Tools & Calculators / RESP Savings Goal
Canada

RESP Savings Goal Calculator

See how much to save monthly to reach your child’s education goal.

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Your Child & Goal

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Savings & Growth

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You Need to Save
{{ monthlyStr }}/mo
for {{ yearsStr }} years to reach your goal
Future Education Cost
{{ futureCostStr }}
inflation-adjusted
Est. CESG Grants
{{ grantStr }}
20% government match
Your Contributions
{{ contributionsStr }}
total out of pocket
Investment Growth
{{ growthStr }}
tax-sheltered
How Your RESP Reaches the Goal
Contributions {{ contribPct }} Grants {{ grantPct }} Growth {{ growthPct }}
Savings Projection by Year
Until age {{ startAgeStr }} →
Tip: Contributing $2,500/year ($208/month) captures the full $500 annual CESG grant — that’s free money you don’t want to leave on the table. Starting early gives compound growth more time to work, dramatically reducing how much you need to save each month.
Note: Estimates assume contributions grow at your selected return and education costs rise with tuition inflation. CESG is estimated at 20% of contributions up to $500/year ($7,200 lifetime max). Actual costs, returns, and grants will vary. This calculator is for planning purposes — consult a financial advisor for personalized guidance.

Planning Your Child’s Education Savings

The cost of post-secondary education keeps rising, so the earlier you start saving, the easier it is to reach your goal. An RESP is the best vehicle for this: your investments grow tax-sheltered, and the government adds CESG grants of 20% on your contributions (up to $500/year). Starting when your child is young means compound growth and grants do much of the heavy lifting.

This calculator works backward from your goal — factoring in tuition inflation, expected investment returns, and estimated CESG grants — to show the monthly contribution needed. Contributing at least $2,500 per year ensures you capture the full annual grant.

Disclaimer: This calculator provides estimates for planning purposes. Education cost figures are approximate averages and vary widely by institution and program. CESG is estimated at 20% of contributions up to the annual and $7,200 lifetime maximums. Investment returns and tuition inflation are not guaranteed. Consult a financial advisor and your RESP provider for advice specific to your situation.

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