RESP + Grants Calculator
An RESP comes with free government money: the CESG adds 20% to your contributions. See how your savings, the grants, and tax-deferred growth add up for a child’s education.
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Frequently asked questions
What is an RESP and the CESG?
A Registered Education Savings Plan helps you save for a child’s education. The government adds the Canada Education Savings Grant (CESG) — 20% on top of your contributions, up to $500 per year and $7,200 per child for life. Growth is tax-deferred.
How much should I contribute to get the full grant?
Contributing $2,500 per year earns the full $500 CESG (20% × $2,500). If you missed past years, you can catch up one extra year at a time, getting up to $1,000 of grant in a year.
How is the money taxed when withdrawn?
Your original contributions come out tax-free. The growth and grants are taxed in the student’s hands when withdrawn for school — usually at a very low or zero tax rate, since students have little income.