Investment Basics - Investing - MSN CA Money provided by InvestorEd.ca
Print Print
RESP savings calculator
Estimate your child(ren)’s future education costs, and see how your planned RESP savings, including contributions and grants, will cover those costs.
Add
Child 1

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.

Child's first name: Child's age:
Enter your child’s current age.
Child's age when starting their post-secondary education:
Child's age when starting post-secondary tooltip
Years of study:
Years of study tooltip
Province of study:
Province of study tooltip
Live at home or
away:
live at home tooltip
Yearly tuition(current value): $
Yearly tuition tooltip
0 40,000
Yearly room and board
costs (current value):
$
Yearly room tooltip
0 20,000

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.

Estimated annual rise in tuition costs:     %
Estimated tution inflation
0.00 15.00
Estimated annual rise in room and board costs: %
Estimated room and board inflation
0.00 15.00

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.

Household after-tax
income:
house hold after tax tooltip
Approved for Canada Learning Bond:
Approved for bond tooltip

Current amount in RESPs: $
current resp amt tooltip
0 500,000
Estimated growth rate
of RESP savings:
%
Estimated growth tooltip
0.00 15.00
Total amount of
contributions to date:
$
Total amt tooltip
Your total RESP contributions cannot exceed $50,000, as the lifetime maximum contribution amount is $50,000 per child. Please enter another contribution amount.
0 250,000
Planned annual
contribution going forward:
$
Planned annual tooltip
0 100,000
Calculate

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 the Investor Education Fund Website and Social Media Terms of Use and Privacy Policy. This link will open in a new window

View assumptions here.
Print

Related links