To begin, enter the current balance of any existing RESP.

Next, enter your planned annual contribution. There is no annual maximum; however, the lifetime contribution limit is %50,000. Anything over this amount is subject to taxation, so it is not advisable to contribute more than $4,000. Over the life of the RESP the limit is $42,000. As an example, if you plan to contribute $4,000 per year, your contributions will be cut off in the eleventh year unless you wish to have the contributions taxed.

Next, enter your net annual family income. This amount is used to determine the level of the Canada Education Savings Grant (CESG) you will receive. For more about the CESG, click here.

Next, enter the annual rate of return you expect to receive on your RESP investment. The default estimated rate of return is set at a cautious 5%. You may increase or decrease the rate of return to see how it will affect the long term growth of the RESP. It is assumed that you will make your contribution at the beginning of the year and that the CESG payment is also made at the beginning of the year in order to maximize the interest gained.

Finally, enter you child's birth month and year to see the growth of the RESP until they reach 18 years of age. (It is assumed that post secondary education will begin at 18). You can also use the calculator if you are planning on having a child in the near future. It is never too early to begin saving for your child's education!

If you have a savings target in mind, please enter a savings goal to see how long it might take to reach your education savings goal. Increase or decrease your savings goal to see how quickly you can reach your target goal.

Click here to begin planning for your child's education.


Note: This calculator is for illustration purposes only. Provisions have been made to offer accurate and up-to-date information as provided by the Government of Canada. Figures and assumptions are subject to change. No warranty is made about the accuracy or applicability of the results in any particular case.