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..