The main difference is flexibility.

An RESP is a government-regulated savings account restricted to Government approved post-secondary education. In contrast, a Child Plan is a participating cash value whole life insurance plan that builds tax-sheltered cash value for your child’s entire life.

While RESPs require funds to be used for school to avoid penalties,

Child Plan funds can be used for any education and for any financial need in life, such as a home down payment or starting a business. 

To Compare RESP vs a Child Plan™ in detail, click HERE 

No, Child Plan™ does not receive the 20% CESG grant to age 17. Instead, it offers your child guaranteed annual tax-free dividends until your child reaches the age of 100 and lifelong tax-sheltered cash value growth to age 100. While the RESP is capped by the $50,000 limit. Child Plan™  provides your child with a life long financial asset with no caps and which lasts beyond just the education years. 

To Understanding the trade-off: Grants vs. Dividends, click HERE 

With a Child Plan™, your child has 100% freedom to choose any path they wish whether it’s university or any other path. The RESP is a Government program and your child’s education choices are restricted to “designated” institutions and qualifying programs. To avoid taxes and penalties, Child Plan™ funds can be used for any education, trade, or unconventional learning path—anywhere in the world—without government oversight or approval.

To Compare RESP vs. Child Plan™  Education Paths, click HERE

Absolutely. Many Canadian families use the RESP to capture the “free” government grant money for tuition, while using a Child Plan™ to build a larger, flexible, tax-free “wealth foundation” for their child’s adult life.

Learn how to use both for a complete financial strategy, click HERE 

Unlike the RESP which is automatically transferred to the child at 18. The parent or grandparent,  maintain full control over the Child Plan™ and its cash value for as long as they wish. You decide when—or if—to transfer ownership to your child, whereas RESPs have strict rules regarding how and when beneficiaries can access funds.

Learn about ownership and control features, click HERE 

With an RESP, if your child doesn’t pursue a Government approved education path. You must close the account, return the government grants and pay a 20% penalty tax on all the earnings if the funds aren’t used for school. With Child Plan™, there are no penalties or restrictions; The plan will keep growing and your child can use the cash value for a home down payment, starting a business, or any other dream.

Learn about RESP penalties and Child Plan™ flexibility, click HERE 

RESP withdrawals are complicated and require proof of enrollment and are subject to an $8,000 limit during the first 13 weeks of full-time studies in 2026. Conversely, a Child Plan™ allows the owner to access cash value at any time—for any reason—without submitting receipts, university letters, or government forms.

To learn which path would work best for your child, click HERE 

Yes. Child Plan™ is your private investment and not a government program like the RESP which is a government program managed by CRA. Child Plan™ allows your child to have complete freedom to choose any university, college or skills training program they choose around the world, whether in person or virtual without requiring Government approval. 

To access the RESP for their education, your child must meet the following criteria. They must, at age 18, select a university, college or program that is on the Government RESP designated list of universities or programs. If they select a program that is on the approved list, you must first pay the tuition at the start of the school year and then submit the tuition receipt to the RESP promoter which is your bank or group RESP company to verify that the university, college or program is on the Government RESP designated approved list. 

To learn more, click HERE and request your personalized Child Plan™ illustration

To learn more your child can use their Child Plan™ for any education, click HERE and request a personalized Child Plan™ illustration

No, your child can access their Child Plan™ cash value for any financial need in life beyond education.

Your child’s Child Plan™ cash value grows tax free from the day you open it and for life.  Once you transfer your child their Child Plan™ at any age after 18, they can access the cash value for any use in life like education, buying a home, starting a business or even as their own tax free retirement plan. 

Child Plan™ cash value can be accessed by

• Request the dividends be paid in cash rather than re invested into the plan
• Withdraw from the cash value
• Borrowing from the cash value
• Withdraw all the cash value, but that may result in cancellation of their Child Plan™ and there may be tax implications.
• Requesting a personal loan from their local bank of up to 90% of their total cash value.

To learn more how your child can use their cash value in life, click HERE and request a personalized Child Plan™ illustration

Yes. Child Plan™ “Participating” whole life builds cash value from the day you open it and for your child’s entire life. Because the cash value is  guaranteed and grows at a compounding rate tax free without any market risk the cash value is very large by the time the reach the age when they want to buy their own home. 

When your child is ready to buy a home, they can access the cash value by;

• Borrowing the down payment from their Child Plan™ policy 
• Withdrawing from their Child Plan™ cash value.
• Use their Child Plan™ cash value as security for a personal loan from their local bank

These options will give your child the financial flexibility to buy their first home when they have their own family, for renovations and for any other financial need in life.

