Calculate CESG grants, contribution limits, and projected education savings for your child
Your RESP Projection
Total at Age 18:
$0
Your Contributions:
$0
CESG Grants (20-40%):
$0
Investment Growth:
$0
Contribution Room Remaining:
$0
CESG Room Remaining:
$0
Pro Tip:
Frequently Asked Questions
What is the RESP lifetime contribution limit?
The lifetime contribution limit per beneficiary is $50,000. There is no annual limit, but contributing more than $2,500 per year won't earn additional CESG grants. Families in Mississauga, Toronto, and across Ontario can maximize RESP benefits by working with an experienced CPA to plan optimal contribution schedules.
How much is the CESG grant?
The Canada Education Savings Grant (CESG) matches 20% of the first $2,500 contributed annually (max $500/year). Low-income families can receive an additional 10-20% on the first $500 contributed. The lifetime CESG limit is $7,200 per child. Insight Accounting helps GTA families maximize these government grants through strategic RESP planning.
Can I use RESP funds for college in Ontario?
Yes! RESP funds can be used at eligible post-secondary institutions including universities, colleges, trade schools, and CEGEP programs in Ontario and across Canada. The funds can cover tuition, books, housing, and other education expenses. Ontario families should consult a CPA to understand withdrawal strategies that minimize taxes.
What happens if my child doesn't attend post-secondary school?
You have several options: transfer to another child's RESP, keep it open for up to 36 years (they might attend later), withdraw your contributions tax-free, or transfer up to $50,000 to your RRSP if you have room. CESG grants must be returned. Mississauga families facing this situation should speak with Insight Accounting to explore the best tax-efficient option.
Should I contribute to RESP or TFSA for my child's education?
RESPs are generally superior for education savings because of the 20-40% CESG match and tax-deferred growth. However, TFSAs offer more flexibility if your child may not attend post-secondary school. High-income families in the GTA often use both strategies. Contact Insight Accounting CPA at (905) 270-1873 for a personalized education savings plan tailored to your family's situation.