If you haven't already, finish your household plan first — the kids' projections draw on your combined income, TFSA, and retirement timeline for accuracy.
Open householdPlan each child’s education.
Model each child's funding, CESG grants, university timeline, and tax strategy side by side.
Ways to Close the $143,215 Gap
A shortfall doesn't mean your child can't go to university — it means planning ahead now. Here are your best options.
📌 Personalized to your plan
Increase monthly contributions by $568/mo to close this gap over 14 years. CESG will contribute an extra $500/yr on the first $2,500 — so you may need even less.
🏦 Projected TFSA at uni start: $79,132
Combined household TFSA balance grown at your current return rate with ongoing contributions. Withdrawals are tax-free and don't reduce OSAP eligibility or trigger capital gains. This could cover 55% of the average per-child gap.
✓ Contribution room is restored the following January — you can re-contribute after withdrawing. Note: if this TFSA is also earmarked for retirement, using it here reduces retirement savings.
🎓 External Funding Sources
OSAP
Need-basedOSAP combines non-repayable grants with interest-free loans based on family income and assets. Many students from middle-income families qualify for partial grants.
Grants + loans combined can exceed $10,000/yr depending on need
Canada Student Grant
Federal · Non-repayableThe federal Canada Student Grant provides non-repayable funding to full-time students from low- and middle-income families. No application beyond the OSAP/provincial aid process.
Up to $4,200/yr for qualifying full-time students
Entrance Scholarships
Merit-basedMost Canadian universities automatically award entrance scholarships based on high school grades. Students with 85–89.9% averages typically earn $1,000+, with higher awards at 90% and 95%+ — no separate application needed.
Typically $1,000–$3,000 one-time at 85%+; larger awards at 95%+
Bursaries & In-School Awards
Need + MeritEvery university has a bursary office that awards funding based on demonstrated financial need. Unlike entrance scholarships, bursaries require a separate application — usually in fall or winter of the first year.
Typical range $500–$5,000 per award; amounts vary by school
Canada Student Loan
RepayableCanada Student Loans are permanently interest-free — both in-study and during repayment (since April 1, 2023). The Repayment Assistance Plan caps monthly payments at up to 10% of household income if income is low.
Amount depends on assessed need; repaid after graduation
Co-op / Work-Study
Earn while studyingCo-op programs alternate 4-month work terms with 4-month study terms — students earn full-time salaries during work terms and often graduate debt-free. Engineering, CS, and business programs have the most co-op opportunities.
~$14,000–$22,000 per 4-month work term (senior terms higher); typically 4–6 work terms across the degree
💡 The strategy that works
Stack multiple sources: RESP funds + entrance scholarship + provincial grant + 1 co-op term can turn a $30,000 gap into fully funded. Families who plan early and combine 3–4 sources rarely need to rely on large loans. Increase contributions now while compounding time is on your side.
Family Education Timeline
RESP balance per child over time. Shaded bands = university years. Hover for year-by-year detail.
c1
2040
−$143,215
gap
CESG Maximizer
Canada Education Savings Grant — 20% free match on first $2,500/year per child
$20/yr in free CESG going uncaptured
Increase family contributions by $9/mo to capture the full grant for all eligible children.
EAP Tax Optimizer
RESP withdrawals are taxed in the student's hands — often near zero.Est. family savings: $3,483