Beat the cream cheese with the sugar substitute and vanilla until soft and creamy. Set aside.
Beat the heavy whipping cream until soft peaks form. You'll want them to collapse, not stand up.
Add the cream cheese by distributing it in thirds around the mixing bowl.
Beat until stiff peaks are formed.
Store in refrigerator until ready to use.
Notes
This "Cool Whip" is rich, creamy and doesn't have the carbs that the store-bought sugar free version has. Have plenty on hand to top your favorite dessert.