Ivory Oak

Financial Foundations for Children

There are a variety of solutions out there to save for your child’s future. Families with limited budgets may want flexibility and may only be able to choose 1 path. However, families with extended budgets who are able to diversify their savings may benefit from choosing a combination of strategies.

At Ivory Oak, we strive to give our clients flexibility and opportunity with their money, and this extends to the next generations as well.

Important Information

People under the age of 18 cannot open up investment or tax sheltered investment accounts such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP).

However, as parents or grandparents, we can utilize a number of strategies to give our children a head start.

Some of the Strategies:

Below are a few strategies which could assist in providing your children with a strong financial foundation. Request a call with our advisors to help figure out which options make the most sense for you and your family. 




Participating Whole Life Insurance

Cash Value Life insurance plans that grow through dividends

Tax sheltered

Tax sheltered transfer

Tax free access to cash

Commitment to premium schedule

Must qualify medically

Registered Education Savings Program (RESP)

Tax deferred savings program with Canada Education Savings Grants (CESG)

20% of contributions matched by the Government (up to $500 per year)

Tax sheltered growth

Growth is taxable on transfer out even for child's education

For qualified education only

If child does not attend a qualified program, grants are returned, 20% fee and taxes of growth applicable

In-Trust Investment Account

Investment account held for the benefit of a child or grandchild until the age of 18

Flexibility with contributions

Auto transfers to the child

Taxes payable to the contributor on an annual basis

No control after the child takes over the plan (age 18)

Critical Illness Insurance - ROPD

Living benefit protection with a return of premiums at age 25

Tax free benefit in the event of a critical illness

Return all or a portion of premiums at certain ages and let the plan continue

Not a growth asset

Must qualify medically

Interested in Learning More?

We work with parents to make sure they fill their cups first before over-contributing to their children. If we are planning for then long-term, we want to make sure that the plan will be intact no matter what life throws at you.

  • Are you interested in learning more about how some of these strategies can build a financial foundation for your children?
  • Are you looking for trusted wealth management advice?
  • Are you looking to work with an industry expert who brings a personal, transparent approach to your case?

Not only do we have more than 20 years of experience in this often confusing industry, but we also help to educate our clients every step of the way no matter what management services they require. We build, plan, and guide our clients as honestly and as professionally as possible whether they’re a multi-generational family or business owner.

Simply fill out the form (to the side) and one of our specialists will get in touch with you.