later, here are three things to know about BCTESG:

 

What is BCTESG?

The British Columbia Training and Education Savings Grant is a $1,200 grant for post-secondary education established in 2015. To be eligible, parents or guardians and children must be residents of BC, and possess a Social Insurance Number.

How do I apply?

Firstly, you will need a RESP from a provider who can access the BCTESG – a sales representative from Knowledge Financial First can help set this up for you. You will be asked for proof of residency, such as a driver’s license, BCID card, BC Service Cards or a recent utility bill upon application.

When do I apply?

You can apply for BCTESG as soon as your child turns six up until the day before your child’s ninth birthday, however Knowledge First Financial recommends that parents apply as soon as possible. Deadlines for children born before August 15, 2009 are slightly different:

  • Children born in 2006: Apply between August 15, 2016 and August 14, 2019
  • Children born in 2007, 2008, before August 15, 2009: Apply between August 15, 2015 and August 14, 2018

 

Source: http://www.esdc.gc.ca/en/reports/resp_promoters/infocapsules/bc.page

 

Why apply now?

You’ll receive the education grants sooner and your savings will have more time to grow.   Learn more about why an RESP is a smart way to invest in a child’s future by setting up an appointment with a Knowledge First Financial sales representative today.

 

About Knowledge First Financial Inc.

Knowledge First Financial Inc. is a wholly owned subsidiary of the Knowledge First Foundation and is the investment fund manager, administrator and distributor of the education savings plans offered by Knowledge First Foundation. For more information about education savings plans from Knowledge First Financial Inc., please visit knowledgefirstfinancial.ca or refer to our prospectus.

As of April 30, 2016, Knowledge First Financial manages $3.62 billion in assets on behalf of more than 250,000 customers.

Knowledge First Financial® is a registered trademark of Knowledge First Financial Inc.

This post was written by Daryl Shriver, and he can be found through his Twitter account.

CRA Conviction: Victoria Man Sentenced for Tax Evasion and Counselling Others to Commit Fraud

The Canada Revenue Agency (CRA) has reported that a Victoria, BC man, Richard Stanchfield, has been handed a 14-month conditional jail sentence (including 9-months of house arrest) for income tax evasion and for counselling others to commit fraud.

Stanchfield has been ordered to pay $31,000 in outstanding tax on his own income over a 5-year period.

The CRA has stated that Stanchfield promoted himself as “educator” at a firm called the Paradigm Education Group, which claimed to advise clients of methods of restructuring personal finances to avoid having to pay tax.

In line with their view on tax schemes and scams, the CRA warns consumers to beware individuals who “try to convince you that you do not have to pay tax on earned income”.

If it seems too good to be true, it is!