This web page contains a live and functional spreadsheet created with
This calculator is basic and for illustrative/entertainment purposes. I have tried to make it accurate, but there is no warranty. The tax calculators are only estimators. Some provinces have special nuances to the tax structure - particularly PQ. I am not a financial professional and do not sell any stocks, bonds, or funds. I do not provide specific financial advice. There are no explicit or implicit recommendations. This calculator is intended to help investors who ultimately make their own decisions. You should do your own due diligence and consult experts as needed for your own situation. You are responsible for your own investing decisions and will not sue Loonie Doctor or anyone associated with us.
I Do Not Agree
I Agree To The Above
Money In RESP At Start
Canada Education Savings Grant
Accumulated Investment Income
Total RESP at Time of Starting Withdrawals
Your EAP Exceeds The CESG and Accumulated Invested Income In Your RESP
Your EAP Exceeds the amount allowed without getting audited by CRA to justify it.
2019 Marginal Rates
Student Job Income
Total EAP You Want To Draw
EAP (CESG Portion)
EAP (Acc. Inv Income Portion)
Return of RESP Contributed Capita
Total Taxable Income
With the low income and marginal tax rate of most students, an RRSP is not generally the best route at this point. A TFSA is better if you have extra money to stash.
Personal Income Tax
Tuition Tax Credit Refund
Basic Personal Amount Credit
Maximum Income (Fed)
Maximum Income (Prov)
Your have negative accumulated savings in one of your years.
TUITION TAX CREDIT
Will you transfer excess credits to a parent, spouse, or grandparent in the same year?
Carried over to next year
Transferred to parent/spouse
RESP Value at End of Each Year
Extra Taxes If You Close Out RESP & You Cannot or Don't Roll It Into Your RRSP
Your Taxable Income
All dollars are adjusted for inflation, so represent costs and values in current day dollars.
CESG distributions assume no Canada Learning Bonds or special provincial incentives.
The CESG formula can be found here.
RESP Contribution Article
RESP Withdrawal Article