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STEP 1: Find out how much you need to save


What is your child's apprenticeship, college, or university program likely to cost? How much will you need to save?

There are lots of costs to consider when planning for your child's post-secondary education and training. These include:
  • Fees to apply
  • Tuition
  • Textbooks
  • Supplies
  • Transportation
  • Other fees for college or university, such as campus sports
  • Living costs if your child lives away from home.
Like the Khans, you may be shocked when you first see the total figure. You may wonder how on earth you will ever be able to pay all those costs.

 
Learn more!
Visit the Canadian Government HRSDC web site to learn more about RESPs and government grants. The Learn more! section of this web site also has lots of useful links.
But don't worry. You would be surprised at how fast your savings can add up, especially over a long period of time.
 
Plus, if you save your money in a Registered Education Savings Plan (RESP) you will also get grant money from the government. That will make your savings grow even faster, like the Jacksons.
 
How to complete step 1

There is an easy way to calculate how much your child's education is likely to cost and how much you will need to save in an RESP. Just use the RESP calculator on the Investor Education Fund web site. It will help you:
  • Find out how much your child's education may cost
  • Take into account any savings you already have
  • Factor in grant money from the government
  • Understand how much more you will need to save in an RESP to cover all your child's costs.
When you're finished, remember to print out the summary page you get from the calculator or write down your results. Then return to this page.

Welcome back!
 
Now you should know how much your child's education is likely to cost, and how much you need to save every year in an RESP. It's time for your next step.
 
You have two choices: 
 
Is the amount you are supposed to save each year in an RESP more than you can afford? Then go to
 
 
Can you afford to save the full amount each year? Then go to