For parents of newborns and toddlers
The first five years are worth more than the last ten
Nobody regrets starting a child's plan early. What parents regret is finding out, twelve years later, exactly what the delay cost. This calculator puts a dollar figure on it — including the government grant that quietly expires while you wait.
Show me the cost of waitingYour numbers
Your result
- Start now — value at 18
- $85,080
- Start in 3 years — value at 18
- $64,155
- Cost of waiting
- $20,925
- Government grant lost for good
- $480
- Cost of every month you delayAveraged across the delay.
- $581
- Monthly needed later to catch upTo land in the same place after waiting.
- $270
Starting at $200 a month now instead of in 3 years is worth $20,925 more by age 18, including $480 of grant that cannot be recovered later.
Estimates only, built on the published federal RESP and Canada Education Savings Grant rules. Growth is an assumption you set, not a guarantee. Not advice.
What to do in the first year
1. Get the SIN, then open the plan
Request the Social Insurance Number with the birth registration. Nothing else can start until it arrives.
2. Automate the grant, not the guesswork
$208.33 a month captures every basic grant dollar. See the annual and lifetime limits so the deposit is set once and never revisited in a panic.
3. Pick the investment deliberately
An eighteen-year runway is the one time fees matter most. Compare what each institution charges before the money is parked in whatever was sold at the branch.
4. Decide what happens beyond school
Not every child goes to university. Split one monthly budget across an RESP and a whole life policy so the plan works either way.
Common questions
- When can I open an RESP for a newborn?
- As soon as the child has a Social Insurance Number, which you can request with the birth registration. Most parents have the SIN within a few weeks, and the plan can be opened the same day it arrives.
- How much should I put in an RESP for a baby?
- $208.33 a month captures the full $500 basic Canada Education Savings Grant every year. If that is out of reach, start with what fits — grant room carries forward one year at a time, so smaller early deposits still capture more grant than starting later.
- Does waiting a couple of years really matter?
- Yes, in two ways. Early dollars compound the longest, and grant room only carries forward one extra year at a time, so a long gap permanently leaves grant unclaimed. The calculator on this page shows both effects on your own numbers.
- Should we use an RESP or a whole life policy for a baby?
- Usually both, in the right order. The RESP captures the grant first. A participating whole life policy issued at a young age can then hold longer-term money the child keeps whether or not they attend school. Our head start planner splits one budget across the two.