Registered education savings plan
The Registered Education Savings Plan (RESP) is a long-term savings plan to help people save for a child’s education after high school, including trade schools, CEGEPs, colleges, universities, and apprenticeship programs.

Setting up an investment account for your children is a great way to get them started on building wealth early on in life. Investment accounts offer tax benefits and potential returns with low-risk investments like mutual funds. Since investments grow over time, it gives your child more flexibility when they decide what they want to do with their money down the line, such as investing in real estate or starting a business.

It’s typically easier to get insurance for your child when they’re young and healthy, before any potential future health issues may make it more difficult. By getting them a policy now, often your child can take over the policy as an adult without a medical exam, as long as they pay the premiums, which will be based on when they were younger and healthier.

When you invest in critical illness insurance for your child, it provides you with the flexibility to take time off work if your child is diagnosed with a serious condition, such as diabetes or cancer. Additionally, by incorporating a return-of-premium benefit into the policy, if your child remains free of critical illnesses for a specified period, you could receive a refund of all or part of the premiums paid. This refund can then be utilized to support other important goals for your child.