What’s an RESP?

A Registered Education Savings Plan (RESP) is a tax-deferred investment plan that helps you save for your child’s post-secondary education so that you’ll have the funds you need when you need them. Your contributions can be supplemented by the federal government’s Canada Education Savings Grant (CESG). Unlike an RRSP, your contributions to an RESP aren’t tax-deductible but the investment income earned is tax-sheltered until withdrawn.

Learn more about the benefits of an RESP

How much can I invest?

The lifetime RESP contribution limit is $50,000 per child, and you can make contributions for 31 years once you’ve opened the RESP.

The lifetime grant maximum for a CESG is $7,200 per child.

Celebratory party poppers

RESP CONTEST

You could win one of 5 prizes of $5,000 for your child’s future in the CIBC Education Saver’s Contest!

If you had an active CIBC or Wood Gundy Registered Education Savings Plan (RESP) account between November 1, 2018, and December 31, 2019, and are over the age of majority in your province, we’ll automatically enter you in the contest with one ballot. If you contribute to this same RESP account in 2019, you’ll automatically get a second entry in the contest.

The winners will be randomly drawn on Monday, January 27, 2020. For more details, refer to the official contest rules (PDF, 40 KB) Opens a new window in your browser..

If you don’t want to take part in the CIBC Education Saver’s Contest, email us at Opens your email app.CIBCESOptOut@TheMarcoCorporation.comOpens your email app. or call us with your full name, age, postal code, email address and debit card number (if available) at 1-866-601-9989Opens your phone app..

More details on RESPs and government grants

  • An RESP is a tax-sheltered plan designed to help you save for your child’s post-secondary education
  • Contributions aren’t tax-deductible but your investment grows tax-free until funds are withdrawn to pay for post-secondary education expenses
  • Funds withdrawn for educational expenses are taxed in the hands of the beneficiary, who may be in a lower tax bracket
  • Contributions may be eligible for government grant programs

Learn more about types of RESPs

Invest in your child’s future with an RESP (PDF, 460 KB) Opens a new window in your browser.

  • Apprenticeship programs
  • CEGEPs
  • Trade schools
  • Colleges
  • Universities

  • Canada Education Savings Grant (CESG)
  • Canada Learning Bond (CLB)
  • British Columbia Training and Education Savings Grant (BCTESG)
  • Saskatchewan Advantage Grant for Education Savings (SAGES)
  • Quebec Education Savings Incentive (QESI)

You can save up to $2000 for your child’s education without having to contribute any of your own money. Families that have children born on or after January 1, 2004 and that receive the National Child Benefit Supplement are eligible for the Canada Learning Bond. Work with us to change your child’s conversation from “I can’t afford to go to school” to “CIBC will guide me on the road to higher education.” Visit a CIBC Banking Centre for more information and start saving today.

Learn more about available provincial grants and incentives

CIBC RESP investment choices

We offer a variety of CIBC investment solutions for your CIBC RESP portfolio:

Our all-in-one fund solution is an easy and effective way to hand the responsibility of managing your money to professional investment managers.

Learn moreabout CIBC Smart Investment Solutions

We offer a comprehensive selection of individual mutual funds with a full range of savings, income and growth funds, as well as one of Canada's largest family of index funds.

Learn moreabout CIBC Mutual Funds

CIBC offers RESP Guaranteed Investment Certificates (GICs) in terms ranging from 1 to 5 years. These GICs provide guaranteed principal and interest, making them ideal for a diversified portfolio or self-directed investors.

Learn moreabout RESP GIC products

Take control of your RESP investments and trade for only $6.95 per online equity trade with CIBC Investor’s Edge. Build your portfolio with stocks, options, ETFs, mutual funds, GICs, bonds and more.

Learn moreabout CIBC Investor's Edge