BMO Bank of Montreal
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BMO Bank of Montreal

February 04, 2016 14:15 ET

BMO Becomes First Bank to Offer BC Families RESP Grant Program

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2016) - In partnership with the B.C. Government, BMO Bank of Montreal has become the first major financial institution to help families in British Columbia access the $1,200 BC Training and Education Savings Grant (BCTESG) through a Registered Education Savings Plan. With the cost of tuition rising each year, a Registered Education Savings Plan (RESP) is a smart way to maximize education savings and keep contributions to your child's future tax-sheltered. Adding to it with a grant is smarter still.

If both parent and child are BC residents, parents can apply for the grant at their local branch. The child must be:

  • Born in 2007 or later
  • The beneficiary of an individual (nonfamily) Registered Education Savings Plan (RESP) or a family plan in which all beneficiaries are siblings

"At BMO, we know that children go from pre-school to post-secondary school in what seems like the blink of an eye," shares Mike Bonner, Senior Vice President & Regional Head, British Columbia & Yukon Division, Bank of Montreal. "We're here to help ease some of the stress our valued BC customers may feel when looking to save for their children's educations, and are thrilled to be the first major financial institution to facilitate the grant program put in place by the B.C. government."

Bonner also noted that this is not the first example of BMO's active engagement with the government to bring programs that help BC families to market, and coming off participation of the Premiers Registered Disability Savings Plan Action Group, the bank hopes to continue to work in cooperation with BC Ministers to deliver great service.

If families don't already have an RESP in place, they need only visit a BMO branch and open an RESP account to be eligible for the $1,200 grant.

For more information on the BCTESG or advice on RESPs visit bmo.com/bcgrant and speak to your BMO financial planner.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $642 billion as of October 31, 2015, and close to 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

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