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.
What are your RESP options?
CIBC offers you many ways to save for your child’s education:
CIBC Managed Portfolio Services: This is the easiest way to save for your child’s education. A CIBC investment manager will manage your RESP investments on your behalf.1
CIBC Mutual Funds: We offer a variety of mutual funds ranging from low risk to high risk– for all investor types.2
CIBC RESP Guaranteed Investment Certificates (GICs): This type of investment is safe and flexible. If you have a CIBC bank account, you can open a new CIBC RESP GIC account or put money into your existing RESP account at any time.
CIBC Investor's Edge®* Self-Directed RESP: If you like making your own investment decisions, this may be right for you. This account can contain stocks, exchange-traded funds (ETFs), mutual funds, bonds and other securities. You can trade online, using you mobile phone’s browser, or use the CIBC Mobile Wealth app.3
We are here to help you invest in your child’s education and support your long-term success in Canada. Get more information on RESP options available at CIBC.