John age

$4$

$5$

$,$

$$Emily age

$4$

$5$

$,$

$$Son Nick

$1$

$6$

$,$

$$Daughter Sarah

$1$

$7$

$.$

John works for Suncor Energy earns $

$7$

$5$

$,$

$0$

$0$

$0$

$.$

$0$

$0$

$$CAD

$($

T

$4$

$$Tax Slip

$)$

$$per year

$3$

$0$

$.$

$5$

$\%$

$$combined average tax rate. He has worked at Suncor for

$1$

$5$

$$Years$.$

Emily works for Co

$-$

Op Wine and Spirits part time earns $

$2$

$5$

$,$

$0$

$0$

$0$

$$CAD per year

$2$

$5$

$\%$

$$combined annual Tax rate. She has worked for Co

$-$

op for

$1$

$0$

$$Years$.$

Nick and Sarah are in High School.

They have no Will, POA or Personal Directive

Key Goals:

$1$

$.$

$$To pay off mortgage when they retire at age

$6$

$5$

$.$

$2$

$.$

$$Reduce Debt

$3$

$.$

$$Retire at

$6$

$5$

$$with

$7$

$0$

$,$

$0$

$0$

$0$

$$pre

$-$

tax Family Income.

$4$

$.$

$$Contribute

$5$

$0$

$,$

$0$

$0$

$0$

$$toward their Children

$$

s Post

$-$

secondary Education.

Assessment Questions:

What is they family Net Worth?

What is their monthly cash flow after expenses?

What budgeting recommendations do you have for them?

In your view will they achieve their Retirement and Education goals?