RESP (Registered Education Savings Plan) Calculator

This calculator helps Canadian families plan for their children's education by estimating the savings and potential government grants available through a Registered Education Savings Plan (RESP).

Calculate Your RESP

Results

Total Contribution: $0.00
Estimated Government Grant: $0.00
Total Savings: $0.00

Data Source and Methodology

This calculator is based on the Canadian government's RESP guidelines, including the Canada Education Savings Grant (CESG). All calculations use data provided by the official government sources.

The Formula Explained

The basic formula for RESP savings: Total Savings = Annual Contribution × Years + Government Grant

Glossary of Variables

Frequently Asked Questions (FAQ)

What is an RESP?

A Registered Education Savings Plan (RESP) is a savings account in Canada designed to help save for a child's post-secondary education.

How much can I contribute to an RESP?

You can contribute up to $50,000 per child over the lifetime of the plan.

What is the Canada Education Savings Grant (CESG)?

The CESG is a government grant that matches a percentage of contributions to an RESP, up to a certain limit.

How are RESP contributions taxed?

Contributions are not tax-deductible, but the earnings on the investments grow tax-free until withdrawal.

Can anyone open an RESP?

Yes, anyone can open an RESP for a child, including parents, guardians, grandparents, or friends.

Tool developed by Ugo Candido. Content reviewed by the Your Company Name Expert Team.
Last reviewed for accuracy on: October 20, 2023.