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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.

Explore how government grants could boost your savings in an RESP

The Government of Canada will match 20% of up to $2,500 in contributions to all RESPs, up to $500 annually, with a lifetime limit of $7,200 per child. Find out how you can benefit from government grants with our RESP calculator or learn more about government incentives.

RESP calculator Learn more

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

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Call us: 1-800-465-2422

Find a banking centre

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Benefits of an RESP

The money is there when you need it

Save on your schedule

Tax-sheltered growth

Flexible to use

Explore how government grants could boost your savings in an RESP

Back to school convenience

Related links

Resources

Get started