Quebec Education Savings Incentive

Canadian Imperial Bank of Commerce (CIBC) is planning to offer later this year the Quebec Education Savings Incentive (QUESI) to eligible Registered Education Savings Plan (RESP) accounts.

As one of the providers of the QESI, CIBC will apply for this incentive with Revenue Quebec on the subscribers’ behalf for contributions made since February 2007. 

The QESI is a tax measure introduced by the Quebec government in February 2007 that encourages Quebec families to start saving early for their children’s post-secondary education. Saving for your children’s post-secondary education is what all families should try to do early in their child’s life. It is not easy coming up with a few thousand dollars for post-secondary fees; we cannot forget that as the years pass, the cost has been rising. 

The incentive from the QESI is a refundable tax credit that will be paid directly into your CIBC RESP account. The QESI will be offered on RESP accounts that are held at CIBC Securities Inc. only. 

This tax credit will be calculated on any eligible contributions made on or after February 21, 2007 to your CIBC RESP for the beneficiary who is a resident of Quebec. 

There will be further details on the QESI program for RESP subscribers later this year, and I will be sure to keep you up to date once it is made available.