RESP Contributions:
$
Error: Please enter a number between 0 and 5,000.
RESP calculator
How much will it cost for my child(ren) to go to school?
Use this registered education savings (RESP) calculator to find out how much you need to save and understand how planned savings (including an RESP), government grants and other contributions) can help cover your child(ren)'s post-secondary education costs.
Get results in just a few clicks.
Tell us about your child:
years old
years old
Tell us about your child's intended schooling:
years
$
$
$
Total education savings goal:
$0
Projected RESP savings:
$0
Projected government grant:
$0
Projected other education savings: Projected excess contributions: Projected excess contributions Information:
$0
You still need to save:
$0
You have a surplus of:
$0
You will need to save $0 more per month to reach your education savings goal.
Make sure the money in your RESP is working as hard for you as it can. Looks like you’ll do a great job funding your child(ren)'s higher education.
Make sure the money in your RESP is working as hard for you as it can. Explore your total education savings:
With an RESP, you are already saving for your child(ren)'s education. Now try adjusting the numbers to see how much more you could save.
Education savings comparison
You are currently getting $14,300 in Government of Canada Education Grant money. By saving up to the allowable limit, you could get $561,491 more from the government.
See what happens if you save more in your monthly RESP
You are currently getting $14,300 in Government of Canada Education Grant money. By saving up to the allowable limit, you could get $561,491 more from the government.
How can I make the most of my education savings?
You may not always be able to save more, but there are ways to make the most of what you can save. Consider these savings tips:
Save now. It’s never too early to start saving for your child(ren)’s education. You can save in RESP for up to 31 years. But the government grants stop at age 17.
Get free money from the government. The Government of Canada will match 20 cents for every dollar you save, up to $7,200 per child. By saving up to the limit you can get the most government money possible.
Review contributions yearly. Increasing your biweekly saving by even $5 can be a real boost to your total savings.
A great gift idea. Think about encouraging family and friends to give RESP contributions as birthday and holiday gifts.
Speak to an advisor about setting up an RESP
An advisor can help you put together an RESP that’s right for you.
Assumptions
Close- Education cost projections assume an inflation rate of 2% per year.
- The yearly tuition fees and room and board cost is an average of 2016/2017 preliminary data obtained from Statistics Canada. An average of undergrad and graduate degrees is used where data is available. Where data is not available then the Canadian average is used.
- The Canada Education Savings Grant (CESG) is added to your RESP as 20% of your RESP contributions. CESG is available up until the end of the year of when the child turns 17. The maximum CESG that can be received annually is $500. The maximum CESG that can be received in total is $7,200.
- We assume the current RESP amount includes CESG. The current RESP amount is assumed to have been contributed evenly from the child's birth to current age. It is assumed that the existing CESG has not gathered any interest.
- The total sum of the RESP is calculated to the point of year end of the child's "Age starting post-secondary education."
- There is a lifetime limit of $50,000 for RESP contributions. Once you reach the $50,000 limit, we count the RESP contributions towards other savings contributions.
- We compound RESP savings and other savings interest based on the frequency you indicated, at the end of the frequency period.
- The interest gained through other savings is taxed at a marginal tax rate of 35%.
- CESG is added at the end of the year to the RESP and interest is gathered the following year.
- The displayed recommended contribution amount to reach your savings goal is rounded up to the nearest dollar but the calculation for adjusted savings is based on the actual value.
- The results you received from this calculator are for your information only. The figures are not guaranteed, as they are based on assumptions that are certain to change. There is no guarantee of future performance.
Saving goals per child
CloseThis is a breakdown of your savings goal and projected savings, by child.
Child name
Education savings goal:
$0
Projected RESP savings:
$0
Projected government grant (CESG):
$0
Projected other savings:
$0
You still need to save:
$0
You have a surplus of:
$0
RESP contribution needed to reach goal (bi-weekly):
$1,000
School Type
CloseCost of tuition (annually)
CloseCost of tuition can vary depending on the school and program. To find more information on costs by program of study, visit Statistics Canada.
Other education savings
CloseThis could include other education savings you have outside of an RESP account. Examples include non-registered savings and investments such as your chequing and savings accounts. This could also include other accounts such as your TFSA, and planned contributions from your children.
Projected excess contributions
CloseThis is the amount you have over your RESP contribution limit. The lifetime contribution limit for each child is $50,000. To learn more about excess RESP contributions, visit Canada Revenue Agency.
How much will it cost for my child(ren) to go to school?
February 28, 2017
YOU STILL NEED TO SAVE:
$9,325
| Total education savings goal: | $95,588,667 |
| Projected RESP savings: | $4,100,434 |
| Projected government grant: | $10,000 |
| Projected other education savings: | $222,222 |
| Projected excess contributions: |
You will need more money to reach your education savings goal.
YOUR TOTAL EDUCATION SAVINGS:
RESP contributions: $5,000
Other education savings contributions: $5,000
HOW CAN I MAKE THE MOST OF MY EDUCATION SAVINGS?
You may not always be able to save more, but there are ways to make the most of what you can save. Consider these savings tips:
Save now. It’s never too early to start saving for your child(ren)’s education. You can save in RESP for up to 31 years. But the government grants stop at age 17.
Get free money from the government. The Government of Canada will match 20 cents for every dollar you save, up to $7,200 per child. By saving up to the limit you can get the most government money possible.
Review contributions yearly. Increasing your biweekly saving by even $5 can be a real boost to your total savings.
A great gift idea. Think about encouraging family and friends to give RESP contributions as birthday and holiday gifts.
To plan the best strategy for your RESPs, talk to your advisor or visit www.sunlife.ca/findanadvisor.
SAVING GOALS PER CHILD:
Name: John
Current age: 5 years old
Age starting post-secondary education: 18 years old
School type: University
Location of school: Ontario
Years of study: 4
Cost of tuition (annually): $5,000
Cost of room and board (annually): $5,000
Other costs: $500
Current RESP savings: $1,000
RESP contributions: $100 monthly
Other education savings: $2,000
Other education savings contributions: $100 monthly
Assumed rate of return: 4%
Education savings goal: $0
Projected RESP savings: $76,377
Government Grant: $7,200
Projected other savings: $104,174
You have a surplus of: $187,751
RESP contribution needed to reach goal (bi-weekly): $1,174