To learn more how your child can use their Child Plan™ to buy a home, click HERE and request a personalized Child Plan™ illustration.

Yes, Child Plan™ “Participating” Whole Life plan is effectively a TFSA for a child. In Canada children under age of 18 are not permitted to open any accounts or investment accounts.

A TFSA is a Government program administered by CRA and offered to Canadians through banks or investment companies to Canadians over the age 18. 

Child Plan™ is a Participating whole life plan parents and grandparents open for the child and when the child is over 18 they can transfer the plan completely tax free to their child or grandchild.

Child Plan™ is a tax free savings plan your child or grandchild can use in the future for their education and life.

With Child Plan™, your child will

• Receive a tax free annual dividend for life
• Have a cash value account in the plan that grows tax free for life
• Have permanent whole life insurance that one day will be paid to their family completely tax free
• Be able to access their cash value for education in life, five different ways including tax-free.

And parents can transfer Child Plan™ to their child completely tax free when they’re over 18 and ready.

To learn more how Child Plan™ is a TFSA for your child’s future, click HERE and request a personalized Child Plan™ illustration

When your child is ready to access their Child Plan™ cash value for their education and life, they have five different options to choose from of which two of the options are considered tax-free.They can;

• Request annual dividends be paid to them in cash
• Withdraw any amount they need from their cash value
• Withdraw all the cash value, however that may cause the plan to close and there may be tax implications
• Borrow from their cash value, without needing to repay
• Use their Child Plan™ cash value at their local bank as security for a personal loan of up to 90% of the total cash value

Your Child Plan™ advisor will answer all your questions and provide you with the necessary information so that you can make the best informed decision for your child’s future.

To learn more how your child can access their Child Plan™ tax effectively, click HERE and request a personalized Child Plan™ illustration

Child Plan™ can be opened by one parent or two parents. When a parent is single they are allowed to open a Child Plan™ for their child without being required to notify the other parent or get their approval.

Once the Child Plan™ is open, the parent that opened the Child Plan™ is the owner of the plan and has full control of the plan for their child’s future until they transfer it to their child for their education and life.

To learn more how a single parent can open a Child Plan™ for their child’s future, click HERE and request a personalized Child Plan™ illustration

Child Plan™ is a “Participating” Whole Life plan from the largest and oldest life insurance companies in Canada.

Your Child Plan™ contract will be from a major Canadian life insurance company that is overseen and backed by the Government of Canada.

Your deposits will be deposited directly with a Canadian life insurance company and your plan contract will be with a major life insurance company. 

Child Plan™ is an educator, helping families learn about this incredible tax free savings plan for kids in Canada that’s been used by parents to save for their children’s futures since 1847 so they can make the best informed decision for their children’s future.

To learn more how the Government guarantees the security of Child Plan™ for your child’s education, click HERE and request a personalized Child Plan™ illustration

You can open a Child Plan™ for your child as early as 14 days after they’re born.

You simply complete the application with standard information and answer the medical questions on behalf of the child and the plan is approved almost immediately and placed.

To learn more about Child Plan™ for your child’s future, click HERE and request a personalized Child Plan™ illustration

Yes, grandparents can open a Child Plan™ for their grandchildren.

When grandparents open a Child Plan™ they, 

• Make the annual deposits 
• Can transfer ownership of the Child Plan™ to you, their parent, to hold in trust for their grandchildren 
• They can transfer it directly to each of their grandchildren.

Grandparents can also 

• Open a Child Plan™ for each grandchild and set you as the owner and themselves as the depositors to the Child Plan™.

When grandparents are ready to transfer the Child Plan™ to you or to their grandchild, there are no taxes when transferred by them, you or your child.

If the grandparents are the owners of the Child Plan™, they can set you, their parent as the back owner of your child’s Child Plan™ and if something happens to the grandparent, the ownership of your child’s Child Plan™ will be transferred to you tax free immediately.

Transfer of a Child Plan™ to parents or grandchildren is completely tax-free.

To learn more how your parents can open a Child Plan™ for your child’s future, click HERE and request a personalized Child Plan™ illustration

Yes, your child can access their Child Plan™ from anywhere in the world. Child Plan™ is permanent for life, no matter where your child lives in the world.

Their plan will continue to grow and when they need to access the cash value, they only need to contact the life insurance company and request the funds.

