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Case Study

Wealth accumulators

Their situation

Age: 40 year olds

Overview: A married couple, both career-focused professionals with two young children, working to advance their careers while balancing a busy and active family life.

Net Worth

$1.475 million

Assets

Home: valued at $2 million Other: $350k

Liabilities

Mortgage: $875k remaining

Their Goals

  • Manage private school expenses.
  • Pay of debt, while saving for retirement.
  • Purchase of a second property or boat.
  • Budgeting.

Watson's Solutions

1
Education Funding
  • Maximized RESP contributions by setting up automatic monthly deposits to ensure consistent growth and compound interest, while ensuring each child's annual contribution reached the maximum allowable limit.
  • Leveraged the Canada Education Savings Grant (CESG), which provided a 20% match on the first $2,500 annually per child.
  • Explored all available resources for private school funding.
2
Pay Off Debt, While Saving for Retirement
  • Prioritized high-interest debt, directing windfalls such as tax refunds to accelerate debt repayment.
  • Maximized RRSP contributions for tax-deferred growth, while strategically using a Tax Free Savings Account (TFSA) to balance debt repayment with long-term retirement planning.
  • Created and implemented a personalized budget to optimize cash flow, ensuring regular debt payments and consistent contributions toward retirement savings.
3
Planned Ahead for Large Purchases
  • Created a structured savings plan with automatic deposits to ensure steady progress for future home renovations, family travel plans, or purchasing a second property or boat.
  • Created a separate savings account.
4
Budgeting
  • Identified fixed and discretionary costs, and analyzed them to create a detailed budget that tracked income and expenses.
  • Set up automatic savings contributions to build an emergency fund and consistently contribute to retirement savings.
  • During regular review meetings, revisited the budget and adjusted it as needed to ensure it reflected changes in income, expenses, and financial goals.
  • Understood how lifestyle expenses changed over time and worked with a wealth team to help plan for them.

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FAQ

Cash Flow

Will my cash flow be disrupted?

An Education Savings Plan in Canada supports your child’s student education plan with tax benefits and CESG grants. A Registered Education Savings Plan (RESP) offers tax-sheltered growth with a $50,000 maximum RESP contribution limit, while a TFSA provides additional savings for education in Ontario and beyond, reducing financial stress when tuition payments begin.

Combine RESP savings, TFSA contributions, and family gifting options to maximize grants and grow funds tax-efficiently.

It’s best to start as early as possible to take advantage of compounding returns, RESP grants, and long-term growth.

A solid education plan includes RESP contributions, CESG maximization, gifting options, and effective budgeting to meet education costs.

Tax Efficiency

How can I effectively save and gift for my children's weddings while minimizing tax impact?

An Education Savings Plan in Canada supports your child’s student education plan with tax benefits and CESG grants. A Registered Education Savings Plan (RESP) offers tax-sheltered growth with a $50,000 maximum RESP contribution limit, while a TFSA provides additional savings for education in Ontario and beyond, reducing financial stress when tuition payments begin.

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Aligned Capital Partners Inc. (“ACPI”) is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and Canadian Investment Regulatory Organization (“CIRO”). Securities advice and services are provided through ACPI (or) Watson Securities, an approved trade name of ACPI. Only securities-related products and services are offered through ACPI/ Watson Securities and are covered by the CIPF. Financial planning and insurance services are provided through Watson Investments. Watson Investments is an independent company separate and distinct from ACPI/ Watson Securities.

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