RESP Calculator with CESG Grants
Free Canada calculator designed to help users make accurate financial decisions using local standards.
How RESP & CESG Work
Registered Education Savings Plan (RESP) is a tax-sheltered account to save for post-secondary education. Contributions are NOT tax-deductible but investment income grows tax-free. Withdrawals for education are taxed in student's hand (usually lower rate). Annual contribution limit: $2,500/child/year (no lifetime limit).
Canada Education Savings Grant (CESG) automatically matches RESP contributions: 20% basic grant ($500 per $2,500 contributed), up to 40% grant on first $2,500/year for low-income families (up to $1,000). Free money from government. Example: Contribute $2,500 = $500 CESG grant automatically (20%). Total = $3,000 in account.
RESP grows tax-free. When used for education, withdrawals taxed in student's hand (usually lowest rate). If student doesn't attend post-secondary, can transfer funds to RRSP (via lifelong learning plan) or withdraw (original contributions tax-free, grants/growth taxed).
Frequently Asked Questions
Clear answers to common questions to help you use this calculator confidently.
What's the CESG matching limit?
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What's the CESG matching limit?
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20% grant on first $2,500/year = $500. Up to 40% for low-income families. Lifetime max $7,200 per child.
Can I withdraw anytime?
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Can I withdraw anytime?
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Original contributions anytime tax-free. Growth/CESG taxed in student's hand when withdrawn for education.
What if my child gets a scholarship?
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What if my child gets a scholarship?
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EAP (Educational Assistance Payment) can be reduced, and excess can be transferred to RRSP or withdrawn with taxes paid by beneficiary.
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