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CI Institutional Asset Management


Québec Education Savings Incentive (QESI)

Frequently Asked Questions

 

Q. CI Investments is listed on the Ministère du Revenu du Québec (MRQ) website as a Promoter offering QESI. What does this mean?
A. This means that the MRQ has approved CI Investments as a promoter who can apply for the QESI grant on behalf of eligible clients. CI has fulfilled all of the legal requirements and system development required by the MRQ to apply for QESI.
 
 
Q. Can you tell me more about this program? How does it work?
A. The incentive consists of a tax credit paid annually into a Registered Education Savings Plan (RESP). Each year, an RESP beneficiary can receive an amount equal to 10% of the net contributions paid into it over the course of the year, up to a maximum of $250.00. In order to qualify, a beneficiary must be less than 18 years of age and a resident of Québec as of December 31 of the year of the application.

To help mid to low income families, an increase of up to $50 per year may be added to the QESI Basic amount described above. The QESI Increase is determined by the net family income of the primary caregiver (see table below)

Net Family
Income
Contributions QESI QESI Increase
(on first $500
of annual
contributions)
Maximum
Annual
QESI
Maximum
Lifetime
QESI
$41,985*
or less
$2,500 $250 $50 = 10% $300 $3,600
$41,496*
to
$82,985*
$2,500 $250 $25 = 5% $275 $3,600
$82,986*
or more
$2,500 $250 $0 $250 $3,600
*Indexed to 2012; Income requirements are subject to change annually.

To qualify for the QESI Increase:
  • The beneficiary must be eligible for the QESI Basic
  • The RESP must be an Individual or Family plan where all the beneficiaries are siblings of each other
  • The beneficiary's family net income is within the income brackets indicated
 
 
Q. Is this incentive in addition to the RESP grant programs offered by the Government of Canada? Will this have an effect on the amount of QESI that my beneficiary may qualify for?
A. The QESI is in addition to the Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB). You may apply for multiple incentives and there is no effect on the amount of QESI that your beneficiary may qualify for.
 
 
Q. What is required to apply for the QESI?
A. Specifically to QESI, there is no documentation required to apply. However, we do require that a CI RESP account application be completed and submitted before an application for QESI can be made.
 
 
Q. Will CI automatically apply for the QESI?
A. Yes. CI will automatically apply for the QESI as long as the beneficiary meets the eligibility requirements.
 
 
Q. When can I expect to see the QESI deposited into the RESP?
A. We anticipate receiving the first QESI payment from the MRQ by the end of the 1st Quarter 2011 for files sent in December 2010 (retroactive filing back to 2007). For our regular annual filing (done by March 31st of the following year), we anticipate receiving payment by Mid-May each year.
 
 
Q. Are there any age restrictions associated with the QESI program?
A. Aside from being under the age of 18 to qualify, in order for a beneficiary to receive QESI in the year he/she turns 16 and 17, he/she must be applying for and in receipt of the Canada Education Savings Grant (CESG).
 
 
Q. Where can I find more information on the QESI?
A. You may obtain further information on the QESI by clicking on the following link to the Revenu Québec website.

English: http://www.revenuquebec.ca/en/citoyen/situation/parent/autres_infos/iqee/default.aspx
French: http://www.revenuquebec.ca/fr/citoyen/situation/parent/autres_infos/iqee/default.aspx
 
 
Q. The beneficiary has changed his/her residence multiple times since the QESI program has started. For example, the beneficiary was a resident of Québec in 2007 and then moved to Ontario in 2008, then moved back to Québec in 2010. Will CI retroactively apply for 2007, 2008 and 2009 net contributions? Will CI apply for 2010?
A. CI will apply for the years in which the beneficiary was a resident of Québec on December 31st of the applicable year(s). For the above example, CI would apply for the net contributions made in 2007 and 2010. Please note that this is based on the information provided to us in those years. In addition, it is not permitted to apply for contributions older than 36 months.
 
 
Q. An RESP is currently inactive due to a full redemption or transfer out that was previously processed. Will CI be able to apply for QESI on the beneficiary's behalf?
A. No. In order for CI to apply for QESI, the Education Savings Plan must be successfully registered as an RESP, and must be ‘active’. Inactive plans are filed with CRA and HRSDC confirming the termination of the plan. This process cannot be reversed.
 
 
Q. Will PSE withdrawals affect the annual net contributions made to a beneficiary?
A. Yes. The MRQ is aware that this situation is handled differently by the Federal Government.
 
 
Q.
For Family RESP plans with multiple beneficiaries where at least one beneficiary (A) is eligible to receive QESI, and at least one beneficiary (B) is not attending a post secondary institution, will PSE withdrawals affect the net contributions made to the eligible beneficiary (A)?
A. Yes. The MRQ is aware that this situation is handled differently by the Federal Government and that it effectively puts family plans at a disadvantage. Subscribers have the option of opening a new RESP for their beneficiaries that are still eligible to receive QESI and make contributions into that plan.
 
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