RESP Calculator Canada
The federal government adds 20 cents to every dollar you put into a child’s RESP, up to $500 a year and $7,200 per child. This calculator projects an RESP with that grant included year by year, so you can see what a steady contribution becomes by the time your child finishes high school.
Assumes contributions and the CESG are invested at the start of each year in this projection. The CESG needs contribution room: $2,500 a year earns the maximum $500 grant, and unused grant room carries forward so a catch-up year can earn up to $1,000.
How it works
The $2,500 figure is not arbitrary: at the Canada’s 20% matching rate, $2,500 a year earns the full $500 annual CESG. Contribute for about 14.4 years at that pace and the child collects the $7,200 lifetime grant maximum. Miss early years and you can catch up one year at a time, because grant room carries forward and a $5,000 contribution year can earn $1,000 of CESG.
Growth compounds on three piles at once: your contributions, the government’s grant money, and the returns both earn. In the example below the family puts in $42,500 and ends with about $79,974; the grant and growth contribute more than $37,000 of that.
Worked example
The calculator’s own output for $2,500 a year over 17 years at a 5% return:
| Item | Amount |
|---|---|
| Contribution | $2,500.00 a year for 17 years = $42,500.00 |
| CESG earned | $7,200.00 (the lifetime maximum) |
| Investment growth at 5% | $30,273.62 |
| Projected RESP value | $79,973.62 |
Frequently asked questions
How much CESG can my child get?
Up to $7,200 per child: 20% of contributions, to a maximum of $500 a year (or $1,000 in a catch-up year using carried-forward room), for children up to the end of the year they turn 17, with residency and age conditions.
What if I contribute more than $2,500 a year?
Contributions above $2,500 earn no extra grant in that year, but they still grow tax-sheltered. The RESP lifetime contribution limit is $50,000 per child; over-contributions are penalised.
Who pays tax on RESP money?
Your contributions come out tax-free. The grant and growth come out as Educational Assistance Payments and are taxed in the student’s hands, where tuition credits and low income usually mean little or no tax.
What if my child does not go to school?
You can name another child in a family plan, wait (plans stay open up to 35 years), or collapse the plan: contributions return tax-free, grants return to the government, and growth can move to your RRSP (up to $50,000 with room) or be taxed with a 20% penalty tax.
Are there provincial RESP grants too?
Yes in some provinces: British Columbia offers a $1,200 training and education savings grant, and Quebec offers the QESI. Saskatchewan’s grant is suspended. This calculator includes the federal CESG only.
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For education only. This calculator gives estimates, not financial, tax or legal advice. Figures use 2026 rates where a rate is built in; confirm your own numbers before making a decision.
