It makes sense to start saving as soon as possible for your child's future education.
We Can Help You Make Educated Decisions
The cost of tuition, rent, books and food can be as much as $14,500 per year or more!
If you assume an annual inflation rate of 3 percent, that means four years of university could cost about $98,000 in 18 years. Governments are cutting money available for student loans and scholarships and competition for these programs is fierce. With this continuing trend, a post-secondary education will be accessible to very few.
Will you have $98,000 to pay for a post-secondary education for your child? Make the smart decision and plan today!
Education Planning Tips
Get Started
Get started by using our RESP Calculator to prepare an Educational Needs Analysis to estimate the future cost of your child’s post-secondary schooling, based on today’s costs adjusted for interest and inflation.
RESP Calculator

RESP Savings Calculator
Step 1: your child(ren)'s education details
The future cost of your child(ren)'s education depends on their current age, how long they will be in school, where and what they plan to study and whether they choose to live at home or away at school. Enter these details below, and see how different scenarios change estimated costs.
Estimated inflation
Inflation is the rise in general cost of goods and services in an economy over time, and affects the cost of living, such as room and board. Tuition costs in Canada have typically risen faster than inflation over time. Enter the average increase you expect for each of these costs each year.
Step 2: your savings plan
The future value of your RESP depends on your current savings, how much you plan to contribute each year, any government grants and bonds, and the growth rate of your savings.
Any results or calculations displayed on this site are made available for information purposes only, and do not constitute financial or legal advice. By using this calculator, you agree to our Website and Social Media Terms of Use and Privacy Policy.
Assumptions
- These calculations assume the use of an individual or family (in the case of multiple beneficiaries) RESP. You can transfer money between individual RESPs for siblings without any tax penalties. And, you do not have to repay any Canada Education Savings Grants (CESGs). Learn more about different types of RESPs.
- The age the child attends school is equivalent to the year in which they turn the age entered in this field.
- Individuals who have applied and met the requirements for the Canada Learning Bond (CLB) receive an initial $500 grant and annual $100 grants going forward for each child born after 2004. If you check the box to indicate that you have been approved for the CLB and you are within the income requirements, the calculations assume that the initial $500 has already been paid, and $100 will be added annually going forward to a maximum of $2,000 or until the child turns 15. If you leave the box unchecked to indicate that you have not yet been approved, and you are within the income requirements, both the initial $500 and the subsequent $100 grants will be added. If your household income is not within the income requirements, the CLB will not be applied.
- Cost data in this calculator was adapted from Statistics Canada Survey of Tuition and Living Accommodation Costs for Full-time Students at Canadian Degree-granting Institutions (TLAC), 2020 - 2021. This does not constitute an endorsement by Statistics Canada of this product. The survey was administered from May to July 2020 and the data cover the 2020 - 2021 academic year. Data are provided for the 113 institutions that are representing the frame of survey. All fees are reported in current dollars and do not take into account student financial assistance or any tax credits that may apply.
- Where an institution reported a combined figure for a room and meal plan package, the data have been displayed in a single field.
Here’s how we can help
Next, we will help you determine the best investment products to help you reach your education savings goals.