Is The RESP Relevant Anymore After Covid?

The world has changed in so many ways in the past 20 years and then the pandemic. 

20 years ago if I grew marijauna I went to jail. Today my child works for a company growing marijuana and they’re paid $60,000 a year.

20 years ago I wanted to become a mechanic, I went to school to learn how to change oil. Now my child works for Tesla. Who’s changing oil?

The pandemic has made even more changes in the way our kids future will be shaped and how they’ll get their education going forward in so many ways

Parents have transformed their kitchen tables into classrooms, and kids no longer have to worry about leaving their homework at home or going to school on time. Kids now all over the world are logging into classrooms and collaborating all online. 

Let’s Think About The Past

The RESP was originally created in 1972 to help our grandparents save for our parents’ to get a local university education. Then the internet came, and covid followed some time after. 

How Has Education Changed?

In 2016 there were already 58 million students across the world getting their degrees from online courses. Yes – you read that right…58 million!

Sample Illustration of Online Education in 2016

Long story short, before covid there were already over 5850 online courses from 700+ universities. 

Some of those included Harvard, MIT, University of Toronto, Penn State, McGill, and many more. 

You can learn more here: https://www.coursera.org/degrees 

The Effects of Covid on Education

After covid came, the global education revolution, where our kids depended on the internet to connect instead of walking into a building, like our parents and grandparents did. 

Covid + Internet = Education Revolution

Covid has freed kids to attend classes anytime and anywhere in the world. 

Many online high schools throughout the world intend to continue with hybrid programs that work to provide education on-screen. 

Universities with online classes and programs are also continuing their micro-credentials and degrees. Colleges, vocational skills schools and universities are adopting the Netflix model. Pay a subscription fee, choose a program and log in at your leisure. 

And by 2039 when your kids choose their future education, they may be doing classes in virtual reality on another continent or attending two colleges at the same time.

It looks like the future of online education is here to stay! 

How Does This Impact The Future?

Will students in 2039 attend classes in person? 

Will they even be in the same country as their universities? 

Let’s think about it…

Of course, none of us can see the future (yet) but with the power of technology, kids have the freedom and ability to study anywhere.

The possibilities for remote learning are endless. 

What Will This Mean For The RESP?

Will the RESP, created 28 years before the internet work in an ever-changing world of education?

The number one requirement for your child to use the RESP is that your child has to enroll in a government pre-approved certified education program, college, or university.

Just think about what will happen to your 17 years of saving if your child chooses a different path or the world has changed so much that the path is not clear …

Or, they select a program that doesn’t fit into the government’s RESP model…

Will they need an alternative to the RESP that has no restrictions to limit their future education choices?

Shouldn’t you start preparing for the now what, today?

Child Plan – the fastest growing alternative to the RESP.

Sample Child Plan™ Cash and Insurance Value Illustration

Based on a Monthly Deposit of $250 per month

Age Accumulated Cash Value Life Insurance Value


$82,568 (Education)



$177,953 (House)



$303,299 (Security)



$834,276 (Retirement)


Sample illustration is for a child under age 1 based on a monthly deposit of $250 for twenty years. There will be no further contributions required after year twenty. The cash and insurance values are based on a dividend interest rate of 6% from a Canadian life insurance company.

Personalize Your Child Plan™

Request a Child Plan™ Illustration and see how much cash value your child will have for their education and for life.

*illustrations are reflective of the annual premium amount

To learn more how Child Plan™ will provide your child with the funds for their future education and financial security for life, book a virtual meeting with a Child Plan™ Advisor.