Beat the cream cheese with an electric mixer until light and fluffy.
Add in the vanilla extract and powdered sugar. Mix until combined and smooth.
Gently stir in the whipped topping.
Then gently hand stir in most of the sprinkles (reserve some for topping). Stir slowly so that the colors on the sprinkles do not bleed into the dip.
Cover and refrigerate for 2-3 hours.
Then serve topped with the reserve sprinkles with your favorite dippers and enjoy!
Recipe Notes
Refrigerate any leftover dip in an airtight container for up to 5 days. This dip can easily be made ahead of time. Keep refrigerated until ready to serve.