RESP & CESG Calculator

Maximize your education savings with government grants and investment growth

RESP Calculator

Calculate your RESP contributions, grants, and projected education savings with year-by-year projections.

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Max CESG eligible: $2,500/year
RESP contributions end at age 17
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Used for additional CESG eligibility
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Lifetime limit: $7,200

Annual Grants & Matching

Base CESG (20% match):$500.00
Additional CESG:$50.00
CLB Amount:$0.00
Total Annual Grants:$550.00

Years & Projected Balance

Years Until Age 17:12
Projected Balance at Age 17:$50,974.60

Breakdown

Total Contributions:$30,000.00
Total Grants & Bonds:$6,600.00
Investment Growth:$14,374.60
Total Balance:$50,974.60

Year-by-Year Projection

YearAgeContributionCESGGrowthBalance
16$2,500.00$550.00$152.50$3,202.50
27$2,500.00$550.00$312.63$6,565.13
38$2,500.00$550.00$480.76$10,095.88
49$2,500.00$550.00$657.29$13,803.18
510$2,500.00$550.00$842.66$17,695.83
611$2,500.00$550.00$1,037.29$21,783.13
712$2,500.00$550.00$1,241.66$26,074.78
813$2,500.00$550.00$1,456.24$30,581.02
914$2,500.00$550.00$1,681.55$35,312.57
1015$2,500.00$550.00$1,918.13$40,280.70
1116$2,500.00$550.00$2,166.54$45,497.24
1217$2,500.00$550.00$2,427.36$50,974.60
📅 Last Updated: March 2026📊 Data sourced from CRA 2026 tax brackets🔒 100% client-side — your data never leaves your browser

This calculator provides estimates based on 2026 Canadian tax brackets and rates. Results are for informational purposes only and should not be considered as professional tax, financial, or legal advice. Tax laws are complex and individual circumstances vary. Please consult with a qualified tax professional, accountant, or the Canada Revenue Agency (CRA) for accurate tax calculations and advice specific to your situation.

Frequently Asked Questions

What is an RESP and how does it work?

A Registered Education Savings Plan (RESP) is a Canadian government-registered account designed to help families save for post-secondary education. Contributions are not tax-deductible, but investments grow tax-free inside the plan. When funds are withdrawn for education expenses, the student pays tax on growth and grants at their lower student tax rate.

This makes RESPs one of the most effective tools for education savings in Canada, especially when combined with government grants like the CESG and CLB.

What is the CESG grant and how much can I receive?

The Canada Education Savings Grant (CESG) is a government grant that matches a percentage of your RESP contributions:

  • Base CESG: 20% match on the first $2,500 contributed per year = max $500/year
  • Additional CESG: Families earning under $55K receive an extra 20% on the first $500 of annual contributions ($100 additional)
  • Mid-income Additional: Families earning $55K–$110K receive an extra 10% on the first $500 ($50 additional)
  • Lifetime Limit: Maximum total CESG per child is $7,200

This means a family contributing $2,500 annually could receive up to $600 in grants if eligible for the additional CESG.

What is the CLB and who qualifies?

The Canada Learning Bond (CLB) is an additional government grant available to low-income families:

  • Initial Grant: $500 when the RESP is first opened
  • Annual Grant: $100 per year for each qualifying child
  • Lifetime Maximum: $2,000 per child

To qualify, your family net income is typically under approximately $35,000, and the child must be under 17 years old. Unlike CESG, you do not need to contribute your own money to receive the CLB—the government deposits it directly into the RESP.

How much can I contribute to an RESP?

There are two important limits to understand:

  • Lifetime Contribution Limit: $50,000 total per beneficiary (child)
  • Annual Contribution for CESG: Contributions over $2,500 in a single year will not trigger additional CESG grants, though you can still contribute more

To maximize government grants, it's generally best to contribute $2,500 per year until the child turns 17. However, if you haven't used all your CESG room, you may be able to catch up by contributing more in later years.

When does an RESP end and what happens to the money?

An RESP must be closed before the beneficiary turns 35 years old. At that time:

  • Contributions and Grants: Can be withdrawn as tax-free Education Assistance Payments (EAP) for eligible post-secondary expenses
  • Investment Growth: Taxed as income to the student when withdrawn as an EAP (but at their lower student tax rate)
  • Unused Funds: If the student doesn't pursue post-secondary education, contributions can be withdrawn tax-free, and investment growth can be transferred to an RRSP (up to available contribution room) or withdrawn with tax implications

Planning your RESP contributions and investment strategy can help maximize the education fund and minimize tax consequences.