RESP Planner
Register, contribute, and capture the 20% government match. See exactly what your child's RESP will be worth at age 18.
Your child
Your contribution plan
Education goal
Catch-up opportunity: your child has $1,000 of unused CESG room from past years. Contributing $417/month ($5,000/year) claims $1,000/year of CESG until the backlog is used up.
At age 18
$79,714
Your projected RESP balance when your child turns 18, assuming 6% annual growth.
Will it cover school?
Inflated 4-year cost
$100,702
University, living at home (~$15k/yr), 3.0% inflation
Projected balance at 18
$79,714
Shortfall of $20,989
Even maxing out covers only ~97% of this path within the $50,000 lifetime contribution limit. Consider a less expensive path or topping up from another account.
Balance vs. the goal
Hover the chart to see your RESP balance climb year by year against the inflated 4-year cost.
You contribute
$39,936
Over 16 years
Free govt money
$7,200
All grants combined (see breakdown below)
Compound growth
$32,578
On contributions + grants
Grant breakdown
Your current math
The CESG is an INSTANT 20% return before any market growth. No other Canadian account comes close. At an optimal $2,500/year contribution, you get $500/year back from the government - a risk-free 20% match.
How the RESP works
- • CESG (Canada Education Savings Grant): 20% match on contributions up to $500/year, lifetime cap $7,200/child.
- • Lifetime contribution limit: $50,000 per child. No annual limit (since 2007).
- • Growth is tax-sheltered while inside the RESP.
- • When your child withdraws for school, grants + growth are taxed as their income (usually near 0% for students) - NOT your income.
- • Carry forward: unused grant room carries forward, but you can only claim 2 years' worth of CESG in any single year (max $1,000/year from contributions up to $5,000) - this calculator models it.
- • Canada Learning Bond: $500 + $100/year to age 15 (max $2,000) for lower-income families, no contributions required - and it's retroactive when you open the plan late.
- • BC: one-time $1,200 BCTESG, claim between the 6th and 9th birthdays. Quebec: QESI adds 10% (to $250/yr, $3,600 lifetime).
- • Ages 16-17: CESG in those years requires contribution history in earlier years (the "16/17 rule") - not modelled here, so late-start projections for ages 16+ may overstate grants.