RESP Calculator Canada
Project your Registered Education Savings Plan balance with CESG grants and compound growth — see how much you'll have for your child's education.
The Power of Starting Early
Opening an RESP at birth and contributing $2,500/year ($208/month) captures the full $500 annual CESG every year, for a total of $7,200 in free government money over 17 years. At a 5% average annual return, that $42,500 in contributions + $7,200 in CESG grows to approximately $82,000–$90,000 by the time your child starts university.
If you can't contribute $2,500/year, start with whatever you can. Even $50/month gets you partial CESG and compound growth. Many financial institutions offer no-fee RESPs — check with your bank, credit union, or an online brokerage like Questrade or Wealthsimple that offers low-cost RESP accounts.
Frequently Asked Questions
The Canada Education Savings Grant (CESG) pays 20% on the first $2,500 contributed per year — that's $500/year maximum. The lifetime CESG limit per child is $7,200. Unused grant room from prior years can be caught up at $1,000/year (double grant on $5,000 contributions).
You can keep the RESP open for 36 years in case your child changes their mind. If they ultimately don't attend, you return the CESG to the government but keep all investment growth — which is withdrawn as "Accumulated Income Payments" taxed at your marginal rate plus a 20% penalty tax. Rolling it into your RRSP (up to $50,000 lifetime) avoids the penalty.
Yes — you can open multiple RESPs for the same child (family or individual plans), but the $2,500 annual CESG-eligible contribution is per child, not per account. Total contributions across all plans for one child still count toward the $50,000 lifetime limit.