RESP Calculator
Frequently asked questions
We've included the Basic Canada Education Savings Grant (CESG) in our calculations. The calculator doesn't factor in the Additional CESG or the Canada Learning Bond, which you might also qualify for. If you think you might be eligible for those, it's worth talking to an advisor to get personalized advice around your options.
You can contribute up to $50,000 total per child to an RESP. If you happen to save more than that over time, the calculator will still show you those savings—but any savings beyond $50,000 would have to be in an account outside of the RESP.
Our RESP calculator looks at two key moments when it calculates the required savings, projected savings, surplus or shortfall: when your child starts post-secondary, and if you'll have enough to cover the whole program.
"Required savings" is the total estimated cost of tuition, room, board and anticipated inflation for the expected length of their education.
"Projected savings" is the amount we expect you'll have in your RESP by the time your child starts post-secondary. This takes into account all your savings, regular contributions, government grants and the investment growth over the entire life of the plan, even while your child is in school.
The "shortfall or surplus" shows the difference between your required savings and projected savings at the start of post-secondary. It tells you if you're on track.
The "recommended savings" amount is what we suggest you save monthly to ensure you have enough for your child to both start and complete their post-secondary education.
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