Find out exactly how much to contribute to maximize CESG grants and build the biggest education fund possible.
Contributing to an RESP is one of the highest-return investments you can make for your child. The Canada Education Savings Grant (CESG) gives you an instant 20% return on contributions up to $2,500 per year. This calculator helps you figure out the optimal contribution amount and projects your RESP balance at age 18.
The sweet spot is $2,500/year ($208/month). This earns you the maximum annual CESG of $500. Over 14.4 years (birth to 17), that is $7,200 in free government money — on top of your contributions and investment growth.
The CESG catch-up rule allows you to earn double the CESG in a year if you missed contributions the previous year. Maximum is $1,000 CESG per year (earned by contributing $5,000). You can only catch up one year at a time.
Example: If you opened an RESP when your child was 5 instead of birth, you have 5 years of missed CESG. You can catch up by contributing $5,000/year for those 5 years to claim $1,000 CESG each year. The total CESG is still capped at $7,200 lifetime.
Avoid group RESP plans (also called scholarship plans) — they typically charge high fees and have restrictive withdrawal rules.
Set up automatic savings goals in KOHO and transfer to your RESP monthly. No fees, just progress.
Use referral code at sign-up: