Benefits of an RESP

An RESP is a tax-sheltered plan to help you save for your child’s post-secondary education.

  • Contribute up to 50,000 per child until 31 years after having opened the account
  • Supplement your contributions with federal government grants
  • Grow your investment tax-free until withdrawn

Why open a CIBC Investor Services RESP

Build your portfolio with your advisor

Pay no annual administration fees

Get access to government grants

Government grants

 

Grant

Amount

Eligibility

Basic Canada Education Savings Grants (CESG)

  • 20% on the first $2,500 contributed to an RESP each year (maximum $500 per beneficiary)
  • CESG can be carried forward up to a maximum of $1,000 per year
  • Lifetime maximum of $7,200 per beneficiary

Additional CESG

 

  • 10% or 20% on the first $500 contributed to an RESP each year, depending on family income
  • Paid in addition to Basic CESG

Canada Learning Bond (CLB)

 

  • $500 when you open an RESP
  • $100 in subsequent years for up to 15 years

Quebec Education Savings Incentive

 

  • 10% of the net contributions paid into it over the course of the year up to $250
  • Some families may qualify for an additional amount of up to $50

How do I open a CIBC Investor Services Account

  

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Frequently asked questions