Here is the problem What are the answers Also, I will attach a previously given answer at the end of this question for part 2 The answer given had calculated 2023 tfsa only, but doesn't the question assume their TFSA began at 18 Why is it not calculated from 18 25 Marie Eve and Samuel are meeting for the first time with a financial planner at their financial institution They are planning the purchase of their first home by the end of this year and want to know more about government programs available to help them Both have recently turned 25 and have contributed the maximum permitted to their TFSAs from gifts received from their parents Only Samuel has an RRSP currently valued at $65,000 They plan to use the funds in their TFSAs and draw down the maximum, if they qualify, under the Home Buyers' Plan towards the down payment and $15,000 of closing costs Part 1 (1 mark) The first step in developing a financial plan is to establish financial goals State, in a SMART fashion, the couple's primary financial goal Primary Financial Goal Part 2 (2 marks) How much has each contributed to a TFSA Assuming each contribution was made at year end and they have earned a 5 effective annual return, how much would they have to put toward a down payment by the end of this year (2023) Their 2023 contribution will be made on December 31, 2023 Round to the nearest dollar Expand the table as required Year Age Maximum $ Contribution FV Calculation P Y and C Y 1 $ FV to end of 2023 Total Part 3 (3 marks) Would the couple qualify to use the Home Buyers' Plan for their home purchase Please explain the criteria needed Expand the table as required (1 mark) Home Buyers' Plan Criteria Do they qualify Which additional federal government plan was proposed in 2022 to help them buy their first home Briefly describe how would it work Please identify your source (2 marks) Additional Federal Plan to help first time home buyers Part 4 (1 mark) If the couple uses the full amount in their TFSA and the maximum withdrawal available to them under the Home Buyers' Plan toward a down payment and closing costs, what is the maximum conventional mortgage they can take, assuming they qualify under the GDS and TDS ratios Maximum Conventional Mortgage Calculation Part 5 (1 mark) Marie Eve and Samuel have 5 credits cards between them, 3 of which they never use Why is this not a good idea when applying for a mortgage Previously given answer to part 2 Part 2 Year Age Maximum $ Contribution FV Calculation P Y and C Y 1 $ FV to end of 2023 Marie Eve 2023 (25) $6,000 $6,300 $6,300 Samuel 2023 (25) $6,000 $6,300 $6,300 Total 2023 (25) $12,000 $12,600 Explanation Both Marie Eve and Samuel have contributed the maximum TFSA amount of $6,000 each for the year 2023 Assuming a 5 effective annual return, the future value (FV) of their contributions to the end of 2023 is $6,300 each When combined, their total TFSA contributions for 2023 amount to $12,000, with a total FV of $12,600

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Here is the problem. What are the answers? Also, I will attach a previously given answer at the end of this question for part 2.

Here is the problem. What are the answers? Also, I will attach a previously given answer at the end of this question for part 2. The answer given had calculated 2023 tfsa only, but doesn't the question assume their TFSA began at 18? Why is it not calculated from 18-25? Marie-Eve and Samuel are meeting for the first time with a financial planner at their financial institution. They are planning the purchase of their first home by the end of this year and want to know more about government programs available to help them. Both have recently turned 25 and have contributed the maximum permitted to their TFSAs from gifts received from their parents. Only Samuel has an RRSP - currently valued at $65,000. They plan to use the funds in their TFSAs and draw down the maximum, if they qualify, under the Home Buyers' Plan towards the down payment and $15,000 of closing costs.

Part 1 (1 mark)

The first step in developing a financial plan is to establish financial goals. State, in a SMART fashion, the couple's primary financial goal.

Primary Financial Goal

Part 2 (2 marks)

How much has each contributed to a TFSA? Assuming each contribution was made at year-end and they have earned a 5% effective annual return, how much would they have to put toward a down payment by the end of this year (2023)? Their 2023 contribution will be made on December 31, 2023. Round to the nearest dollar. Expand the table as required.

Year	Age	Maximum $ Contribution	FV Calculation P/Y and C/Y = 1	$ FV to end of 2023



Total

Part 3 (3 marks)

Would the couple qualify to use the Home Buyers' Plan for their home purchase? Please explain the criteria needed. Expand the table as required. (1 mark)

Home Buyers' Plan
Criteria	Do they qualify?

Which additional federal government plan was proposed in 2022 to help them buy their first home? Briefly describe how would it work. Please identify your source. (2 marks)

Additional Federal Plan to help first time home buyers

Part 4 (1 mark)

If the couple uses the full amount in their TFSA and the maximum withdrawal available to them under the Home Buyers' Plan toward a down payment and closing costs, what is the maximum conventional mortgage they can take, assuming they qualify under the GDS and TDS ratios?

Maximum Conventional Mortgage Calculation

Part 5 (1 mark)

Marie-Eve and Samuel have 5 credits cards between them, 3 of which they never use. Why is this not a good idea when applying for a mortgage? Previously given answer to part 2: Part 2:

Year	Age	Maximum $ Contribution	FV Calculation P/Y and C/Y = 1	$ FV to end of 2023
Marie-Eve	2023 (25)	$6,000	$6,300	$6,300
Samuel	2023 (25)	$6,000	$6,300	$6,300
Total	2023 (25)	$12,000	-	$12,600

Explanation:

Both Marie-Eve and Samuel have contributed the maximum TFSA amount of $6,000 each for the year 2023. Assuming a 5% effective annual return, the future value (FV) of their contributions to the end of 2023 is $6,300 each. When combined, their total TFSA contributions for 2023 amount to $12,000, with a total FV of $12,600.