Benefits of RESPs

  • You can contribute up to a lifetime maximum of $50,000 per child until 31 years after the RESP was opened
  • Your contributions can be supplemented by the federal government's Canada Education Savings Grant (CESG)
  • Contributions to an RESP aren’t tax-deductible, but the investment income earned is tax-sheltered until it’s withdrawn

Types of RESPs

Family plan RESP

A family plan is best if you have more than 1 child or plan to have more children. You can name 1 or more children to receive the savings when it’s time to pay for their studies after high school. The children must be related to you either by blood or adoption. Contributions to a family plan RESP are made until 31 years after the RESP was first opened. 

Individual plan RESP

An individual plan is best when there’s only 1 child named in the RESP. This is a great option if the child you’re saving for isn’t a family member.

How do I open an RESP at CIBC?


Check what we’ll accept as ID

Useful RESP information

More information about RESPs