Kids grow in the blink of an eye and so can your savings in a BMO RESP. Use our Registered Education Savings Plans calculator to find out how to get a head start on covering your child’s post-secondary education costs and learn more about how government grants and other programs can help you make the grade.
Did you know?
The government could match 20% of the RESP contributions you make up to $500 per year per beneficiary.
Government matched funds can add up to a lifetime total of $7,200 per beneficiary.
The contributions that you make are tax sheltered now so that you or your beneficiary can benefit from the savings later.
Let’s look at the numbers
Tell us about your investments:
We’ll assume a 4% rate of return on your investments for these calculations.Current RESP savingsAnnual RESP contributions
Contribute $2,500 per beneficiary for maximum CESG benefitCurrent additional savingsProjected additional savings
Save an additional $1,411.96 per year to meet your goal.
- Shortfall
- Projected cost of education
Projected savings
Projected savings$18,632.00
Projected cost of education
Projected cost of education$38,221.25
Shortfall
Shortfall-$19,58