Education planning helps families prepare for tuition, housing, advanced studies and other ways they want to support the next generation.
For many families, it's part of a broader wealth plan that includes retirement, tax, estate planning, family gifting and long-term support for children or grandchildren.
Karmelic, Stoyanov & Associates Private Wealth Management helps clients create an education savings plan that fits the rest of their financial life. Based in Toronto, we serve clients and families across the GTA, including Newmarket, Markham, Unionville, Stouffville, Richmond Hill, Mississauga and Oakville.
Supporting the next generation
Many parents and grandparents want to help with education costs.
That support may include:
- Tuition
- Housing
- Books and supplies
- Travel
- Professional programs
- Graduate studies
- Support during early adulthood
A clear plan helps families understand how much to set aside, where the money should come from and how education support fits with other priorities.
Registered education savings plans
Registered education savings plans can be an important part of post-secondary education planning.
An RESP may help families save for a child or grandchild’s education in a structured way. It may also provide access to government grants when eligible.
We help clients think through contribution timing, beneficiary choices, family RESP options and how education funding connects to the rest of the plan.
Planning beyond the RESP
An RESP is useful, but it may not cover everything.
Some families want to provide additional support through non-registered accounts, trusts, gifting strategies or estate planning. Others want to help several children or grandchildren fairly, even when their education paths are different.
These decisions should be made with tax, retirement income and family goals in mind.
Education and family wealth
For high-net-worth families, education planning can also be part of a larger conversation about values.
Helping the next generation may involve more than writing a cheque. It may include teaching financial responsibility, explaining family priorities and creating thoughtful structures for support.
Education funding can become one way to pass on opportunity, stability and family values.
Coordinating with retirement and estate goals
Education support shouldn’t put your own retirement at risk.
We help clients understand how much support may be possible while still protecting retirement income, charitable goals, estate intentions and long-term financial flexibility.
The right plan gives generously, but carefully.