Last updated: 2026 assumptions reviewed. Assumptions & sources
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RESP Calculator

See exactly how much your child's education savings will grow by age 18, including the government's Canada Education Savings Grant (CESG). Year-by-year projections, no signup required.

What the grant does
Your contribution→Plus 20% from the CESG→Growth to age 18→What is there for school
The Canada Education Savings Grant adds 20 cents on the dollar, up to $500 a year and $7,200 per child. It is credited before your investments earn a cent.

Your RESP Plan

A one-tap starting point. Adjust anything below. The CESG matches 20% of your contributions, up to $500 a year and $7,200 for life.
years old
Age 0 to 17. CESG is available until the end of the year your child turns 17.
$208
$
About $209 a month reaches $2,500 a year, which earns the full $500 grant. A larger amount can claim up to $1,000 a year while you have unused room from earlier years.
6.0%
%
A broadly diversified equity index fund has averaged 7 to 10% historically. Use 5 to 6% for a more conservative balanced-fund assumption.

Projected Balance at Age 18

$0
Total at Age 18
$0
You Contributed
$0
Free CESG Grants
$0
Investment Growth

Where the Money Comes From

The gold band is free CESG grant money. The green band is investment growth. The dashed line is what you contributed.

Year-by-Year Breakdown

Year Child's Age Your Contributions CESG Grant Balance

For the wider picture, the RESP guide covers choosing a plan and what happens at withdrawal, and the RESP versus TFSA breakdown weighs saving for a child in each. Results are illustrative. Actual returns will vary. CESG eligibility is subject to CRA rules, family income thresholds, and annual contribution limits. This is not financial advice.

The CESG: Free Money

The government adds $500 a year on the first $2,500 you contribute, up to $7,200 a child. Every year you wait is a year of that grant you cannot claim twice.

Read the full RESP guide →

CESG Rules

Basic grant rate
20% on the first $2,500 contributed per year = up to $500/year.
Lifetime maximum
$7,200 per child. The calculator caps grants here.
Eligibility window
Grant runs to the end of the year your child turns 17. At 16 and 17 it is paid only if $2,000 was contributed by the end of the year they turned 15, or $100 in each of any four earlier years.
Catch-up grants
Unused room carries forward, and one year can pay up to $1,000 of grant. Contributing $5,000 in a year claims this year's $500 plus $500 of catch-up. This calculator models that, so a late start still collects the grant it can.
Income-tested top-ups
Lower-income families can receive another 10% or 20% on the first $500 contributed each year, and the Canada Learning Bond pays up to $2,000 with no contribution at all. Neither is modelled here, so your total may be higher than the figure above.

RESP Basics

Annual contribution limit: none (but lifetime per-beneficiary limit is $50,000). Funds grow tax-sheltered. Withdrawals for education (EAPs) are taxed in the student's hands, usually at a very low rate.

If the child does not attend a qualifying program, the grants go back to the government and your contributions come back to you tax-free. Only the growth is taxed: it can move to your RRSP if you have room, up to $50,000, or be withdrawn as an accumulated income payment, taxed as income plus 20%, once the plan has been open 10 years and the child is 21.

Where to open one

Wealthsimple, Questrade, and your bank all offer RESPs. Self-directed accounts at discount brokers give you full investment control. Group or scholarship plan RESPs (sold by representatives) come with rigid contribution rules. Read the fine print carefully.

Tools Dan uses

Open an RESP

Every year you wait is a year of grant and growth you cannot get back. Wealthsimple opens an RESP in minutes and helps you catch the government match.

Open a Wealthsimple RESP →

Affiliate link, no cost to you. How this works. See the full list of tools Dan recommends.

Frequently Asked Questions

What is the Canada Education Savings Grant (CESG)?

The CESG is a federal government grant that matches 20% of your annual RESP contributions, up to $500 per year per child (on the first $2,500 contributed). Lower-income families qualify for another 10% or 20% on the first $500 contributed each year. Over 18 years, the basic grant alone can add up to $7,200 in free government money toward your child's education.

How much should I contribute to my child's RESP each year?

To maximize the full CESG each year, contribute $2,500 per child per year. If you cannot reach $2,500, contribute what you can. Unused room carries forward, and a single year can pay up to $1,000 of grant, so $5,000 of contributions claims this year's $500 plus $500 of catch-up.

What happens to the RESP if my child does not go to university?

The grant goes back to the government, and your own contributions come back to you tax-free. Only the growth is taxed: up to $50,000 can move to your RRSP if you have room, or it can be withdrawn as an accumulated income payment, taxed as income plus 20%, once the plan has been open 10 years and the child is 21. The plan can also be transferred to a sibling. Trades, apprenticeships, and college programs qualify for RESP withdrawals.

When is the best time to open an RESP?

As early as possible, ideally in the child's first year of life. The CESG grant accumulates from birth (or plan opening date), and the sooner the money is invested the longer compound growth has to work. You can open a plan even before the child is one year old.

Can grandparents contribute to an RESP?

Yes, anyone can contribute to an RESP as long as the subscriber (the account holder) is eligible. Grandparents, aunts, and uncles can all make contributions. Only one RESP can claim the CESG per child per year, so coordinate contributions to avoid over-contributing or missing the grant window.