Government grants and incentives

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

Canada Education Savings Grant (CESG)

  1. Basic CESG: The Government of Canada will top up your annual RESP contributions by 20% on the first $2,500 in annual RESP contributions per beneficiary (up to $500 per beneficiary each year, to a lifetime limit of $7,200).
  2. Additional CESG: Based on net family income, qualifying families may receive up to an additional 20% on the first $500 of annual RESP contributions. Both Basic and Additional CESG have a combined total lifetime maximum of $7,200 per beneficiary.

Summary of basic and additional CESG

Family net income* (2017)

CESG rate on first $500 (or less) in contributions per year

CESG rate on contributions between $500 and $2,500 per year

Less than $45,916

20% basic, plus 20% additional

20% basic

$45,916 - $91,831

20% basic, plus 10% additional

20% basic

More than $91,831

20% basic

20% basic

* Figures may change annually.


Canada Learning Bond (CLB)

Available to children born on or after January 1, 2004, whose families are eligible to receive the National Child Benefit. An initial CLB of $500 from the Government of Canada is available to help save for your child's post-secondary education and will be deposited into the child's RESP. Subsequent installments of $100 will be available for children for each year of eligibility until age 15. The maximum CLB available to a beneficiary is $2,000.
 

Quebec Education Savings Incentive (QESI)

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.
 

British Columbia Training and Education Savings Grant (BCTESG)

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.
 

Saskatchewan Advantage Grant for Education Savings (SAGES)

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, please contact your CIBC advisor or call 1-800-465-3863.