RESP Calculator

How much will it cost for my child(ren) to go to school?

A post-secondary education can be an important step to success. With the right planning, you can help your young scholar achieve his or her dreams—in school and in life.

Use this calculator to find out how much you need to save to cover your child’s future education costs.

RESP Savings Calculator

Step 1: your child(ren)'s education details

The future cost of your child(ren)'s education depends on their current age, how long they will be in school, where and what they plan to study and whether they choose to live at home or away at school. Enter these details below, and see how different scenarios change estimated costs.

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Estimated inflation

Inflation is the rise in general cost of goods and services in an economy over time, and affects the cost of living, such as room and board. Tuition costs in Canada have typically risen faster than inflation over time. Enter the average increase you expect for each of these costs each year.

info Enter the rate you expect tuition cost to increase each year, on average, from now until your child finishes school. Over the last 10 years, tuition has increased at an average rate of 4.5% per year.

Enter the rate you expect room and board costs to increase each year, on average, from now until your child finishes school. Over the last 10 years, room and board costs have kept pace with inflation, increasing at approximately 2% per year.

Step 2: your savings plan

The future value of your RESP depends on your current savings, how much you plan to contribute each year, any government grants and bonds, and the growth rate of your savings.

Choose the range of your total family income after tax. This information is used to calculate your eligibility for additional Canada Education Savings Grants. Learn about government grants.

Individuals who have applied and met the requirements for the Canada Learning Bond (CLB) receive an initial $500 grant and annual $100 grants going forward for each child born after 2004. Select “Yes” if you have applied for and received the initial CLB grant. Select “No” otherwise. Learn more about the CLB here.

Enter the total current value of all RESP accounts for all children listed above. This value includes your contributions and any grants you’ve received, and any earnings or losses. Depending on your past rate of return, this amount may be more than or less than the total contributions you’ve made to date.

Enter the average rate you expect your savings to grow by each year, before inflation and taxes.

Enter the total value of all previous contributions you’ve made to your RESP for all children, excluding any government grants. The lifetime maximum contribution amount is $50,000 per child.

Enter the total amount you plan to contribute to all your children’s RESPs on an annual basis. The lifetime maximum contribution amount per child is $50,000.

Any results or calculations displayed on this site are made available for information purposes only, and do not constitute financial or legal advice. By using this calculator, you agree to our Website and Social Media Terms of Use and Privacy Policy.

Assumptions

  1. These calculations assume the use of an individual or family (in the case of multiple beneficiaries) RESP. You can transfer money between individual RESPs for siblings without any tax penalties. And, you do not have to repay any Canada Education Savings Grants (CESGs). Learn more about different types of RESPs.
  2. The age the child attends school is equivalent to the year in which they turn the age entered in this field.
  3. Individuals who have applied and met the requirements for the Canada Learning Bond (CLB) receive an initial $500 grant and annual $100 grants going forward for each child born after 2004. If you check the box to indicate that you have been approved for the CLB and you are within the income requirements, the calculations assume that the initial $500 has already been paid, and $100 will be added annually going forward to a maximum of $2,000 or until the child turns 15. If you leave the box unchecked to indicate that you have not yet been approved, and you are within the income requirements, both the initial $500 and the subsequent $100 grants will be added. If your household income is not within the income requirements, the CLB will not be applied.
  4. Cost data in this calculator was adapted from Statistics Canada Survey of Tuition and Living Accommodation Costs for Full-time Students at Canadian Degree-granting Institutions (TLAC), 2020 - 2021. This does not constitute an endorsement by Statistics Canada of this product. The survey was administered from May to July 2020 and the data cover the 2020 - 2021 academic year. Data are provided for the 113 institutions that are representing the frame of survey. All fees are reported in current dollars and do not take into account student financial assistance or any tax credits that may apply.
  5. Where an institution reported a combined figure for a room and meal plan package, the data have been displayed in a single field.

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Reviewing your registered education savings plan (RESP)? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

Need Advice?

Reviewing your registered education savings plan (RESP)? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

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