Registered Education Savings Plan

Why open a CIBC Investor’s Edge RESP?

 

Build your portfolio your way 
Pay $6.95 per online equity trade
Pay no annual administration fees
Get access to government grants

Which RESP plan is right for you?

Choose from 2 types of Registered Education Savings Plan accounts to find the one that fits your needs.

Individual plan

An individual plan has one beneficiary. The subscriber doesn’t need to be a family member, but the primary caregiver must be listed on the application.

Family plan

Family members, usually parents or grandparents, can open a family plan for one or more beneficiaries and also add new beneficiaries in the future. Subscribers must be related to all beneficiaries.

Key RESP terms

How your RESP works

  • Your investment grows tax-free until withdrawn
  • Account earnings and government grants withdrawn for educational expenses are taxed in the hands of the beneficiary
  • Maximum lifetime contribution limit of $50,000 per beneficiary 
  • Beneficiaries may be eligible for government grants

Catching up on missed grants

  • If you contribute less than $2,500 in a year, unused portions of the $500 Canada Education Savings Grant will carry forward

Make additional contributions in a future year to receive those unused amounts, up to $1,000 in total grant money per year

Types of government grant

Grant

Amount

Eligibility
Basic Canada Education Savings Grants (CESG)
  • 20% on the first $2,500 contributed to an RESP each year (maximum $500 per beneficiary)
  • CESG can be carried forward up to a maximum of $1,000 per year
  • Lifetime maximum of $7,200 per beneficiary
  • Available up until the end of the calendar year in which the beneficiary turns 17
  • Special rules apply at ages 16 and 17
Additional CESG
  • 10% or 20% on the first $500 contributed to an RESP each year, depending on family income
  • Paid in addition to Basic CESG
Canada Learning Bond (CLB)
  • $500 when you open an RESP
  • $100 in subsequent years for up to 15 years
  • Available to children born after December 31, 2003
  • Family must be receiving the National Child Benefit Supplement
Return to options

Want to learn even more about RESPs?

Check out these handy references to dig deeper into the world of RESPs.

What is a Registered Education Savings Plan (RESP)?

Canada.ca: RESP and Related Benefits Opens a new window.

Quebec Education Savings Incentive Opens in a new window.

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You gave them a great start, now let them learn the ropes with their own Investor’s Edge account

Once your child is 18, they can open their own Investor’s Edge account and benefit from free online trading. Our young investor education will guide them through the basics and give them the know-how they need to become savvy investors.

Learn more about our student pricing.

Frequently asked RESP questions