RESP Calculator
Calculate how your Registered Education Savings Plan will grow with CESG government grants. See how the 20% Canada Education Savings Grant match boosts your education savings over time.
RESP Details
Grant Eligibility
Family net income drives the Additional CESG top-up on the first $500 contributed each year.
Contributing above $2,500/yr uses catch-up room (max $1,000 CESG/yr).
Prior RESP Activity (optional)
RESP Summary
Year-by-Year Projection
| Year | Age | Contribution | CESG | CLB | Growth | Balance |
|---|---|---|---|---|---|---|
| 1 | 0 | $2,500 | $550 | $0 | $153 | $3,203 |
| 2 | 1 | $2,500 | $550 | $0 | $313 | $6,565 |
| 3 | 2 | $2,500 | $550 | $0 | $481 | $10,096 |
| 4 | 3 | $2,500 | $550 | $0 | $657 | $13,803 |
| 5 | 4 | $2,500 | $550 | $0 | $843 | $17,696 |
| 6 | 5 | $2,500 | $550 | $0 | $1,037 | $21,783 |
| 7 | 6 | $2,500 | $550 | $0 | $1,242 | $26,075 |
| 8 | 7 | $2,500 | $550 | $0 | $1,456 | $30,581 |
| 9 | 8 | $2,500 | $550 | $0 | $1,682 | $35,313 |
| 10 | 9 | $2,500 | $550 | $0 | $1,918 | $40,281 |
| 11 | 10 | $2,500 | $550 | $0 | $2,167 | $45,497 |
| 12 | 11 | $2,500 | $550 | $0 | $2,427 | $50,975 |
| 13 | 12 | $2,500 | $550 | $0 | $2,701 | $56,726 |
| 14 | 13 | $2,500 | $50 | $0 | $2,964 | $62,240 |
| 15 | 14 | $2,500 | $0 | $0 | $3,237 | $67,977 |
| 16 | 15 | $2,500 | $0 | $0 | $3,524 | $74,000 |
| 17 | 16 | $2,500 | $0 | $0 | $3,825 | $80,325 |
| 18 | 17 | $2,500 | $0 | $0 | $4,141 | $86,967 |
Basic CESG: 20% match on the first $2,500 contributed per child per year, lifetime max $7,200. Unused room carries forward — up to $1,000 of CESG per year (on $5,000 of contributions) when catching up.
Additional CESG: Extra 10% or 20% on the first $500 contributed, based on adjusted family net income. 2026 thresholds: +20% ≤$58,523, +10% ≤$117,045 (indexed to the federal lowest tax bracket annually).
Canada Learning Bond: Up to $2,000 lifetime for children from low-income families born on or after Jan 1, 2004 — $500 first year + $100/yr through age 15. No contribution required; independent of the $50,000 contribution cap and the $7,200 CESG cap.
Contributions are not tax-deductible, but investment growth is tax-sheltered until withdrawal as an Educational Assistance Payment (EAP), then taxed in the student's hands.
How the RESP Works
A Registered Education Savings Plan (RESP) is a government-registered account designed to help families save for a child's post-secondary education. All investment growth inside an RESP — including interest, dividends, and capital gains — is tax-sheltered until withdrawn, at which point it is taxed in the student's hands (typically at a very low rate).
Canada Education Savings Grant (CESG): The federal government matches 20% of the first $2,500 contributed per year, adding up to $500 annually and up to $7,200 over the lifetime of the plan. Unused CESG entitlements can be carried forward, allowing catch-up grants of up to $1,000 in a single year.
Canada Learning Bond (CLB): Low-income families may also qualify for the Canada Learning Bond, which provides up to $2,000 in government contributions with no personal contribution required.
Withdrawals: When your child enrols in a qualifying post-secondary program, Educational Assistance Payments (EAPs) — which include grants and investment growth — are taxable in the student's hands. Your original contributions are returned to you tax-free. Students with little or no income typically pay little to no tax on these withdrawals.
Related savings tools
Frequently asked questions
What is the RESP lifetime contribution limit?
The RESP lifetime contribution limit is $50,000 per beneficiary. There is no annual contribution limit, but the Canada Education Savings Grant (CESG) only matches the first $2,500 contributed per year, so contributing $2,500 annually maximizes the grant.
How much is the CESG grant?
The Canada Education Savings Grant (CESG) matches 20% of the first $2,500 contributed per year, providing up to $500 per year. The lifetime maximum CESG per beneficiary is $7,200. Low- and middle-income families may also qualify for an additional CESG of up to 10% or 20% on the first $500 contributed.
What happens to RESP money if my child doesn't go to school?
If your child does not pursue post-secondary education, your original contributions can be withdrawn tax-free. Government grants such as the CESG must be returned to the government. Any investment growth (Accumulated Income Payments or AIP) can be transferred to your RRSP if you have available contribution room, or withdrawn as taxable income subject to an additional 20% penalty tax.
When should I start contributing to an RESP?
The earlier you start, the better. Opening an RESP at birth and contributing $2,500 per year maximizes the CESG over 14–17 years of the child's life and gives investments the longest possible time to grow tax-sheltered. Even small early contributions benefit from decades of compounding.
Sources
Last updated April 2026. Reflects 2026 tax year rates.
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