Estimate how your child’s RESP could grow based on your current savings, regular contributions, expected investment return and savings timeline. The calculator can also estimate eligible government contributions to help you understand how much may be available for post-secondary education.
RESP Savings Calculator
See how monthly contributions plus government grants could grow for your child’s education.
Canada-specific grants
Income thresholds for Additional CESG and CLB change yearly and depend on family size — check your exact eligibility at Canada.ca before relying on these figures.
Canada adds a Canada Education Savings Grant (CESG): the government matches 20% of your annual contributions, up to $500/year, to a lifetime max of $7,200 per child. Lower and middle income families may qualify for Additional CESG, and the Canada Learning Bond, above.
This calculator provides estimates for general informational purposes only. Actual investment returns, government benefits, taxes, fees, education costs and account rules may differ. The results are not guaranteed and should not be considered financial, tax or investment advice.
How the RESP Calculator Works
The calculator projects how your Registered Education Savings Plan could grow by combining what you already have saved with what you plan to add over time, then layering in an estimate of the government grant money your contributions may unlock.
- Current RESP balance — what’s already sitting in the account today.
- Initial contribution — a one-time deposit you’re making now, on top of your current balance.
- Monthly contribution — what you plan to add on an ongoing basis.
- Expected annual return — the investment growth rate you want to assume, compounded monthly.
- Child’s current age and age when withdrawals may begin — sets the savings timeline.
- Estimated government contributions — the calculator applies Canada Education Savings Grant (CESG) rules to your yearly contribution amount and adds the estimated match on top of your own money.
Each of those pieces compounds together month over month. The result is an estimate, not a guarantee — actual returns, fees, and grant eligibility depend on your specific account, investments, and household circumstances.
How Much Should You Contribute to an RESP?
There’s no single right number. What makes sense depends on your household budget, how many years you have until your child starts school, and how much of their education you’re hoping to cover. A few illustrative starting points, contributing from birth:
| Monthly contribution | What it’s aiming for |
|---|---|
| ~$50/month | A modest supplement to other savings, plus grant money |
| ~$210/month | Roughly enough to capture the full annual CESG match ($2,500/year) |
| ~$400+/month | Building a larger base for tuition, books, and living costs |
These are illustrations, not recommendations — plug your own numbers into the calculator above to see what your specific plan could add up to.
Understanding RESP Government Grants
The Canada Education Savings Grant is the federal government’s way of matching a portion of what you contribute to an RESP. In plain terms: put money in, and the government typically adds a percentage on top, up to yearly and lifetime limits.
Eligibility and exact amounts can depend on current government rules, your household’s income and province, and how much grant room you’ve already used in previous years. The figures used in this calculator reflect current program rules but can change — always confirm the latest limits on the Government of Canada’s website or with your RESP provider before making contribution decisions based on grant math alone.
RESP Growth Example
Illustration: Say you start with $0, contribute $210/month from your child’s birth, and assume a 6% annual return. Over 15 years, your own contributions total roughly $37,800. Layering in an estimated CESG match on top, plus compounding growth, the account could reach a noticeably higher total than your contributions alone — the exact number depends on the assumptions you enter above.
This is an illustration only. Use the calculator with your own numbers to see a projection based on your actual plan.
RESP Calculator FAQs
How much could an RESP grow?
It depends on how much you contribute, how long you save, your investment return, and how much government grant money you qualify for. Enter your own numbers into the calculator above for a personalized estimate.
How much should I contribute each month?
There’s no fixed answer — it depends on your budget and goals. Contributing around $208–$210/month from birth is a common target for capturing the full annual CESG match, but any amount helps.
Does the calculator include government grants?
Yes. It estimates the Canada Education Savings Grant based on your yearly contribution amount, using current program rules for the basic match and lifetime cap.
What investment return should I enter?
Many RESP savers plan around a 4–7% average annual return, but the right assumption depends on how your specific account is invested. Consider speaking with your RESP provider about the specific option you’re using.
Can an RESP lose money?
Yes, if it’s invested in the market — RESP balances can go down as well as up, depending on the investments held inside the account. Not all RESPs are invested the same way.
What happens if the beneficiary does not attend post-secondary school?
Contributions can typically be withdrawn tax-free since they were made with after-tax money, but grant money generally must be returned to the government, and there may be other conditions depending on your provider and plan type. A financial advisor or your RESP provider can walk through the specifics.
Are the calculator results guaranteed?
No. This calculator provides estimates for general informational purposes only and should not be treated as financial or tax advice.