Will RESPs Help or Prevent My Child From Becoming Financially Successful?


There is no question. Education is a path to financial success. According to a 2011 Statscan NHS survey, the top 10% of Canadians has incomes over $80,411 (in 2005 dollars). According to the report, “High-income Canadians tended to be highly educated”

  • Of the top 1% income earners 67.1% had attained a university degree compared to
  • 54.6% of the top 5% income earners and
  • 50.3% of the top 10%

With a good education from a good university my child will have a better chance at being successful than without it.
But when parents think of the careers their children will need to be successful, what they mean is careers that will provide them with financial success and in turn financial security.

According to Forbes magazine, the following careers didn’t even exist 10 years ago.

  • App Developer
  • Social Media Manager
  • Chief Listening Officer
  • Cloud Computing Services
  • Sustainability Expert

I believe education is critical for my child to have a chance at a financially successful career. I’m not sure if the Government RESP program with it’s limited financial assistance and rules on where she goes to school, what she can study and administered by bureaucrats will help her or prevent her from getting the education she will need to be financially successful for a career that 10 years from now will exist.

For my child to have an opportunity to get the best education and a career that will be financially successful, I need to learn what all my options are to build the foundation for her financial future. I have learned in my experience as a financial professional that the Government with all its good intentions can not create a program that will both provide for her education costs and also provide her with the freedom to choose a career to a successful career 18 years from now.

Child Plan™ is Canada’s fastest growing alternative to RESP. It’s a secure and flexible way to invest in your child’s future.

Sample illustration of Child Plan™ Cash and Insurance Values

Based on a Monthly Deposit of $250 per month

Age Accumulated Cash Value Life Insurance Value
20 $82,568 (Education) $612,728
35 $177,953 (House) $1,115,297
45 $303,299 (Security) $1,115,297
65 $834,276 (Retirement) $1,666,824

Sample illustration is based on a monthly contribution of $8.32 a day/$250 a month for twenty years, starting when the child is less than 1 years old. Cash and life insurance values are based on the current dividend interest rate of 6% from a Canadian life insurance company. This example is strictly for illustrative purposes only, the annual dividend scale is not guaranteed and values may differ.

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.

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*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.

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