Ethan Asteneh, CFP | Source | Financial Advisor at Nicola Wealth

Assuming the annual cost of tuition and books is $10,000 for a Canadian university, and annual living costs (room and board) are about $15,000, the total amount required to support a four-year undergraduate program is $100,000. Working backward from what is already in the RESP, and the contributions they are making, it appears they will need to save about an additional $400 a month for the next five years.