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Financial Planning Tools

Education Savings Tool
Your Education Savings Tool will show you the benefits of saving within a Registered Education Savings Plan (RESP) compared to saving outside of a registered plan. By completing this tool you can determine how much you need to save today in order to meet your education costs tomorrow.



    

Please enter the name of the child that you are saving for: (optional)



How many years until the child (student) attends college/university?



How many years will the child (student) attend college/university?

Estimate the annual cost of post-secondary education:
(PDF file. If you don't have Adobe Acrobat Reader click here.)

$
How much have you currently saved towards your education goal?

$
What is your current annual income?
(Income earned on investments held outside of an RESP is taxable. In order to determine your marginal tax rate please indicate your current level of income)


$
What rate of return do you expect to earn on your savings?

%
   





A higher rate of return will reduce the amount you need to save. While you shouldn't ignore risk, try to select investments with relatively high long-term growth potential.
Now that you have determined how much you need to save each month for your child's education, start by investing what you can and increase the amount every few months.