Government grants and incentives

Government grants and incentives are available to help you build your RESP savings.

Government grants

Basic Canada Education Savings Grants (CESG)

  • 20% on the first $2,500 contributed to an RESP each year (maximum $500 per child)
  • CESG can be carried forward up to a maximum of $1,000 per year
  • Lifetime maximum of $7,200 per beneficiary
  • Available up until the end of the calendar year in which the beneficiary turns 17
  • Special rules apply at ages 16 and 17

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
  • Available to children born on or after January 1, 2004
  • Family must be receiving the National Child Benefit Supplement

Summary of basic and additional CESG

Less than $47,630

20% basic, plus 20% additional

20% basic

$47,630 to $95,259

20% basic, plus 10% additional

20% basic

More than $95,259

20% basic

20% basic

* Figures may change annually.

Provincial grants and incentives
 

The Government of Quebec introduced the QESI to further encourage Quebec families to save for their children's post-secondary education. This incentive is paid in the form of a refundable tax credit by Revenu Québec directly into the RESP of the beneficiary. The beneficiary must be a resident of Quebec. The QESI is comprised of a basic and an increased credit and is subject to a lifetime maximum of $3,600 per beneficiary.
 

The Government of British Columbia introduced the British Columbia Training and Education Savings Grant (BCTESG) in 2013. BCTESG is a provincial incentive designed to help families save for their children's post-secondary education. It is a $1,200 one-time grant to eligible children born on or after January 1, 2006. When an eligible child turns 6 years old, the subscriber may be able to apply for the grant.
 

The Government of Saskatchewan introduced the Saskatchewan Advantage Grant for Education Savings (SAGES) in 2013. SAGES is a provincial incentive designed to help families save for their children's post-secondary education. The incentive is paid at a rate of 10% on contributions made to a Registered Education Savings Plan (RESP), up to $250 per beneficiary for each eligible year, until December 31 of the year in which the beneficiary turns 17. SAGES payments per beneficiary could reach a total of $4,500 if the beneficiary is eligible from birth until age 17. While subscribers can potentially catch up on the unused SAGES grant room for a beneficiary, the maximum annual SAGES amount that can be paid into RESPs in respect of a particular beneficiary is limited to $500.

After December 31, 2017, SAGES is no longer available. You have until the end of December 2017 to make a contribution towards an RESP and be eligible for SAGES. Although SAGES will be suspended, CIBC can now accept transfer-ins that include SAGES.

For more information about government incentives, contact your CIBC advisor or call 1-800-465-3863Opens your phone app..