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Education Planning Services

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

  • Open a tax-advantaged account
  • Earn tax-sheltered growth
  • Take advantage of grant deposits
  • Apply for a Canada Learning Bond

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.

Use left and right arrows to navigate between tabs.

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.

info Enter the rate you expect tuition cost to increase each year, on average, from now until your child finishes school. Over the last 10 years, tuition has increased at an average rate of 4.5% per year.

Enter the rate you expect room and board costs to increase each year, on average, from now until your child finishes school. Over the last 10 years, room and board costs have kept pace with inflation, increasing at approximately 2% per 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.

Choose the range of your total family income after tax. This information is used to calculate your eligibility for additional Canada Education Savings Grants. Learn about government grants.

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. Select “Yes” if you have applied for and received the initial CLB grant. Select “No” otherwise. Learn more about the CLB here.

Enter the total current value of all RESP accounts for all children listed above. This value includes your contributions and any grants you’ve received, and any earnings or losses. Depending on your past rate of return, this amount may be more than or less than the total contributions you’ve made to date.

Enter the average rate you expect your savings to grow by each year, before inflation and taxes.

Enter the total value of all previous contributions you’ve made to your RESP for all children, excluding any government grants. The lifetime maximum contribution amount is $50,000 per child.

Enter the total amount you plan to contribute to all your children’s RESPs on an annual basis. The lifetime maximum contribution amount per child is $50,000.

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

  1. 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.
  2. The age the child attends school is equivalent to the year in which they turn the age entered in this field.
  3. 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.
  4. 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.
  5. 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.

Contact us today

Related Information

Education Planning (RESP) FAQ

Frequently Asked Questions About Education Planning

In this FAQ, we answer the most common questions asked about education planning. If you have any specific questions, send us an email and we would be pleased to help.

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Are there saving programs that are specific to education funding?

Yes, the most common is the Registered Educational Savings Plan (RESP). In addition, the use of an In Trust Account has advantages when saving towards future education funding.

What is the Canada Education Savings Grant (CESG)?

The Federal Government introduced the CESG where a grant of 20% is paid into the beneficiary’s RESP for every dollar that you contribute into the plan to a maximum of $2500, which would yield a maximum grant of $500 per year until the year of the beneficiary’s 17th birthday.

What is the Additional Canada Education Savings Grant (CESG)?

The Additional Canada Education Savings Grant could add:

  • $100.00: if net family income is $43,561 or less ($500 x 20% = $100)
  • $50.00: if net family income is between $43,562 and $87,123 ($500 x 10% = $50)

What expenses are covered from the RESP?

The funds can be used for tuition, housing, transportation, books, supplies and other incidentals relating to the student’s education.

How much can you contribute?

The maximum combined contribution from all subscribers to each beneficiary is $5,000 a year to a lifetime maximum of $50,000.

Get Up to $500 Annually in CESG Grants

Canada Education Savings Grant (CESG)

Now you can get up to $500 per year deposited into your Registered Educational Savings Plan.

The Federal Government’s Canada Education Savings Grant is a program in which a grant of 20% is paid directly into the beneficiary’s RESP, to a maximum amount of $500 per year until the year of the beneficiary’s 17th birthday.

With the introduction of the CESG, saving for future education funding makes more sense than ever.


The Next Step

You need to decide on the best investment vehicle to reach your savings goals. The most popular educational savings vehicle today is the Registered Educational Savings Plan, or RESP, as it is commonly known. You also have other options, including an In-Trust Account and a Scholarship Trust Fund.

The Value of Advice

Canadians with financial advisors are more confident  about their future.

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Need Advice?

Are you reviewing your investment plan or financial plan for retirement? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

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Need Advice?

Are you reviewing your education savings plan? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

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