Investing in Your Child’s Future
Do you want to give your child a college or university education in Canada? If so, you may need a savings plan to cover the costs. At CIBC, we can help you invest in your child’s future with a CIBC Registered Education Savings Plan (RESP).
Over time, you can save up to $50,000 per child in an RESP. There are no rules about how much you can invest each year. You can keep investing until the child turns 31.
You may also get extra money for the RESP from the federal government, through the Canada Education Savings Grant (CESG). Depending on how much you invest, each child can get up to $500 per year, until the end of the calendar year that the child turns 17, with a maximum of $7,200 in total.