RESP Planning Calculator

RESP Planning CalculatorThis RESP savings calculator will help you see whether your education savings plan is on track or not. In addition to your own contributions, the calculator also factors in Canada Education Savings Grants of up to $500 per year. Registered Education Savings Plans allow your investments to grow tax free for up to 35 years. For more information on government grants and getting an RESP started: contact us today .

Estimate Post-Secondary Education Costs:
FAMILY INFORMATION
1

Annual Household Income:

(total combined annual household income after taxes.)

2

Age of Beneficiary:

(child’s age at the time RESP contributions are initiated.)

3

Age of Enrolment:

(anticipated age that child will begin post-secondary education.)

4

Current Education Savings:

(amount of money already put aside for child’s post-secondary education.)

EDUCATION COSTS:
5

Length of Studies:

(number of years expected for child to attend post-secondary schooling.)

6

Annual Tuition Cost:

(the estimated cost of tuition fees per year in today’s dollars.)

7

Annual Room & Board:

(cost of yearly living expenses in today’s dollars — zero if student lives at home.)

8

Annual Inflation Rate:

(school costs are affected by inflation. Anticipate the inflation rate per year.)

%
CONTRIBUTION SCHEDULE:
9

Contribution Amount:

(the amount you would be contributing on a regular basis to an RESP.)

10

Contribution Frequency:

(how often you will be making regular contributions into an RESP.)

11

Rate of Return:

(the annual rate of interest anticipated on the RESP contributions.)

%

    Congratulations! . . .
    Your calculations have you right on track to meeting your education saving plans target.
    PROJECTED RESP BALANCE

    Individual contributions:

    Government CESG grants:

    Projected investment earnings:

    Total funds available for school:

    Estimated education expenses:

    Surplus:

    DISCLAIMER: The administrator and owner of this website take no responsibility for any financial decisions made based upon the use of this calculator. The information provided by this calculator is intended for illustrative purposes only, as actual tuition costs, government CESG grants, and interest rates are subject to change and may vary over time. Final calculated results are not guaranteed to be completely accurate and are in no way endorsed, offered or guaranteed by Savii Financial Concepts. Copyright© 2017 Saviifinancial.com

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