Children with backpacks running through the park

Benefits of an RESP

Save for their futures with a CIBC Registered Education Savings Plan (RESP).

Apply online, find a branch, or call 1-800-465-2422

The money is there when you need it

We make it easy to start saving for your child's education early and contribute regularly. With our help, you'll have the funds you need, when you need them. Even if your child doesn’t go to a post-secondary institution or use the funds, you have other options. For example, if you meet certain conditions and have enough RRSP contribution room, you can withdraw your contributions tax-free or transfer up to $50,000 in accumulated earnings to an RRSP.

Save on your schedule

You decide when and how much to contribute within the lifetime contribution limit of $50,000 per child. You also decide how you want to invest your funds.

Tax-sheltered growth

Earnings accumulate tax-free until you withdraw the money. You can contribute up to a lifetime limit of $50,000 per child until 31 years after you first opened the account.

Flexible to use

You can use your RESP savings for a variety of expenses related to your child’s post-secondary education. This includes tuition, housing and many other costs.

Government matching

The government matches 20% of your RESP contributions up to $2,500 each year. The government will match up to a lifetime maximum of $7,200.

Learn moreabout the available provincial grants and incentives.

Back to school convenience

A CIBC Personal Line of Credit can be a simple and convenient borrowing option to help cover education expenses.

Find out more

Resources

Get started

Call us: 1-888-839-7298

Find a banking centre

Meet with us

Benefits of an RESP

The money is there when you need it

Save on your schedule

Tax-sheltered growth

Flexible to use

Government matching

Back to school convenience

Related links

Resources

Get started