CIBC is planning to offer later this year the Québec Education Savings Incentive (QESI) to eligible Registered Education Savings Plan (RESP) accounts. As a provider of the QESI, CIBC will apply for this incentive with Revenu Québec on the subscriber's behalf for contributions made since February 21, 2007.

How the QESI works

The QESI is a tax measure introduced by the Quebec government in February 2007 that encourages Quebec families to start saving early for their children's education.

The incentive is a refundable tax credit that will be paid directly into your CIBC RESP account1. This tax credit will be calculated on any eligible contributions made on or after February 21, 2007 to your CIBC RESP for a beneficiary who is a resident of Quebec.

Further details on the program and the application process will be communicated to eligible RESP subscribers later this year.

To learn more about the QESI, please visit Revenu Québec.

For information regarding your CIBC RESP account, please call 1-800-465-3863.

1 The QESI will be offered on RESP accounts held at CIBC Securities Inc. only.