Tools & Resources

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.

Your RESP Plan

Child's Current Age

years old

Age 0–17. CESG is available until the end of the year your child turns 17.

Monthly Contribution

$208/month ($2,500/year) is the sweet spot - it captures the full $500 CESG every year without leaving any grant money on the table.

Expected Annual Return

A broadly diversified equity index fund has averaged 7-10% historically. Use 5-6% for a more conservative balanced-fund assumption.

Projected Balance at Age 18

Total at Age 18

You Contributed

Free CESG Grants

Investment Growth

Year-by-Year Breakdown

Year	Child's Age	Your Contributions	CESG Grant	Balance

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 gives you $500 a year just for showing up. The question is not whether to open an RESP. It is how soon.

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: CESG is available until the end of the calendar year your child turns 17.
Catch-up grants: You can carry forward one year of unused grant room - contribute $5,000 in one year to claim $1,000 in CESG. This calculator uses the standard $500/year rate; catch-up is not modelled.
Income-tested top-ups: Lower-income families may receive an additional 10-20% CESG. Not modelled here.

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 post-secondary, the grants must be repaid. Your contributions come back to you. Growth (the "accumulated income") can be rolled into your RRSP (up to $50,000) if you have room.

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.

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 an additional 10-20% top-up. 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 CESG room can be partially caught up in later years (up to $500 of grant per year, so you can catch up one prior year's grant at a time).

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

The grant money (CESG) must be repaid to the government. The remaining growth and original contributions can be withdrawn as an Accumulated Income Payment (AIP), which is taxed as income plus a 20% penalty. Alternatively, up to $50,000 can be transferred to your RRSP (if you have room), or the funds can be transferred to a sibling's RESP. 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.