Currently, on average, one year of university-including the cost of tuition, books, room and meals costs approximately $12,500.¹ That is $50,000 for a four-year university education. Current estimates put the cost for a four-year degree at a Canadian university at $96,000 by 2021.²

Intimidating numbers – but you can make them manageable. Through regular contributions to your BMO RESP – starting now – you can save the money you’ll need by the time your children need it.

How much do you need to save?

Once you've determined your overall education costs, use the BMO Intuition® Savings Worksheet  to figure out:

• How much your children's post-secondary education will cost
• How much you need to start saving each month to meet those costs
• How much the federal government will contribute under the Canada Education Savings Grant (CESG)

^{1, 2} Figures are provided by BMO Bank of Montreal Economics Department in conjunction with the Association of Universities and Colleges of Canada (AUCC). Figures are based on a national average for a four-year university degree for a student using accommodations away from home and include the costs of tuition, books, room and meals. Figures are provided for illustrative purposes only and are not intended to represent the actual current and/or future costs of education and should not be relied on for this purpose.