Point in Time - British Columbia Training and Education Savings Program Regulation - 132/2013

"Point in Time" Regulation Content

Special Accounts Appropriation and Control Act

British Columbia Training and Education Savings Program Regulation

B.C. Reg. 132/2013

 Regulation BEFORE repealed by BC Reg 127/2014, effective June 23, 2014.

B.C. Reg. 132/2013
O.C. 173/2013
Deposited March 20, 2013

Special Accounts Appropriation and Control Act

British Columbia Training and Education Savings Program Regulation

Interpretation

1   (1) In this regulation:

"Act" means the Special Accounts Appropriation and Control Act;

"application commencement date" means October 15, 2014;

"BCTES grant", in relation to an eligible student, means financial assistance provided out of the Children's Education Fund special account to or for that eligible student under this regulation and section 9.4 (4) (a) of the Act;

"eligible education program" means an education program that, under section 3 (2), is eligible;

"eligible student" means a student who, under section 3 (1), is eligible;

"trustee" has the same meaning as "trust" in section 146.1 of the Income Tax Act (Canada).

(2) Unless a contrary intention appears, an expression defined in section 146.1 of the Income Tax Act (Canada) has the same meaning in this regulation.

Financial assistance may be provided to RESP

2   (1) Financial assistance under section 9.4 (4) (a) of the Act may be provided to a student referred to in that section by way of a BCTES grant paid into a qualified RESP of which the student is the only beneficiary.

(2) The amount of financial assistance that may be paid for any one student under section 9.4 (4) (a) of the Act is $1 200.00.

Eligibility requirements

3   (1) For the purposes of section 9.4 (4) (a) (i) of the Act, a student in relation to whom an application for a BCTES grant is submitted is eligible if, at the date that the application is submitted,

(a) the guardian of the student with whom the student normally resides is ordinarily resident in British Columbia,

(b) the student is enrolled in an eligible education program, and

(c) the student is the only beneficiary of the RESP, or is to be the only beneficiary of an RESP, for which an application is submitted at the same time that the application for the BCTES grant is submitted.

(2) For the purposes of section 9.4 (4) (a) (ii) of the Act, an education program is eligible if

(a) it is provided by an entity referred to in section 19 (1) (a), (b), (b.1), (c) or (d) of the Independent School Act,

(b) it is provided under section 12 of the School Act, or

(c) it is provided in a jurisdiction outside of British Columbia in accordance with the laws of that jurisdiction.

(3) A BCTES grant must not be paid into an RESP for a student unless the student is the only beneficiary of the RESP, the student is an eligible student and the application for the BCTES grant was submitted,

(a) in the case of a student whose 6th birthday falls in 2013, within one year after the application commencement date,

(b) in the case of a student whose 6th birthday falls in 2014, within one year after the later of

(i) the application commencement date, and

(ii) the student's 6th birthday, or

(c) in the case of a student whose 6th birthday falls in 2015 or later, within one year after the student's 6th birthday.

Minister may establish conditions

4   (1) The minister may establish conditions on which a BCTES grant may be paid, including, without limitation, conditions respecting the form and manner in which an application for the BCTES grant must be made and the information that must be provided in, and in support of, that application.

(2) Information that may be required in an application referred to in subsection (1) in relation to a student includes personal information from the student and personal information about third parties necessary to determine the eligibility of the student for a BCTES grant.

Trustee agreements

5   (1) In this section, "responsible minister" means the minister with whom, under subsection (2), an agreement must be entered into.

(2) A BCTES grant must not be paid into an RESP unless

(a) the RESP trustee has entered into an agreement respecting BCTES grants with the minister responsible for the administration of section 9.4 of the Act, or

(b) both of the following apply:

(i) the minister responsible for the administration of section 9.4 of the Act has entered into an agreement with the government of Canada or its agencies respecting the administration or operation of this regulation, including, without limitation, any matter relating to the payment of a BCTES grant;

(ii) the RESP trustee has entered into an agreement respecting BCTES grants with the minister of the government of Canada who is responsible for the agreement.

(3) An agreement under subsection (2) of this section may include the following terms and conditions:

(a) the RESP trustee must provide to the responsible minister information that the responsible minister requires for the purposes of this regulation;

(b) the RESP trustee must maintain records and books of account that relate to the payment of BCTES grants in such form and containing such information as the responsible minister requires to enable the responsible minister to determine whether BCTES grants will be paid or are required to be repaid;

(c) the RESP trustee must allow the responsible minister access to all documents and other information related to RESPs that the responsible minister requires for BCTES grant audit purposes;

(d) the RESP trustee must report to the responsible minister

(i) all withdrawals and transfers from RESPs relating to BCTES grant money, and

(ii) any other information relating to RESPs that is specified in the agreement;

(e) the reporting referred to in paragraph (d) must be done annually or within any shorter period that is set out in the agreement;

(f) the RESP trustee must submit all information to the responsible minister in a form and manner that is acceptable to the responsible minister.

When BCTES grant must be repaid

6   (1) In this section, "beneficiary", in relation to a BCTES grant, means the student for whom the BCTES grant has been paid into an RESP.

(2) If any of the circumstances referred to in subsection (3) occur, the BCTES grant paid into an RESP for the beneficiary must be repaid to the government

(a) by the RESP trustee, on behalf of the subscriber of the RESP, if the RESP contains sufficient funds, or

(b) if there are insufficient funds in the RESP to repay the BCTES grant, by the subscriber or beneficiary.

(3) A BCTES grant must be repaid under subsection (2) if

(a) the RESP into which the grant was paid is terminated before the grant is paid out as part of an educational assistance payment to the beneficiary,

(b) the registration of the RESP into which the grant was paid is revoked before the grant is paid out as part of an educational assistance payment to the beneficiary,

(c) the grant or a portion of the grant was withdrawn from the RESP and not used as an educational assistance payment by the beneficiary, or

(d) the application for the grant contained false information.

(4) The amount of the BCTES grant to be repaid under this section is a debt to the government.

[Provisions relevant to the enactment of this regulation: Special Accounts Appropriation and Control Act, R.S.B.C. 1996, c. 436, section 9.4]