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What are the benefits of opening an RESP?

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Tax-deferred growth: Although your contributions aren’t tax deductible, all investment income generated in the RESP is tax deferred while it remains in the plan.

Tax savings: When you use plan income and government assistance to pay for the beneficiary’s post-secondary education, it’s taxed to the beneficiary. The beneficiary may pay little or no taxes on the money if they have little or no taxable income.

Government assistance: You may qualify for grants or assistance.

† Simplii Financial personal banking services are provided by the direct banking division of CIBC. Banking services not available in Quebec.
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