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Education Savings Calculator: Save for Your Child's Future

Tax-Free Savings Account (TFSA)

TD Youth Account

Registered Education Savings Plan (RESP)

While some parents are most interested in providing for their baby’s immediate needs, it’s also important to start thinking about your child’s future.

  • Childcare
  • Afterschool programs or tutoring
  • Music lessons
  • Sports teams
  • Summer camps
  • Education
 

See how some parents may save for their child.



Just had their second child
Jasmine, 3 years old.
Parker, 6 months old.

Strategy:

Their Budget

They contribute the maximum annual amount to both childrens’ RESPs and are eligible to receive government grants in addition. They have also opened a TFSA to help save for any unexpected expenses.

See how some parents may save for their child.



First-time parents
Chloe, 5 months.


Strategy:

Their Budget

They cut back on the non-essentials while continuing to save for retirement. They’ve also just started contributing to a new Registered Education Savings Plan (RESP) for Chloe.

 

Tax-Free Savings Account

Start saving for your child’s future interests and activities – tax-free!

See how
 

As education costs continue to rise, an RESP can help maximize your savings for your child Learn about RESPs

TD Youth Account

Get started on the road to saving with a TD Youth Account.

Learn More
 

Education Savings Calculator

See how much you can save for a child's future.

Please enter an age between 0 and 18

 
 
  years
0 years 18 years

 

Monthy contribution tip

The maximum annual contribution allowed for this calculator is $5,000. If your contribution exceeds this amount, visit your local TD Canada Trust branch to talk about your savings options.

 

Please enter a monthly contribution between $0 and $417

 
 
  $ 
$0 $417

 

Rate of return tip

The rates provided are for illustrative purposes only. Please enter the interest rate you expect to earn.

 

Please enter an interest rate between 1% and 10%

 
 
  %
1% 10%

By the time the child is 18 years of age, you will have saved $.

 
 
 

Your contribution

 

Government contribution

 

Investment Income

The calculator is for illustrative purposes only. Calculator assumes basic Canada Education Savings Grant (CESG) contribution of 20% annually. Additional CESG or Provincial grants may be available depending on your income and province. Actual rates of return and government contribution amounts may vary from those in the calculator.
 
 

Registered Education Savings Plan

An RESP can help you make the most of your savings for a child’s post-secondary education.

Learn more