Balwinder and Kofi Mensa have been married for eight years. They have a son, named Aditya and a daughter named Ulyssa. The family has lived in a house at $27$ Northampton Street in Brampton, Ontario L$6$S $3$Y$8$ for two years.

The family$$s birthdates are:

Balwinder: June $24,1988$

Kofi: December $31,1986$ Aditya: March $29,2016$ Ulyssa: September $4,2021.$

Balwinder and Kofi each have $$95,000$ in TFSA contribution room available. Balwinder has carryforward RRSP contribution room of $$78,098,$ while Kofi has none.

Balwinder and Kofi have three goals.

First, each of them would like to retire on their $65$th birthdays. They want to maintain their current lifestyle.

Second, the couple would like to fully fund both of their children$$s post$-$secondary education at an expected cost of $$15,000$ in today$$s dollars. They expect to need these cash flows at the start of each year for four years, starting when Aditya and Ulyssa are $18,$ respectively.

Finally, Balwinder and Kofi would like to save enough money to take their kids to Disney World in three years. They expect that they will need $$10,000$ for the trip. They haven$$t started saving for this trip yet. Balwinder earns a gross annual salary of $$101,000$ as an audiologist and speech pathologist, and generally gets cost of living adjustments each year to keep up with inflation. She gets paid bi$-$weekly. Kofi is an actuary for an insurance company and earns $$100,000$ gross per year, also indexed to inflation.

The couple keep approximately $$20,000$ in their chequing account for monthly expenses and emergencies. This account earns no interest. The couple have two cars, both fully paid for. Balwinder$$s five$-$year$-$old vehicle is worth $$15,000$ and Kofi$$s brand$-$new car is worth $$45,000.$ They like to purchase new cars every ten years at a cost of $$45,000.$ The couple have an RESP for each of their children. They contribute $$2,500$ to each RESP each January $1$ to maximize the grant they can receive from the government. Currently, Aditya$$s RESP has a market value of $$19,000,$ while Ulyssa$$s RESP has $$6,000$ invested in it$.$ Each account is invested in $25\%$ Canadian large cap equities, $25\%$ U$.$S$.$ equities, $25\%$ international equities and $25\%$ global bonds.

Balwinder has an RRSP to which she maximizes her contributions each year. She only recently started contributing to the plan as she and Kofi used a large chunk of their savings to purchase their current house. Balwinder has $$32,567$ invested in her RRSP$.$ Her RRSP is invested in $42\%$ large cap Canadian equities, $50\%$ U$.$S$.$ equities, and $8\%$ global bonds. Kofi has a group RRSP through his work that has a current market value of $$190,023.$ He maximizes his contribution every year @ $9\%$ to receive his

employer$$s maximum matching contribution. Therefore, he has no carryforward RRSP contribution room available. Kofi$$s RRSP is invested in $24\%$ large cap Canadian equities, $22\%$ U$.$S$.$

equities, $31\%$ international equities and $23\%$ global bonds.

The couple$$s only debt is their mortgage. They bought their house for $$680,000$ in January of $2018$ with a mortgage of $$400,000.$ Their current mortgage rate of $3\mathrm{.}5\%$ is fixed for the next three years. They currently owe $$377,633$ on their mortgage, which has $23$ years remaining in its amortization. Their monthly payment is $$1,989.$

The couple have the following expenses each year:

$$ Property taxes of $$7820($Annual$)$

$$ Travel expenses of $$5,750($Annual$)$

The couple have the following expenses each month:

$$ Housing costs, including utilities of $$650.$

$$ Food and housing supplies of $$1,200.$

$$ Transportation expenses of $$1,380.$

$$ Cable TV$,$ Internet, and Cell Phones of $$350.$ Childcare expenses of $$2,800.$

$$ Personal expenses of $$350.$ Entertainment of $$230.$

Balwinder and Kofi both have group life insurance policies through their respective employers that will provide three times their annual salary in life insurance proceeds upon either of their respective deaths. Balwinder$$s short$-$term disability policy will pay $80\%$ of her income for $88$ weeks, after a $16-$week waiting period, while her long$-$term disability policy will pay $50\%$ of her income after a two$-$year waiting period. Kofi$$s short$-$term disability policy will pay $50\%$ of his income for five years after a one month waiting period. He has no long$-$term disability policy.

The couple$$s answers to their investment questionnaire are available in the Week $2$ Resources folder on Blackboard. They expect to pay a $1\%$ non$-$tax deductible annual fee for money management. I NEED RECOMENDATION FOR THIS CLIENT