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
Family net income1 (2019)
CESG rate on first $500 (or less) in contributions per year
CESG rate on contributions between $500 and $2,500 per year
Less than $47,630
20% basic, plus 20% additional
$47,630 to $95,259
20% basic, plus 10% additional
More than $95,259
1 Figures may change annually.
Provincial grants and incentives
Quebec Education Savings Incentive (QESI)
Revenu Québec deposits the QESI refundable tax credit directly into the RESP of the beneficiary. The QESI is made up of a basic and an increased credit. It’s subject to a lifetime maximum of $3,600 per beneficiary. The beneficiary must be a resident of Quebec.
A family plan RESP can’t be created by a brother or sister. If you want to create a plan for your brother or sister and get the QESI credit, consider getting an individual plan.
Additional-QESI can be added to the basic QESI amount, depending on a family’s income. It offers an increase of up to $50 each year to help low- and middle-income families.
Within CIBC, the Additional-QESI credit is only available within CIBC Securities Inc., RESP GICs and mutual fund accounts.
British Columbia Training and Education Savings Grant (BCTESG)
The Government of British Columbia introduced BCTESG in 2013. It’s 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)
TSAGES was a Saskatchewan incentive that lasted from 2013 to 2017. The incentive paid at a rate of 10% on contributions made to an RESP. It went up to $250 per beneficiary for each eligible year. The incentive lasted until December 31 of the year in which the beneficiary turns 17. SAGES payments per beneficiary could have reached a lifetime maximum of $4,500.
Although SAGES is no longer available, CIBC accepts transfer-ins that include SAGES.
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