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For the purposes of this calculator, the following assumptions were made:
Calculator Inputs
- For the purposes of this tool, the maximum limit for a child's current age is 18 and the maximum limit for your child's age starting post-secondary education is 31. For more information on age limits for RESP's, visit the Government of Canada's Information about Registered Education Savings Plans (RESPs) page.
- Gross household income is used as a proxy for Adjusted Income to determine potential eligibility for additional government grants or incentives. For more information on Adjusted Income, visit the Government of Canada's Glossary page.
- The RESP lifetime contribution limit is $50,000 per beneficiary. If there are any current RESP savings indicated, 80% of the value is assumed to be previous contribution and deducted from the $50,000 lifetime contribution limit per beneficiary for projections and suggestions. For more information regarding contribution limits, visit the Government of Canada's Information about Registered Education Savings Plan (RESPs) page.
- The default values for annual tuition fees and other annual costs are from Statistics Canada's 2021/2022 Canadian and international tuition fees by level of study for Canadian undergraduates.
Government Grants & Incentives
- The government grants and incentives projection are based solely on basic Canada Education Savings Grant (CESG) and assuming no carry forward room, an annual maximum benefit of $500 per beneficiary, and lifetime maximum benefit of $7,200 per beneficiary. For more information regarding CESG, visit the Government of Canada's Canada Education Savings Grant (CESG) page.
- Beneficiaries are eligible to earn basic CESG until the age of 17. However, for beneficiaries to qualify for CESG at age 16 & 17, previous contributions will need to meet certain conditions to qualify. For more information about eligibility conditions, visit the Government of Canada's Canada Education Savings Grant (CESG) – Eligibility page.
- Customers may be qualified for additional government grants and benefits that are not included in the projection such as the Canada Learning Bond (CLB), Additional CESG (A-CESG), and provincial grants. For more information about such additional CESG, visit the Government of Canada's Canada Education Savings Grant (CESG) – How much a child should get page. For more information about CLB eligibility, visit the Government of Canada's Canada Learning Bond (CLB) page. For more information about provincial grants, visit the Government of Canada's Provincial education savings incentives page.
Other Calculator Projections
- Total education costs projections assume a 2% increase in tuition and other annual costs for a four year post-secondary education program.
- No funds will be withdrawn until the child reaches the age they are estimated to start their post-secondary education.
- The current RESP savings are immediate and then incremental contributions are at the start of the "next" recurring period. (Example: customer has $1000 in RESP savings today and sets up a monthly recurring payment. The first recurring contribution does not occur in the account until the following month.)
- The growth shown is pre-tax within the RESP savings calculations. Withdrawals from the grants and growth portion of an RESP may be taxed at the beneficiary's income level.
- The growth projection is an approximation based on the inputs provided by the customer. Other registered plans and non-registered savings are not considered.
- All rates of return (chosen by the customer) are reflected as a full year of return in the chart.
Interest rate: Default 5.00%, range 0.00% - 15.00%
Timeline: Default is 18 years. Range is from 1 – 31 years
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