Expecting the arrival of a new baby is an exciting and eventful time in any new parent’s life. Among all of the excitement, there can also be a bit of stress about providing the best possible life and the best possible future for the new baby. This leads parents to wonder what the future will look like, what the cost of education in eighteen years may be, and how they can best financially prepare to launch their child into adulthood. Fortunately, new parents (and grandparents) can get a jump on future financial planning, here’s what you need to know.


You’re likely familiar with the RESP (The Registered Education Savings Plan) program through the Canadian government allowing parents to invest their money throughout their child’s first eighteen years of life for their post-secondary education.

While saving money for your child through an RESP is a great option for many families, there are some limitations that may put a damper on your child’s future plans you should know about. Primarily, RESPs can only be paid out under defined guidelines, including designated government-approved post-secondary schools. So if your child decides they’d rather use the money to invest in a new home, a business, or even a post-secondary school outside of Canada or the preapproved list of institutions, they will not be able to access the money saved.

Child Plan ™

Instead of choosing an RESP which can be constrictive, many Canadian parents choose instead to opt for Child Plan™ when planning their child’s financial future. Child Plan is a secure and flexible tax-free savings plan that can be opened by parents and grandparents for their children and grandchildren’s future, giving the child an annual dividend for life.

Unlike a traditional financial savings plan, your child is under no obligation to use the money provided for a specific school. Instead, it can be used by your child for any post-secondary education, to open their own business, or to purchase their first home. The overall goal of Child Plan is to allow parents to give their children complete financial freedom as adults to lead a happy and fulfilling life.

Interested in giving your child a future of financial freedom?


As Canada’s leader in financial planning for children, Child Plan™ is committed to helping parents and grandparents plan for their children’s futures. Children are the future, build a future for them you can be proud of.