Jacintha and Anil (aged 34 and 32, respectively) are married with a 1-year-old daughter named Kayla. They live in an apartment in Mississauga, which is located 30 km. west of Toronto. Jacintha works as a director for a communications company and earns $105,500. Anil works part-time in the hospitality industry and earns $40,000. If Anil worked full-time, his income would increase to $63,000 and monthly daycare costs would be $1,850 per month. They currently do not spend anything on daycare as their work schedules allow one parent to always be home. Jacintha receives excellent employment benefits through her work, including life and disability insurance, as well as health and dental benefits. Anil receives no benefits through his work however he is covered under Jacintha's plan. During your discovery meeting, you identified that the couple has not drafted a will or power of attorney, however they have purchased a term-20-joint-first-to-die life insurance policy with a death benefit of $2,000,000. If anything were to happen to them both, they would like Anil's sister, Lauren, to become Kayla's legal guardian. The couple has two goals. Their primary goal is to ensure they can fund Kayla's post-secondary education costs at an annual cost of $10,000 per year for four years, starting when Kayla is 17. Jacintha mentioned that she was the first person in her family to attend post-secondary education and wanted her daughter to have the same opportunity that she had. You have calculated that the couple will need to save $705 per month to fund their daughter's education. The couple's second goal is to retire with an annual after-tax income of $80,000 when Jacintha turns 60 years old. During your discovery meeting, you discovered that the couple plans to travel heavily during the first 10 years of their retirement, followed by a period where they will slow down, spending more time with their grandchildren and friends. You have calculated that the pensions the couple will receive, including their CPP and OAS pensions, and Jacintha's employment pension, will suffice to cover their retirement expenses. The couple's most recent Notice of Assessments show that Jacintha has $49,872 in RRSP carry forward room, while Anil has $22,828. Jacintha's pension adjustment averages about $12,000 per year. Neither Jacintha nor Anil have ever contributed to a TFSA. The couple rents a large 2-bedroom apartment for which they pay $2,950 monthly. They like living in city centre, and cannot afford to buy in their neighbourhood, but do worry that they may need more space as Kayla gets older. They also own two cars; a Honda Pilot worth $30,000 and a Subaru worth $7,500. There is a $20,000 loan outstanding on the Honda with an interest rate of 7.5% and 3 years until it is fully paid off.

The couple have been saving any excess cash they have into a joint non-registered saving account that pays 1.0% interest. The account currently has $29,485 in it. Based on the couple's bills, they have the following monthly expenses: Utilities of $400 Insurance of $600 Car loan payment of $622 Food expenses of $1,300 Transportation expenses of $500 Communications (Cable TV, internet, and cell phones) expenses of $550 Entertainment and Extracurricular Expenses of $600 The couple also have the following expenses each year: Travel Expenses of $6,000