Family & Kids

RESP Calculator (Canada)

Estimate RESP growth including CESG grants for your child's education savings.

The Registered Education Savings Plan (RESP) is Canada's most powerful education savings vehicle. The government matches 20% of contributions up to $2,500/year (the Canada Education Savings Grant, or CESG). This calculator shows projected growth including grant matching.

Enter your numbers

Child's Current Age

Monthly Contribution ($)

$2,500/year = $208/month maximizes CESG

Existing RESP Balance ($)

Expected Return (%)6

Results update as you change the inputs. Calculations run in your browser.

Projected RESP Value at 18

$72,588

total Contributions: $37,440 your contributions
total Grants: $7,488 in CESG grants
years Left: 15 years of contributions

See the formula

Formula and method

FV = PV × (1+r)^n + PMT × ((1+r)^n - 1) / r ; Grant = min(Contribution × 20%, $500/yr)

Future value of monthly contributions plus CESG grant matching. CESG is 20% of annual contributions up to $2,500/year = max $500/year grant. Unused CESG room carries forward. Growth is compounded monthly.

Worked examples

Start at birth, $208/month

Child's Current Age:: 0
Monthly Contribution ($):: 208
Existing RESP Balance ($):: 0
Expected Return (%):: 6

Projected RESP Value at 18: $96,683

Start at age 5, $416/month catch-up

Child's Current Age:: 5
Monthly Contribution ($):: 416
Existing RESP Balance ($):: 0
Expected Return (%):: 6

Projected RESP Value at 18: $107,756

Assumptions and limits

CESG eligibility maintained (family income not above Additional CESG threshold)
No provincial education savings grants (BCTESG, QESI, etc.)
Constant monthly contribution

This tool provides an educational estimate. Rules, rates and personal circumstances can change the answer. Review the assumptions before relying on a result. Report a correction.

Common mistakes to avoid

Missing the CESG deadline — contributions must be in the RESP before December 31 of the year; grants are paid the following year.
Contributing more than $2,500/year thinking you get more grants — CESG only matches on the first $2,500/year per child.
Not opening an RESP at birth — the CESG lifetime maximum is $7,200 and room accumulates from birth, so starting early captures more grants.

Frequently asked questions

What is the lifetime CESG maximum?

The Canada Education Savings Grant pays 20% on the first $2,500 contributed per year, with a $500 maximum grant per year and a $7,200 lifetime maximum per beneficiary. At $208/month you maximize annual CESG in 12 years.

What happens to RESP money if my child doesn't go to school?

You can transfer up to $50,000 to your own RRSP (if you have room). Remaining contributions can be withdrawn. Grants must be returned to the government. Investment earnings not transferred are subject to regular income tax plus a 20% penalty.

Family vs. individual RESP — which is better?

A family RESP allows you to share funds between siblings, so if one child doesn't use their share, another can. Individual plans are simpler if you only have one child. Both attract the same CESG.