Last updated: May-19-2017

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5/22/2017 9:14:45 PM
HOME : TOOLS : EDUCATION SAVINGS CALCULATOR
 

Find out how much you will need to save and contribute for your child’s education

NOTE: These calculators are for illustrative purposes only and will provide estimated results. Exact results will depend on personal tax situations and other factors. To obtain exact results consult a professional.


Inputs:
Savings to Date:$
Contributions per year:
Contribution Amount:$
Expected Annual Rate of Return: %
Effective Interest per Compounding Period:
Expected Yearly Tuition and Expenses:$
Expected Yearly Increase of Tuition: %
Numbers of Years in College:
Number of Years Until College:
 
Excluding RESP Grant Including RESP Grant
Results:   0-$38,832 $38,832-$77,664 >$77,664
Total Dollars Accumulated from RESP Grant  
Total Dollars Needed for Education
Total Monthly Payment Required
Total Dollars Accumulated at Current Monthly Payment
Total Yearly Payment  
Grant for first $500  
Grant after first $500  
Total Yearly Grant  
 


 

Assumptions / Facts
 
  • 'Total Dollars Needed' and 'Total Dollars Accumulated' are calculated for the beginning of the year in which the child turns 18 and includes all years the child is in College.
  • Contributions are assumed to be made at the end of the contribution period. Annual tuition payments are assumed to be made at the end of the year.
  • 'Expected Yearly Tuition and Expenses' is the amount you expect to pay each year of the child’s education due at the end of the year. These amounts will increase by the ‘Expected Yearly Increase of Tuition’ each year.
  • For the purpose of the calculations the RESP grant is based on the accumulated value of the investment at the end of each year.
 
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