RESP Education Savings Calculator
Explore how regular savings and potential government incentives could contribute to a child's future education. Adjust the inputs to explore different possibilities.
This is an educational illustration with example values, not financial advice. Results are hypothetical and not guaranteed.
Choose how to explore
From 0 to 17 years.
The age when you plan to use the savings, for example when post-secondary studies begin.
Canada Education Savings Grant already received by the beneficiary, if known. New grants are capped at the $7,200 lifetime maximum minus this amount. Leave it blank if unknown; the estimate then assumes none has been received.
Hypothetical, not guaranteed. You can use 0% to see contributions only.
Your estimated education savings
$56,300
Projected at the selected age. Figures rounded to the nearest $100. Hypothetical; not guaranteed.
- Starting savings
- $0
- Your contributions
- $36,000
- Government incentives (estimated)
- $7,200
- Hypothetical investment growth
- $13,100
- Starting savings
- Your contributions
- Basic CESG (estimated)
- Hypothetical growth
See the numbers in a table
| End of year (age) | Starting savings | Your contributions | Basic CESG (estimated) | Hypothetical growth | Total |
|---|---|---|---|---|---|
| Now | $0 | $0 | $0 | $0 | $0 |
| 7 | $0 | $12,000 | $2,400 | $1,279 | $15,679 |
| 12 | $0 | $24,000 | $4,800 | $5,435 | $34,235 |
| 17 | $0 | $36,000 | $7,200 | $13,092 | $56,292 |
Some intermediate years are omitted for clarity.
This projection assumes no Canada Education Savings Grant has been received before now. If your child has already received CESG, enter it above so the $7,200 lifetime maximum is reduced accordingly.
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How does an RESP work?
An RESP, Registered Education Savings Plan, is a registered account used to save for a child's education after high school. It is not an investment itself and does not guarantee a return: growth depends on the investments held inside the plan, which can vary by provider.
The federal government may add money through the Canada Education Savings Grant (CESG), which matches 20% of eligible contributions up to $500 per year (with a $7,200 lifetime maximum), and through the Canada Learning Bond (CLB) for families with eligible incomes, which does not require personal contributions. British Columbia residents may also apply for the BC Training and Education Savings Grant, which requires a formal application.
When the child enrols in qualifying post-secondary education, withdrawals for education include the incentives and growth, and are taxed in the student's hands, often at little or no tax. Personal contributions can be returned tax-free.
Rules, eligibility and plan features can change. Always confirm current details with the Government of Canada and your plan provider.
Assumptions and limitations
- Contributions are assumed deposited monthly, with the one-time contribution deposited in the first year.
- Grants are modelled as received in the same year they are earned; real payment timing depends on your promoter and applications.
- Growth compounds monthly at the hypothetical rate you choose. 0% is allowed.
- Investment fees are not included. The assumed return is not guaranteed.
- Inflation is not included; figures are in future dollars.
- CESG carry-forward (catch-up grants from earlier years) is not modelled, because past contribution history is unknown. The projection includes current-year matching only, up to $500 per year.
- For contributions at ages 16 and 17, the CESG requires that at least $2,000 was contributed to RESPs before the end of the calendar year the beneficiary turned 15, or that at least $100 was contributed in each of any four earlier calendar years. If the beneficiary is already 16 or older, the estimate includes the CESG at those ages only if you answer yes to the eligibility question; if you are not sure, grants are left out and noted. For younger beneficiaries, the projection applies the same calendar-year condition using the planned contributions only: the current balance is not counted toward the $2,000 test, because it may include grants and investment earnings and cannot prove qualifying contributions. If the projection alone cannot establish the condition, the eligibility question is used instead.
- The $7,200 CESG lifetime maximum is reduced by grants already received only when you enter that amount. If it is left blank, the estimate assumes no CESG has been received, which can overstate the remaining grant room for a child who already has an RESP.
- RESP withdrawals for education (EAPs) and the taxes on them are not modelled.
- The $50,000 lifetime contribution limit and the $7,200 CESG lifetime maximum are respected.
- Figures are rounded to the nearest $100 for readability.
Official sources
- Government of Canada: RESP and education savings, estimating amounts
- Canada Revenue Agency: Canada Education Savings Grant (CESG)
- Canada Revenue Agency: Canada Learning Bond (CLB)
These calculations are illustrations based on your inputs and assumptions. Actual results, program eligibility, tax treatment, and investment performance may differ. Rules as of 2026; last reviewed October 2026.