Good news: there isn’t one “perfect” number

It’s easy to feel pressure when you see big tuition numbers. But RESP saving doesn’t have to be all-or-nothing. Even modest monthly amounts can grow meaningfully when you combine:

  • Your contributions
  • The 20% Canada Education Savings Grant (CESG)
  • Years of compounding growth

Instead of hunting for a perfect dollar amount, you can aim for a “good enough for now” number that you adjust over time.

Step 1: Choose a rough education goal

You don’t need a precise forecast, but it helps to think about the kind of schooling you’d like RESP savings to support:

  • 2-year community college or trade program
  • 4-year university in your province
  • Some help with living costs on top of tuition

Many families aim for RESP savings to cover part of costs, not everything. For example, “We’d like to cover tuition, but not residence and food.”

Step 2: Understand the CESG “sweet spot”

The basic CESG adds 20% on the first $2,500 you contribute for a child each year. That equals:

  • Annual contribution “sweet spot”: $2,500
  • Monthly equivalent: about $208 per month
  • Maximum yearly grant at that level: $500

But this doesn’t mean you must contribute $208 per month. It simply shows where the grant stops increasing.

Tip If $208/month isn’t realistic right now, that’s okay. Pick a number that doesn’t create stress — you can increase it later as income grows.

Step 3: Pick a starting amount that fits your budget

Below are example contribution levels. Outcomes depend on returns and your child’s age — use the to explore your numbers.

Starter: $25–$50 per month

  • Builds the habit of saving
  • Still receives the 20% grant
  • Keeps flexibility

Steady builder: $75–$125 per month

A common range that can grow into a meaningful education fund over time.

Grant maximizer: $200–$210 per month

Near the full $2,500/year level, unlocking the maximum basic CESG.

Step 4: Adjust as life changes

  • Start small when budgets are tight
  • Increase as income rises
  • Pause or reduce during major changes

Balancing RESP with other goals

If you’re new to RESPs, you may want to start with our RESP basics guide.

Quick reminder: This guide is educational only and doesn’t replace professional financial advice.

See this with real numbers?

Explore this with a simple tool

See how RESP contributions and grants could add up using the RESP Planner.

Try the RESP Planner →