Disclaimer: 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.  
   
   
   
   
   
   
   
   
           
   
   
           
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Province
           
                 
Money In RESP At Start            
Contributed Capital            
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.        
  Year 1 Year 2 Year 3 Year 4   2019 Marginal Rates
INCOME           Tax Bracket   Rate
Student Job Income  
Total EAP You Want To Draw  
EAP (CESG Portion)  
EAP (Acc. Inv Income Portion)  
Return of RESP Contributed Capital  
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.
 RRSP Deduction
 
Personal Income Tax  
Tuition Tax Credit Refund  
After-Tax Income  
EXPENSES          
Tuition        
Living   Basic Personal Amount Credit
NET CASHFLOW   Maximum Income (Fed)
ACCUMULATED SAVINGS   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?
 
   
Amount        
Amount Unused        
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
Contributed Capital  
CESG   Your Taxable Income
Acc. Inv.  Income   Year 1  
 Total    Year 2  
            Year 3  
All dollars are adjusted for inflation, so represent costs and values in current day dollars.   Year 4  
CESG distributions assume no Canada Learning Bonds or special provincial incentives.        
The CESG formula can be found here.        
                 
RESP Basics RESP Contribution Article RESP Withdrawal Article