RESP Calculator
Project an RESP's value with the 20% Canada Education Savings Grant and the Canada Learning Bond.
About the RESP Calculator
The Canada Education Savings Grant (CESG) adds 20% on the first $2,500 contributed each year, up to $500 a year and $7,200 per child for life. Unused grant room carries forward, and you can catch up by up to $500 of extra grant ($1,000 total) a year by contributing $5,000. Grants are paid until the end of the year the child turns 17 (with conditions at 16 and 17).
Low-income families may also get the Canada Learning Bond: $500 in the first year and $100 a year up to age 15, to a $2,000 maximum, with no contribution required. Some provinces (BC, Quebec) add their own grants, not included here.
The formula
CESG per year = min(20% × contribution, $500 + catch-up room ≤ $500, lifetime room)
Worked example
Example: RESP at age 18 = $106,042
- Inputs: Child's age now: 0; Current RESP balance: $0; CESG already received: $0; Annual contribution: $2,800; Annual return: 6%; Eligible for the Canada Learning Bond: No.
- Formula: CESG per year = min(20% × contribution, $500 + catch-up room ≤ $500, lifetime room)
- Result: RESP at age 18 = $106,042
Questions people ask
Is $2,500 a year the sweet spot?
Yes, it gets the full $500 grant each year; $36,000 total gets the $7,200 maximum.
What's the lifetime contribution limit?
$50,000 per beneficiary.
Sources
The rules and rates this calculator uses come from the official pages below. Its results are estimates, not an official determination, and rules change, so check the latest figures there before you act on them.