Funding education is more than setting aside money—it’s a strategic move that demands precision, adaptability, and a clear vision. Whether you’re saving for your child, a grandchild, or looking to create a legacy of educational opportunity, your approach matters.
At Dumitru Flanagan & Associates, Victoria financial advisors, we craft education planning strategies that align with your financial life, ensuring tuition costs don’t derail your wealth goals.
RESPs: More than a savings account
A Registered Education Savings Plan (RESP) is a powerful financial tool when used effectively. Government grants, tax-deferred growth, and flexibility make it an essential part of long-term planning. But the real question isn’t whether to open an RESP—it’s how to maximize its full potential.
- The $50,000 Limit? We help you optimize contributions. Knowing when and how to contribute can make a significant difference in long-term gains.
- Canada Education Savings Grant (CESG): Free money, used right. A 20% match on the first $2,500 each year, with a lifetime cap of $7,200 per child—it’s an opportunity too valuable to miss.
- Transferring funds? No problem. If your child changes plans, we ensure your funds remain beneficial, whether through transfers to a sibling, a family RESP, or even an RRSP under the right conditions.
- Provincial grants? Yes, we optimize those too. Depending on where you live, additional government incentives can help your savings grow even faster.
Seamless, integrated planning
RESPs don’t exist in isolation. To truly work, they must fit seamlessly into your broader financial strategy. That’s what we do. We integrate education planning with tax efficiency, retirement goals, and estate structuring—ensuring that every dollar is strategically placed, not just spent.
Here’s what you gain:
- Tax strategy that works with your RESP. Contributions, withdrawals, and investment growth—every move should be structured for tax efficiency.
- Education planning that doesn’t derail retirement. You shouldn’t have to choose between funding education and securing your own financial future.
- A plan that adapts with you. Life changes, priorities shift, and your financial strategy should keep pace.
Beyond tuition: the full cost of education
The reality? Tuition is only one piece of the equation. Housing, textbooks, travel, living expenses—these all add up, and an RESP alone may not cut it. We structure financial plans that take every expense into account, ensuring you and your family aren’t caught off guard.
- Housing & living costs? Factored in. We assess total needs to ensure no gaps.
- Unexpected expenses? Prepared for. From emergencies to last-minute program changes, we build in flexibility.
- Cash flow planning for the student? Absolutely. Ensuring funds are accessed in a structured, sustainable way.
Education planning that’s built for you
Every family has a different approach to funding education. Some fully cover costs; others contribute partially. Maybe you’re funding multiple children, or perhaps you’re supporting specialized programs. No matter the scenario, we tailor the plan to your reality—not some one-size-fits-all formula.
- Multi-child planning. Balancing contributions across siblings and ensuring fairness.
- Early withdrawals without tax pain. If a student needs funds earlier than planned, we make sure it’s done strategically.
- Scholarships & grants maximization. We ensure RESP withdrawals complement—not disrupt—other financial aid.
Your financial team, aligned
Tax advisors. Accountants. Estate planners. Misalignment between financial professionals leads to missed opportunities and inefficiencies. We act as your central point of contact, ensuring education planning fits within your complete financial picture. No more scrambling. No more contradictions. Just a clear, streamlined plan.
A strategy that evolves with you
Tax laws change. Market conditions fluctuate. Your family’s needs shift. What worked yesterday might not be ideal tomorrow. Our team remains proactive, continuously assessing new strategies and regulations to ensure your education plan is always one step ahead.
- Tax changes? We adjust. No surprises—just forward-thinking solutions.
- Market shifts? Your plan stays strong. We build in resilience to keep your savings stable.
- New priorities? Your plan evolves. Whether a child switches programs or a new grandchild is born, we adapt with you.