RESP Calculator Calculate how much you can save and grow your RESP savings PDF

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Download RESP Calculator Calculate how much you can save and grow your RESP savings PDF

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3/20/2018 Personal

RESP Calculator: Calculate how much you can save and grow your RESP savings Small Business

Commercial and Corporate

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RESP Calculator Calculate how much you could grow your RESP savings to meet your child's school and education expenses. CIBC has RESP plans that meet your investment profile.

Basic Information Child's Province of Residence

ON

Tax Rate Assumption

46.41%

Investment Profile 5%

Rate of Return

Child's Information Child's name

Ava

Child's age

3

Years of post-secondary school

4

Location of school

Can

Age starting school

18

Tuition and books

$10,146

Room and board

$0

Current RESP balance

$0

Year RESP was opened Monthly RESP contributions A $208 monthly contribution optimizes grants matched by the federal government.

2018 $208

Lump sum contribution

$0

Other education savings

$0

https://www.cibc.com/ca/tools/resp-calculator.html

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3/20/2018

RESP Calculator: Calculate how much you can save and grow your RESP savings

Results Based on the information you provided you will need to save $126,806 to meet your education needs. You have a projected shortfall of $80,977 based on your projected contributions and earnings of $38,908 and $6,920 in government grants and earnings. By starting early with your contributions, you can ensure that your child's post-secondary education needs are looked after. Many investors don't have the time or expertise to build a diversified portfolio. CIBC Managed Portfolio Services is an All-In-One Fund Solution that is an easy and effective way to manage your money.

Total Projected Savings Required

$126,806

Total Projected RESP:

$38,908

Total Projected CESG:

$6,920

Total Other:

$0

Shortfall:

$80,977

Summary of Monthly Contributions

$208 $277 $104

$142

$180

$218

$256

$294

$332

Monthly RESP contribution to maximize CESG Monthly RESP contribution to reach projected savings required

PLEASE NOTE: This calculator provides general information only; it does not provide specific tax or education planning advice. We recommend that you consult a CIBC advisor when planning for your child's education. Amounts projected by the calculator are based on the information you enter and a variety of estimates and assumptions. Actual earnings and other factors will vary over time. As a result, CIBC cannot guarantee the results. You should repeat the analysis periodically with updated information and when important changes occur in life circumstances, needs or resources. This calculator will add a file, known as a local shared object or a cookie, to your computer. This file contains configuration information, as well as the information you enter and the calculator results that are presented to you. These results will be viewable by anyone who uses your computer. CIBC does not use the information in local shared objects for analytical or other purposes. You can remove all local shared objects created by CIBC tools from your computer using instructions found here.

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https://www.cibc.com/ca/tools/resp-calculator.html

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