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Free tool · Education savings

RESP savings calculator

Project what your child’s education will cost, what your RESP will grow to with the government grant, and how much more to save each year to close the gap.

Did you know?

The government matches 20% of the RESP contributions you make, up to $500 per year per beneficiary.
Government matched funds can add up to a lifetime total of $7,200 per beneficiary.
Contributions grow tax-sheltered, and withdrawals for school are taxed in the student’s hands — usually at little or no tax.

Tell us about your beneficiary

Average Canadian undergraduate tuition, 2025-26. Add books, and residence if the student will live away from home.

Tell us about your investments

Contribute $2,500 per beneficiary for the maximum $500 CESG each year.

Money set aside for school outside the RESP.

RESP contribution:

Projected savingsShortfallProjected cost of education

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    Assumptions
    • Education costs increase at the inflation rate you enter (default 2% per year) from today until each year of study.
    • RESP contributions are made at the start of each year and earn the full year’s return. The CESG is added at the end of the year and earns interest from the following year.
    • CESG is 20% of contributions to a maximum of $500 per year and $7,200 per beneficiary, paid on contributions made up to the end of the year the child turns 17. Carry-forward room, the additional CESG for lower-income families and the Canada Learning Bond are not included.
    • There is a lifetime limit of $50,000 of RESP contributions per beneficiary. Once reached, further contributions are treated as additional savings.
    • Additional savings are taxable: their return is reduced by a 35% tax rate on the interest, and yearly additional savings are added at the end of each year.
    • Investment returns are assumed constant every year; real returns vary.

    Disclaimer

    Calculations are based on the information provided and are for illustrative and general information only. The rate of return and inflation rate used are the same for every year of the projection. Government grant rules are simplified as described in the assumptions and may change. Results should not be considered specific financial or tax advice. Actual results, grants received and education costs may vary.

    Questions

    RESP FAQ

    How much does the government add to an RESP?
    The Canada Education Savings Grant matches 20% of your contributions, up to $500 a year per child ($1,000 if you have unused room from earlier years) and $7,200 over the child’s lifetime. Contributing $2,500 a year captures the full basic grant. Lower-income families may also receive the additional CESG and the Canada Learning Bond, which need no contribution at all.
    What are the RESP contribution limits?
    There is no annual limit, but there is a lifetime limit of $50,000 in contributions per beneficiary. Contributions can be made for up to 31 years and the plan must be closed by the end of its 35th year. Grants are only paid on contributions made up to the end of the year the child turns 17, with special rules at ages 16 and 17.
    Are RESP contributions tax-deductible?
    No. Unlike an RRSP, contributions are made with after-tax money and come out tax-free. The advantage is that the grants and all the investment growth are tax-sheltered, and when withdrawn for school they are taxed in the student’s hands — usually at little or no tax.
    What happens if my child does not go to school?
    Your own contributions come back to you tax-free. The grants are returned to the government. The investment growth can be rolled into your RRSP (up to $50,000, if you have room) or taken as an accumulated income payment, which is taxed as income plus a 20% penalty. Family plans let you use the money for a sibling instead.

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