What’s an RESP?

A Registered Education Savings Plan (RESP) is a tax-deferred investment plan that helps you save for your child’s post-secondary education so that you’ll have the funds you need when you need them. Your contributions can be supplemented by the federal government’s Canada Education Savings Grant (CESG). Unlike an RRSP, your contributions to an RESP aren’t tax-deductible but the investment income earned is tax-sheltered until withdrawn.

Learn more about the benefits of an RESP

How much can I invest?

The lifetime RESP contribution limit is $50,000 per child, and you can make contributions for 31 years once you’ve opened the RESP.

The lifetime grant maximum for a CESG is $7,200 per child.

Planning for your child’s education journey (PDF, 2.2 MB) Opens in a new window.

More details on RESPs and government grants

  • An RESP is a tax-sheltered plan designed to help you save for your child’s post-secondary education
  • Contributions aren’t tax-deductible but your investment grows tax-free until funds are withdrawn to pay for post-secondary education expenses
  • Funds withdrawn for educational expenses are taxed in the hands of the beneficiary, who may be in a lower tax bracket
  • Contributions may be eligible for government grant programs

Learn more about types of RESPs

Invest in your child’s future with an RESP (PDF, 805 KB) Opens in a new window.

  • Apprenticeship programs
  • CEGEPs
  • Trade schools
  • Colleges
  • Universities

Try our RESP calculator

  • Canada Education Savings Grant (CESG)
  • Canada Learning Bond (CLB)
  • British Columbia Training and Education Savings Grant (BCTESG)
  • Quebec Education Savings Incentive (QESI)

You can save up to $2000 for your child’s education without having to contribute any of your own money. Families that have children born on or after January 1, 2004 and that receive the National Child Benefit Supplement are eligible for the Canada Learning Bond. Work with us to change your child’s conversation from “I can’t afford to go to school” to “CIBC will guide me on the road to higher education.” Visit a CIBC Banking Centre for more information and start saving today.

Learn more about available provincial grants and incentives

Maximize RESP savings with government grants and incentives (PDF, 675 KB) Opens in a new window.

CIBC RESP investment choices

We offer a variety of CIBC investment solutions for your CIBC RESP portfolio:

Our all-in-one fund solution is an easy and effective way to hand the responsibility of managing your money to professional investment managers.

Learn moreabout CIBC Smart Investment Solutions

We offer a comprehensive selection of individual mutual funds with a full range of savings, income and growth funds, as well as one of Canada's largest family of index funds.

Learn moreabout CIBC Mutual Funds

CIBC Non-Redeemable GICs provide guaranteed principal and interest, making them an ideal part of a diversified portfolio for your RESP. You can choose from a variety of terms to meet your education goals.

Learn more About non-redeemable GIC products.

Take control of your RESP investments and trade for only $6.95 per online equity trade with CIBC Investor’s Edge. Build your portfolio with stocks, options, ETFs, mutual funds, GICs, bonds and more.

Learn moreabout CIBC Investor's Edge

A CIBC Personal Line of Credit can be a simple and convenient borrowing option to help cover education expenses.

Learn moreabout CIBC Personal Lines of Credit

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