How much do I need to save for my child's
education?
Frequently Asked Questions About The Calculator
How the calculator works:
How to use the calculator:
How to get help:
Q. What does the calculator do?
A: This education savings calculator will help you
estimate how much money you need to put into an RESP account
each year to cover those education costs. It is not a financial planning tool. You can use it to:
- Help you estimate your yearly contributions contributions to save for your
child(ren's) education.
- Understand your child(ren's) total education
and living costs.
- See how much more you can save if you start early.
- Calculate how much money you may get from the Canadian
Education Savings Grant.
You'll also see how your savings may grow over time in an
easy-to-understand bar graph. You can print this out for future
reference.
Q. What costs DOES the calculator cover? What costs are NOT covered?
A: The calculator looks at a range of costs
associated with education:
- Tuition and other fees
- Living costs (whether your child lives at home or away)
- Meal plans
The calculator does not cover any costs for buying books, supplies, transportation, personal costs or
entertainment. You can get help organizing those costs using our
budget worksheet.
Q. The calculator provides some default numbers for tuition and living costs. Where did they come from?
A: We based the costs for education in the Calculator on
recent data from Statistics Canada. Select the Help Estimate link in the calculator to see the full set of data that we used.
Q. The calculator provides a default number for 'Age your child/children will start their post-secondary education'. Where
did this come from?
A: We based this number on the average age that children generally start their post-secondary education. Make sure you change the number if it does not match the age your child(ren) will finish high school.
Q. What are the limits of this calculator?
A: This calculator cannot factor in all the details of your personal situation. That's why it is not a financial planning tool. For example, it assumes:
You will contribute to an individual RESP, not a family RESP.
You will contribute the same amount each year. This tool does not factor in gifts, changes in your family income, or inheritances. It also does not factor in any grants or scholarships, or any other income your child.
You will get compounded growth from your investments yearly.
You will pay all education costs (tuition, accommodation and meal plans) at the end of each year.
Accommodation, meal plan and tuition costs will rise 4.4% (unless you change that field).
The only government money you receive is the Canada Education Savings Grant. It does not factor in money from the Canada Learning Bond for those that have an income level under $37,178. It also does not consider provincial benefits such as the Alberta Centennial Education Savings Plan.
Q. Will the calculator or the site save any numbers I enter?
A: No. As part of our privacy policy,
www.investorED.ca does not capture or store your personal
information. See our
legal disclaimer for more information.
Q. What numbers can I change in the calculator?
A: You can change any numbers you want, including the default numbers the calculator offers. Simply highlight the field you want to change with your mouse and start typing.
Q. Does my computer need anything special to run the calculator?
A: The calculator is designed for use with
Firefox and
Internet Explorer (v6.x). The browser that you use with the
calculator will need to have Javascript enabled (usually it is
by default).
Q. Can I print out these results to share with others,
including my adviser?
A: Yes, you can. Once you have your results, just click the 'Print Results' button in the top right hand side of the results section. The calculator will send your results to your default printer.
Q. How do I get help with terms I don't understand?
A: Just click on any word or phrase underlined in green
for a definition. There is also a
glossary page.
Q. Where can I learn more about RESPs?
A: Try this Link for more information on investing in RESPs.
Q. Who do I contact if I need more help or have questions?
A:
Contact us at any time if you have any comments or questions. We're also happy to get your feedback about investored.ca, including any steps we can take to improve the site.