⭐ Recommended Plan
Legacy & Education Savings Plan
LESP by BLAC Financial Group · lespplan.com
- 3-in-1: education savings + life insurance + legacy building
- Tax-free growth and withdrawals
- Guaranteed, predictable returns — no market risk
- Flexible: school, first car, home, wedding, business startup
- Lifelong insurance protection locked in at birth
- Builds generational wealth beyond education
- Can incorporate RESP as part of the strategy
- Low to no out-of-pocket cost
Talk to a LESP advisor →
Why LESP is recommended: Unlike RESP which locks funds to post-secondary education only, LESP adapts as your child's goals evolve. Guaranteed growth, built-in insurance, and flexible access for any life milestone.
The 3-Pronged Approach
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Education
College, training
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Insurance
Lifelong coverage
🌱
Legacy
Generational wealth
Can investments be in a child's name? Yes - with the right structure.
In child's name - fully legal
⭐
LESP (Recommended)
Legacy & Education Savings Plan - lespplan.com
Insurance component builds cash value in the child's name with guaranteed growth. Tax-free, flexible use for any life milestone - school, home, or business. Lifelong coverage built in.
OwnershipChild-benefited, lifelong, guaranteed
🎓
RESP
Education only - CESG grants included
EAP withdrawals taxed in child's hands at their lower student rate. Ages 0-10: invest in XEQT/VEQT. Shift to balanced by 16, GICs by 17-18.
OwnershipSubscriber holds, child benefits at school
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In-Trust Account
Informal trust - legally the child's money
Parent manages, child's funds legally. Irrevocable at 18. Capital gains taxed at child's rate. Best for grandparent or family gifts. No contribution cap.
OwnershipChild's - irrevocable at 18
Insurance as a wealth protection layer. Prioritise in this order.
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LESP - insurance built in
Best first step · Opens at birth · lespplan.com
LESP includes life insurance protection as part of the plan - locking in your child's insurability from birth, building accessible cash value over time, and providing lifelong coverage. Replaces the need for a separate child life insurance policy.
Priority 1 - recommended first step 🛡
Term life insurance - parents
Do next · Most critical protection
20-year term = covers child to ~24. $500K-$1M coverage typically $30-60/month. PolicyMe.ca and Manulife offer Ontario quotes online in minutes.
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Disability insurance - parents
3x more likely than death
If you can't work, CCB and savings stop. Check employer group plan first. Individual policy via Manulife, Sun Life, or Canada Life.
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Children's dental
Within first year if not covered at work
OHIP does not cover dental. Add children to employer group benefits immediately. Healthy Smiles Ontario covers under 18 with family income under ~$20K. Otherwise Blue Cross or Manulife from ~$80/month.