RESP Calculator – Help Guide
The RESP (Registered Education Savings Plan) calculator helps you plan education savings for your child. The federal government contributes 20% of the first $2,500/year via the Canada Education Savings Grant (CESG). Up to $500/year and $7,200 lifetime.
How to Use This Tool
- 1
Enter the child's current age
The number of years until the child starts post-secondary school determines how long you have to save.
- 2
Enter your current RESP balance
If you already have savings in an RESP, enter the current balance.
- 3
Enter monthly contributions
Enter how much you plan to contribute each month.
- 4
Enter expected rate of return
Enter the expected annual growth rate on RESP investments.
- 5
Review projected balance and CESG
The calculator shows the projected total including your contributions and CESG grants received.
Helpful Tips
- •Contribute at least $2,500/year to maximize the $500 annual CESG.
- •Low- and middle-income families may qualify for the Canada Learning Bond (CLB) worth up to $2,000. No contributions required.
- •If CESG room was unused in prior years, you can carry it forward and receive up to $1,000/year in CESG by contributing $5,000.
- •RESP growth is tax-sheltered. Withdrawals for education are taxed in the student's hands (typically at a very low rate).
Frequently Asked Questions
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