RESP Calculator

Like all parents, you want the best for your kids and recognize that a good education will greatly expand the career opportunities available to them. Yet, with rising college and university tuitions, a post-secondary education may be out of reach for many children. Unfortunately, many of us fail to realize that the costs of attending university, college or trade school are rising so rapidly. Higher tuition fees, as well as books, accommodation, and personal expenses mean that increasing pressure is being put on families to save enough to finance their children's education.

Also check the CESG calculator to find out about your grant.

* Estimate the projected rate of increase in post-secondary education costs:
Long term inflation in Canada has been approximately 5%. We believe 3% is an appropriate level since the government is following a long-term inflation stabilization policy. Based on current tuition trends, it would be reasonable to assume that tuition costs will continue to rise by more than the general rate of inflation.

** Estimate the average annual return of your RESP investments:
Over the long term the average annual rate of return for a growth fund has been approximately 8-10%. On the other hand, if your time horizon is shorter, your investments should be more on the conservative side. In this case the expected average rate of return would be lower.

How much should you save for your child's education?

Enter your child's age, in years.



Estimate the number of years your child will attend University.



What do you estimate is today's annual cost of tuition, books, room and board?	$



Estimate the projected rate of increase in post-secondary education costs. *		%



How much have you saved for your child to date?	$



Estimate the average annual return of your RESP investment. **		%