Case: Bilal

Personal Information: Billal

$$ Location: Toronto, Ontario

$$ Marital Status: Widow

$$ Dependent: Daughter Maya, $8$ years old, in grade $3($Born January $2$nd$,2016)$

Assets:

$1.$ House $($value not specified$)$

$2.$ Car: $$15,000$

$3.$ Chequing Account: $$15,432$

$4.$ Savings Account: $$61,872$

$5.$ Group RRSP: $$47,000($contributes $4\%$ and his employers matched it$).$

$6.$ RRSP with the bank: $$129,999$

$7.$ TFSA: $$5,451$

$8.$ Investment Account: $$250,000$

Liabilities:

$1.$ Unsecured Line of Credit: $$22,415$

$2.$ Credit Card: $$2,685$

$3.$ Remaining Mortgage: $$730,000$

$4.$ Car Loan: $$8,000$

Financial Details:

$$ Annual Income $($before tax$)$: $$120,000$

$$ Monthly Lifestyle Expenses: $$5,000$

$$ Mortgage Payments: $$2,300/$month

$$ Car Payment: $$600/$month

$$ Insurance Coverage: $2$ times his annual salary with employer

Financial Goals:

$1.$ Retire debt$-$free between $60-65$ years with an estimated income of $$60,000/$year during retirement.

$2.$ Fund Maya's $4-$year university education after grade $12.$

$3.$ Improve estate planning and understand benefits better.

Based on the above information, please:

Present net worth and explained its importance

Present cash flow and explained its importance

Explain ability to meet goals $($before and after recommendations$)$

Present retirement plan. Explain what is RRSP account and government benefits such as OAS and CPP$.$ Use rule of three for benefits

Present Education Plan. Explain what RESP is$.$ Use rule of three for benefits

Present correct and complete recommendation $($e$.$g$.$ plan, amount$)($Insurance$).$ Use rule of three for benefits

Present Estate Planning:

Presented correct and complete recommendation for Will, Presented correct and complete recommendation for Power of Attorneys, Presented correct and complete recommendation for Health Care Directive