TELL US ABOUT YOUR CHILD:

years old
years old

TELL US ABOUT YOUR CHILD'S INTENDED SCHOOLING:

School type

years
$
$

EDUCATION SAVINGS FOR THIS CHILD:

$
$
$
$
%
Total education savings goal:
$0
Projected RESP savings:
$0
Projected government grant:
$0
Projected other education savings: Projected excess contributions: Projected excess contributions Information:
$0
Information: You still need to save:
$0
Information: You have a surplus of:
$0
See saving goals per childInformation: 
You will need to save an additional $0 monthly to reach your education savings goal.
Make sure the money in your RESP is working as hard for you as it can – review your results with an advisor.
Looks like you’ll do a great job funding your child(ren)'s higher education.
Make sure the money in your RESP is working as hard for you as it can – review your results with an advisor.

EXPLORE YOUR TOTAL EDUCATION SAVINGS:

Education savings comparison
 
  
Your education savings goal: $0
Other education savings
Projected excess contributionsProjected excess contributionsInformation: 
RESP savings
Government grant

You are currently taking advantage of $14,300 of the Government of Canada Education Grant. By contributing up to the allowable limit you could receive $561,491 more from the government.

See what happens if you increase your monthly RESP contributions
$
$

You may not always be able to contribute more, but there are ways to optimize your education savings. Consider these savings tips:

Save now. It’s never too early to start saving for your child(ren)'s education, and you can contribute to an RESP for up to 31 years – but federal government grants stop at age 17.
Get free money from the government. The Government of Canada will match 20 cents for every dollar you contribute, up to a maximum of $7,200 per child. By contributing to the limit you can take full advantage of this grant.
Review contributions yearly. Increasing your biweekly contribution by even $5 can be a real boost to your total savings.
A great gift idea. Consider encouraging family and friends to give RESP contributions as birthday and holiday gifts.
 

YOUR NEXT STEPS:

The power of RESPs

Learn more about how you can take advantage of the benefits of RESPs to save for your child(ren)’s education.

Registered education savings plan (RESP)

Crunch the numbers

Other helpful calculators to try:

What are RESPs? (Video)
Financial check-up

Let’s connect

Make an RESP a key part of your saving strategy. Review your results with an advisor so you can set up an RESP that will meet your child(ren)'s future education needs.

Send your results

SPEAK TO AN ADVISOR ABOUT SETTING UP AN RESP

An advisor can help you put together an RESP that’s right for you.

  • Please enter a valid Canadian postal code.
How much will it cost for my child(ren) to go to school? February 28, 2017
 
YOU STILL NEED TO SAVE:
$9,325
Total education savings goal:
Projected RESP savings:
Projected government grant:
Projected other education savings:
Projected excess contributions:
$95,588,667
$4,100,434
$10,000
$222,222
  You will need more money to reach your education savings goal.
YOUR TOTAL EDUCATION SAVINGS:
Your education savings goal: $0
Projected excess contributions
Government Grant
 
Other education savings
RESP savings
RESP contributions: $5,000
Other education savings contributions: $5,000

 

HOW CAN I MAKE THE MOST OF MY EDUCATION SAVINGS?

You may not always be able to contribute more, but there are ways to optimize your education savings. Consider these savings tips:

Save now. It’s never too early to start saving for your child(ren)'s education, and you can contribute to an RESP for up to 31 years – but federal government grants stop at age 17.

Get free money from the government. The Government of Canada will match 20 cents for every dollar you contribute, up to a maximum of $7,200 per child. By contributing to the limit you can take full advantage of this grant.

Review contributions yearly. Increasing your biweekly contribution by even $5 can be a real boost to your total savings.

A great gift idea. Consider encouraging family and friends to give RESP contributions as birthday and holiday gifts.

To plan the best strategy for your RESPs, talk to your advisor or visit www.sunlife.ca/findanadvisor.

SAVING GOALS PER CHILD:
Name: John
Current age: 5 years old
Age starting post-secondary education: 18 years old
School type: University
Location of school: Ontario
Years of study: 4
Cost of tuition (annually): $5,000
Cost of room and board (annually): $5,000
Other costs: $500
Current RESP savings: $1,000
RESP contributions: $100 monthly
Other education savings: $2,000
Other education savings contributions: $100 monthly
Assumed rate of return: 4%
Education savings goal: $0
Projected RESP savings: $76,377
Government Grant: $7,200
Projected other savings: $104,174
You have a surplus of: $187,751
RESP contribution needed to reach goal (bi-weekly): $1,174
ASSUMPTIONS: