An RESP is a tax-sheltered savings plan that enables you to take advantage of the Canadian Education Savings Grant (CESG) and make your child's dreams a reality.

Your Profile
 
Child’s current age*  
Expected age to start post-secondary education*  
Length of Education*  
Tuition costs*   per year**
Tuition inflation*   %**
Living at home?*       
Room and Board costs*   per year**
Room and Board inflation*   %**
Current RESP savings  
Planned Contribution*   per month
Estimated rate of return*   %
             

The CESG is a grant from the Government of Canada to help you save for your child's education. When you save in your child's RESP, the CESG could add up to $500 per child per year when you save $2,500 annually. The lifetime maximum CESG per child is $7,200. The lifetime maximum contribution is $50,000 per child.


**The default values are based on historical information obtained from sources believed to be reliable: Statistics Canada and CanLearn.

This RESP savings tool does not account for CESG balances from your accounts previously opened with BMO or any other financial institution(s). This RESP savings tool is intended for information purposes only. While care is taken in the preparation of this tool, no warranty is made as to the accuracy or applicability in any particular case. You should not act or rely on the information produced by this tool without seeking the advice of appropriate professional advisors.