Why choose this
Education Savings Plan?

1

Child Plan can be used for any dream that your child has and is not limited to being used for education

It also benefits children that want to go to school outside of Canada to schools which may not be on the RESP approved list.

2

Your child will receive an annual dividend for life

Although contributions are only made over a 10 or 20 year period, dividends continue to grow for life.

3

Your child will also have the benefit of paid up lifelong life insurance coverage

This paid up life insurance will be in place for when your child has a family of their own.

4

As the parent or grandparent you have full control over the funds

This plan allows you to maintain control over the cash values even after the plan is transferred tax-free to the child at age 18.

Child Plan™ Sample illustration

Age
Cash Value
Goal
Life Insurance
20
$78,093
Education
$487,368
35
$197,306
Home Downpayment
$784,623
45
$353,938
Business Start-Up
$1,029,068
65
$1,064,164
Retirement
$1,796,856


This sample illustration is based on contributions over 20 years for a male under the age of one.  The projected values are based on a Canadian insurance company's current dividend credit rate of 6%.  This example is for illustrative purposes only.

Child Plan Quote

Why choose Child Plan?

There are NO restrictions on how the savings can be used

Unlike other plans this plan is not restricted to only be used for approved educational institutions

Your child will receive an annual dividend for life

Although contributions are only made over a 10 or 20 year period, Dividends continue to grow

Your child will also have the benefit of paid up lifelong insurance coverage

This paid up life insurance will be in place for when your child has a family of their own

As the parent you have full control over the funds

Unlike other plans this plan allows the owner of the plan to maintain control over the cash values even after the plan is transferred to the child at age 18

Request Personalized Illustration

Child Plan Sample illustration

Based on a $250 monthly contribution
Age
Cash Value
Goal
Life Insurance
Value for Future
20
$ 78,093
Education
$ 487,368
35
$ 197,306
Home
Downpayment
$ 784,623
45
$ 353,938
Business
Start-Up
$ 1,029,068
65
$ 1,064,164
Retirement
$ 1,796,856
This sample illustration is based on contributions over 20 years for a male under the age of one. The projected values are based on a Canadian insurance company's current dividend credit rate of 6%. This example is for illustrative purposes only.
Child Plan Quote

    What if your child does not use their RESP?

    1. You can transfer to another child if needed.  Fees may apply.
    2. You can transfer it to your RRSP if you have the contribution room but
      there will be a 20% penalty applied by the government.  Additional rules apply.

      Here is what  happens when you close your RESP.

      1. You will receive all of your contributions as long as you are not with a Group
        RESP company that has “significant” penalties upon closing a plan.
      2. You are required to return the government grant.
      3. You are required to pay tax on any investment growth.
      4. The government will levy an additional 20% penalty on the investment growth.

      Source:   Government of Canada  website on RESPs

      RESP Plan vs. Child Plan

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