To learn more how your child can use their Child Plan™ when they live outside Canada, click HERE and request a personalized Child Plan™ illustration

Yes, Child Plan™ is a Participating Whole Life insurance plan. Your plan is a life insurance plan which means your child will be covered for life, and;

• Their Child Plan™ life insurance value will increase every year for their entire life
• They can one day when they have their own family set their spouse/partner as the beneficiary of the life insurance 
• The life insurance will be paid to their family completely tax free one day
• The life insurance will be paid to their family, no matter where they live in the world
• Once their application is approved and placed, their life insurance can never be changed or cancelled by the life insurance company, no matter their health during their lifetime.

To learn more about Child Plan™ life insurance for your child’s future, click HERE and request a personalized Child Plan™ illustration

Yes, Child Plan™ is a very flexible plan. When you meet with a Child Plan™ advisor you can request the advisor design your plan with the Additional Deposit Option feature.

The ADO feature provides you the “option” to add additional deposits in the future to the Child Plan™;

An ADO option which means you are not required to add more deposits and are protecting your right to add more in the future.

The ADO feature is a fantastic way to increase the Child Plan™ cash value for your child’s future.

Should you not include the ADO option when you first open your Child Plan™, you can contact your Child Plan™ advisor anytime during the first three years to add the option for your child’s future.

To learn more about how to increase your child’s Child Plan™ deposits for their future, click HERE and request a personalized Child Plan™ illustration

No, Child Plan™ is a “Participating” whole life insurance plan. Canadian banks are not permitted to provide any information to Canadians about “Participating” whole life insurance.

You can open a Child Plan™ “Participating” whole life plan by speaking with a licensed and qualified insurance advisor or a Child Plan™ advisor by clicking here and requesting a personalized Child Plan™ illustration. 

To learn more about why you can’t open a Child Plan™ at your local bank, click HERE and request a personalized Child Plan™ illustration

Your Child Plan™ deposit options are; 

• Monthly
• Annually
• Prefund your entire Child Plan™ and qualify for up to a 35% discount

When meeting with your Child Plan™ advisor, ask how to get the discount on a Child Plan™.

To learn more about your Child Plan™ deposit options for your child’s future, click HERE and request a personalized Child Plan™ illustration.

Yes, parents can access their child’s Child Plan™ for emergency or any financial need.

All you have to do is call your Child Plan™ life insurance company and request;

• They use the annual dividends to make the annual deposit
• Borrow up to 90% of the total cash value of your Child Plan™ 
• Withdraw up to 90% of the total cash value of the Child Plan™ 
• Withdraw all the cash value

When making the request, you will not be asked any questions by the life insurance company what you wish to use the cash value for.

To learn more how parents can access the cash value, click HERE and request a Child Plan™ Illustration

In Canada children under age of 18 are not considered as legal adults and are therefore not allowed to own any financial assets in their name, have investment accounts and purchase investments in their name, open bank accounts, apply for life insurance or own any real estate in their name.

As a result children are not able to start growing their wealth until they reach age 18.   “Participating” whole life plans are the only investments in Canada where the child’s name is listed on the plan and will one day transfer to them.

To learn more why children under 18 can’t open their own Child Plan™, click HERE and request a Child Plan™ Illustration

No, when your child wants to access their Child Plan™ cash value for their education or buy a home or for any need in life, they can contact the life insurance to request the funds they need from their Child Plan™ without any fees.

When they contact their Child Plan™ insurance carrier, they will be asked to provide their banking details and the insurance company will direct deposit the funds to their account.

To learn more about their Child Plan™ cash value access options, click HERE and request a Child Plan™ Illustration

Yes, the government of canada provides the Canada Child Benefit tax free to every family with children under age 18.

The Canada Child Benefit is set up the day your child is born and is automatically deposited to your bank account every month until the age of 18.

Child Plan™ families have learned by speaking with one of our Child Plan™ advisors the incredible benefit of using the Government’s tax free benefit to open a tax free Child Plan™ for their child’s future which they can access tax free in the future for their education or to  buy their first home.

To learn more how to use your Canada Child Benefit to fund your child’s Child Plan™ for their future, click HERE and request a personalized Child Plan™ illustration

You can transfer ownership of the Child Plan™ to each of your children at any time after they are over the age of 18.

When you’re ready to transfer ownership of the Child Plan™ to each of your children, you simply call your Child Plan™ insurance carrier and request the now be the owner of their Child Plan™.

The insurance company will simply change the ownership to your child’s name and they are now the official owners of their Child Plan™ participating whole life plan for their future.

To learn more how to use your Canada Child Benefit to fund your child’s Child Plan™ for their future, click HERE and request a personalized Child Plan™ illustration