How Much Will Your Child’s RESP Be Worth?

An RESP is a savings account with a government match attached, and that match is the main reason to open one. Work out what the account would hold when your child starts school — split into what you put in, what the government adds and what growth does to both — and the contribution that collects every grant on offer.

Your child

Child's ageiAge today. It sets how many years of contributions, grants and growth are left, and how much unused grant room has already built up.

years

Province or territoryiB.C. adds a one-time $1,200 grant and Quebec matches 10% of contributions. Everywhere else the federal grants are the whole of it.Starts school atiWhen post-secondary starts. Contributions and growth run to the end of the year before; grants stop after the year the child turns 17 regardless.

years old

Children in the familyiChildren in the household. It only matters for the income thresholds on the Canada Learning Bond and the additional CESG, which rise for larger families.

What is in the RESP already

Leave these at zero if there is no plan yet. If there is one, the statement has all three numbers.

Current RESP balanceiWhat the account is worth today, grants and growth included.

Contributed so fariEverything you have put in so far. There is a $50,000 lifetime limit per child, with no annual limit.

CESG received so fariCESG paid into the plan to date. It sets how much of the $7,200 lifetime grant is left, and how much unused room can be caught up.

What you will put in

Monthly contributioniWhat you plan to contribute each month. The basic grant is 20% of this up to $500 a year, which a contribution of about $208 a month reaches.

Family income (optional)iOptional. Adjusted family income from your notice of assessment. Below $58,523 the government adds an extra 20% on the first $500 and the Canada Learning Bond; below $117,045 an extra 10%. Leave blank to assume the basic grant only.

Expected return each yeariAn assumption, not a promise. A balanced portfolio has historically returned around 5% a year after fees; a savings account or GIC returns less, with less risk.

Without an income, only the basic 20% CESG is counted. Enter one to see whether the additional grant or the Canada Learning Bond apply.

How the account builds

What the account is made of at each age: your contributions at the bottom, government grants on top of them, and growth on top of both. Hover any age.

Canooq estimate · the contribution and return you entered

What each monthly amount earns in grants

Government money your child would receive before 18 at each monthly contribution. The line goes flat once every grant is captured — contributions past that point earn growth, but no match. Hover any amount.

Canooq estimate · CESG rules for 2026

What is an RESP?

A Registered Education Savings Plan, or RESP, is an account designed to help you save for a child’s education after high school. You put money into the account, invest it, and the government may add money of its own through education grants. The main federal grant is the Canada Education Savings Grant, or CESG, which generally adds 20% to the first $2,500 you contribute each year. That means a $2,500 contribution can generate another $500 from the government before any investment growth. Families with lower or middle incomes may qualify for additional grants, and some children can also receive the Canada Learning Bond even if their family does not contribute anything. B.C. and Quebec have additional provincial RESP incentives as well.

Your contributions do not reduce your income tax like an RRSP contribution would, but investments can grow inside the RESP without being taxed each year. When the child goes to an eligible university, college, trade school or other post-secondary program, the money can be withdrawn to help cover education and related costs. Starting earlier gives the grants and investments more time to build up, but families who start later may still be able to catch up on some unused grant room.

CESG

20% of what you contribute, up to $500 a year and $7,200 over the child's life. Room builds at $500 a year from birth whether you contribute or not, so a late start can be partly caught up — $5,000 in one year earns $1,000.

Additional CESG

Extra CESG on the first $500 contributed each year: 20% more for lower-income families, 10% for middle incomes. It does not carry forward, so a missed year is gone.

Canada Learning Bond

Up to $2,000 for children in lower-income families — $500 the first year and $100 a year after — with no contribution required. Opening the plan is the only step.

Provincial grants

B.C. pays a one-time $1,200 into a resident child's RESP, applied for between the 6th and 9th birthday. Quebec matches 10% of contributions up to $250 a year, $3,600 over a lifetime.

Who pays the tax

Your contributions come back to you tax-free. Grants and growth are paid out to the student as an Educational Assistance Payment and taxed in their hands — usually at little or no tax.

$50,000 lifetime limit

The most that can ever go in for one child. There is no annual limit, but putting large sums in early can use the room up before the yearly grants have all been collected.

Open the plan before deciding what to invest in. The grants are paid on contributions, not on returns, and the Canada Learning Bond is paid on nothing at all — a plan holding cash still collects them. The investment choice matters, but it is the second decision, not the first.

What your numbers mean

Based on the amount you plan to contribute, you would put approximately $28,800 into the RESP by the time your child starts post-secondary education. The government could add another $5,760 through the CESG and any other grants included in your estimate. If the account earns an average of 5% per year, those contributions and grants could generate approximately $17,685 in investment growth.

Together, that would give your child an estimated $52,245 for their education at age 18. Of that total, only $28,800 comes directly from the money you put aside. The remaining $23,445 comes from government incentives and estimated investment growth.

At your current contribution of $150 per month, you are expected to receive $5,760 of the CESG available to you. Increasing your contribution to $188/month could unlock another $1,440 in government grants over the remaining years. This is why even a relatively small change in your RESP contribution can make a meaningful difference by the time your child is ready for school.

What this cannot know

Your child's date of birth, which decides the exact grant years — a child born in December has one fewer year than the age suggests
Grants at 16 and 17, which require either $2,000 contributed before the child turned 16 or $100 a year in any four earlier years
The Canada Learning Bond for earlier years, which can be claimed retroactively if the family was eligible and the plan was not open
Family income in future years, which decides the additional CESG and the Learning Bond one year at a time
Fees on the investments, which come straight off the return you enter here
What education will cost when the child gets there — this estimates what the plan will hold, not what it will need to cover

Common questions about RESPs

How does the CESG work?

The Canada Education Savings Grant adds 20% to the first $2,500 you contribute each year, so up to $500 a year, with a lifetime maximum of $7,200 per child. Grant room builds at $500 a year from birth whether you contribute or not, and unused room carries forward, so a catch-up year can earn up to $1,000. The grant is paid on contributions made up to the end of the year the child turns 17.

Is an RESP contribution tax-deductible?

No. Unlike an RRSP, an RESP contribution does not reduce your taxable income. The benefit is the grant and the fact that the money grows without being taxed inside the plan. When it is withdrawn for school, the grants and growth are taxed in the student's hands, usually at a very low rate, and your original contributions come back tax-free.

Is there a limit on how much I can contribute?

There is no annual limit, but there is a $50,000 lifetime limit per child. Contributing more than $2,500 a year does not earn more basic CESG unless there is unused room to catch up, and contributing very large amounts early can use up the $50,000 before all of the grant has been collected.

We started late. Can we catch up on missed grants?

Yes. Grant room carries forward, so a family that starts late can contribute $5,000 in a year and receive $1,000 of CESG instead of $500 — one year of room plus one year of catch-up. The lifetime maximum of $7,200 still applies, and the grant stops after the year the child turns 17, so the later the start the less can be recovered.

What happens if my child does not go to school?

If the child does not go on to post-secondary, the grants go back to the government, your contributions come back to you tax-free, and the growth can usually be moved into your RRSP if you have room, or withdrawn with tax and a penalty. Plans can also stay open for decades, and a family plan lets the money be used by a sibling.

Keep going by journey

Newcomer setup

Move from arrival tasks to banking, credit, housing, phone service, taxes, and a workable first-month plan.

Saving money

Build a monthly plan, reduce recurring costs, prepare an emergency buffer, and choose the next useful money step.

Housing

Compare affordability, prepare rental documents, estimate moving costs, and understand the rent-versus-buy trade-off.

Documents

Create practical Canadian letters, checklists, employment records, rental documents, and organized admin files.