How the RESP Calculator works
Estimate RESP growth with contributions and grants. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this RESP calculator to estimate education savings growth with annual contributions, grant-style matching and investment returns. It is useful for Canadian education planning when contributions may receive matching grants.
Formula
Future RESP value = current balance compounded over time plus annual contributions, grants and growth
- Current RESP balance is the starting account value.
- Annual contribution is the amount added each year.
- Grant match estimates additional contribution support.
- Annual return and years project investment growth.
Worked example
For a $5,000 RESP balance, $2,500 annual contribution, 20% grant match, 5% return and 12 years, the calculator estimates future RESP savings.
Common mistakes
- Assuming every contribution receives a grant without checking limits.
- Ignoring investment risk as the child gets closer to school.
- Forgetting education costs may rise faster than expected.
FAQs
Does this check RESP grant limits?
No. It uses the grant match rate you enter, so confirm current program limits separately.
Can RESP investments lose value?
Yes, depending on the investments held. Risk should usually be reviewed as school approaches.
Should I include existing savings?
Yes. Enter the current RESP balance so the projection starts from today's amount.