I recommend that Stephen contribute an additional 4% (from 5% to 9% ) of his salary to his Group RRSP so that he can benefit from earning more since the employer will match the 9%. This will also increase his RRSP savings and utilize the contribution room available. Moreover, I recommend you contribute an additional $687 monthly to your RRSP to ensure the retirement goals are fully achievable since both of you have considerable RRSP carry-forward room available. By doing so you can benefit from taxsheltered growth within your RRSP. Education: I recommend that you open a Registered Education Savings Plan (RESP) for Andre and contribute $442 monthly. This will also allow you to earn the Canada Education Savings Grant (CESG) of up to $500 per year towards Andre's education plan. Emergency Funds: I would recommend getting an unsecured line of credit with a credit limit of at least $50,000 to use for unprecedented situations that might arise during or before retirement. I also recommend that you obtain a Home Equity Line of Credit (HELOC) since the principal residence is paid off and has equity available. Major Purchase: I recommend you contribute a minimum of $94 to Jessica's TFSA (earmarked for Andre's travel) to fully fund Andre's major travel expense once he turns 18 . Tax Planning: I recommend Stephen open a Tax Free Savings Account (TFSA) and contribute up to the maximum yearly contribution limit. This will optimize unused contribution room while your money grows tax-free. Also, I advise both of you to modify your wills to ensure the beneficiaries are up to date. As a result, further tax complications will be avoided when it comes to estate planning after death. I recommend that Stephen contribute an additional 4% (from 5% to 9% ) of his salary to his Group RRSP so that he can benefit from earning more since the employer will match the 9%. This will also increase his RRSP savings and utilize the contribution room available. Moreover, I recommend you contribute an additional $687 monthly to your RRSP to ensure the retirement goals are fully achievable since both of you have considerable RRSP carry-forward room available. By doing so you can benefit from taxsheltered growth within your RRSP. Education: I recommend that you open a Registered Education Savings Plan (RESP) for Andre and contribute $442 monthly. This will also allow you to earn the Canada Education Savings Grant (CESG) of up to $500 per year towards Andre's education plan. Emergency Funds: I would recommend getting an unsecured line of credit with a credit limit of at least $50,000 to use for unprecedented situations that might arise during or before retirement. I also recommend that you obtain a Home Equity Line of Credit (HELOC) since the principal residence is paid off and has equity available. Major Purchase: I recommend you contribute a minimum of $94 to Jessica's TFSA (earmarked for Andre's travel) to fully fund Andre's major travel expense once he turns 18 . Tax Planning: I recommend Stephen open a Tax Free Savings Account (TFSA) and contribute up to the maximum yearly contribution limit. This will optimize unused contribution room while your money grows tax-free. Also, I advise both of you to modify your wills to ensure the beneficiaries are up to date. As a result, further tax complications will be avoided when it comes to estate planning after death