How much will you have saved for your child's education?
The Registered Education Savings Plan is one of Canada's most underused savings tools — and the government will match 20% of your contributions every year. This calculator shows you exactly what your child's education fund could look like.
20%
Canada Education Savings Grant match
$7,200
Lifetime maximum CESG grant per child
Free
This calculator
The CESG gives your child 20% back on every dollar you contribute — up to $500/year in FREE government money.
Your RESP Profile
Child Information
Years Until Post-Secondary: 13
Contribution Details
Max CESG grant: contribute $2,500/yr to get the full $500 grant.
One-time deposit today.
Historical balanced portfolio: 5-7%.
Family Income
2024 thresholds. Lower income families may qualify for additional grants.
Some provinces add additional grants — BC adds $1,200 one-time.
Education Planning
Average Canadian university: $18,000-$25,000/yr including living.
Not sure how much to contribute?
Book a Free RESP ReviewPROJECTED RESP VALUE
Including government grants and investment growth
Total Contributions
$32,500
Government Grants
$9,200
Investment Growth
$23,977
Education Cost Covered
82%
CESG (Canada Education Savings Grant)
20% on first $2,500/yr = $500/yr. Lifetime max $7,200. Available to all Canadian children.
$7,200 projected
Additional CESG
Lower income families get an extra 10-20% on first $500 contributed. Extra $50-$100/yr.
Included in total
CLB (Canada Learning Bond)
Up to $2,000 for low-income families. No contribution required.
$2,000 projected
Projected RESP Growth
Total Education Cost
$80,000
For 4 years of university
Projected RESP Value
$65,677
Shortfall: $14,323
Contribution Strategies
MAXIMIZE CESG
$2,500/yr gets you the full $500 annual grant — a guaranteed 20% return before any investment growth.
CATCH-UP CONTRIBUTIONS
Missed years? You can contribute up to $5,000/yr to catch up on unused CESG room (max $1,000/yr in grants when catching up).
LUMP SUM POWER
A single $10,000 deposit today at age 5 grows to approximately $21,329 by age 18 at 6% — plus $2,000 in grants over 4 years of $2,500 contributions.
The government will pay 20% of your child's education — if you ask.
The CESG is free money
The Canada Education Savings Grant adds 20% to every dollar you contribute up to $2,500 per year — that's $500 per year in free government money just for saving for your child's future.
Start early — compounding does the heavy lifting
A family that starts contributing at birth versus age 10 can end up with more than double the savings by age 18 — even with identical monthly contributions.
RESP funds are flexible
If your child doesn't go to post-secondary education the RESP doesn't disappear. Funds can be transferred to a sibling or rolled into your RRSP.
Important RESP rules to know.
- ✓
Lifetime contribution limit per child is $50,000.
- ✓
CESG is paid on the first $2,500 contributed per year — $500 maximum grant per year.
- ✓
Unused CESG room from previous years can be carried forward — you can contribute up to $5,000 in a catch-up year to receive $1,000 in grants.
Did you know? Anyone can open an RESP.
You don't have to be a parent to open an RESP for a child. Grandparents, aunts, uncles, godparents, and even family friends can open an individual RESP for any child — no blood relation required. It's one of the most generous gifts you can give a child in your life. The $50,000 lifetime contribution limit applies across all RESPs opened for the same child — so coordinate with parents if other plans already exist. Family RESPs require the beneficiary to be related to the subscriber by blood or adoption. Individual RESPs have no such restriction. Ask Sarah which type is right for your situation.
Ask Sarah about opening an RESPStarting a RESP for your 5-year-old today with $2,500/year means $9,200 in government grants over 13 years. Combined with investment growth, your child could have $65,677 waiting for them at 18 — enough to cover 82% of a 4-year university education.
Want to maximize your child's education savings?
Book a free call with SarahThis calculator is for illustrative and educational purposes only. CESG rates and thresholds are based on 2024 federal rates and may change. Provincial grants vary. Always consult a licensed financial advisor. Sarah Lovett is licensed in British Columbia (LIC-2025-0059458-R01).
