Today you are meeting with Reanna and Brent Smith. You have worked with them before as they have been long-time clients of Naitlab Financial. Reanna is a local realtor in town and has often referred business your way. Brent is a Head Manager at Staples in town, and he has been employed there since graduating from NAIT with his BBA in Management going on now seven years; that is where he met Reanna, who graduated with her BBA in Finance. When you met with the couple, you found out the following information. Reanna had not filed her taxes for the last three years. Sadly, while she thought her bookkeeper was filing her income taxes, Reanna came to find out that they had not been filed for the previous three years! Reanna has since fired the bookkeeper and hired an accountant to review her taxes for the years not filed. Reanna has a tax bill of $35,000. This year has been slow for house sales; she needs a loan to pay this tax debt immediately. You have verified Reanna's gross income from her last two years' Notice of Assessments (as her income fluctuates). Reanna makes, on average, $95,875/year. Brent has provided his paystub to you – you have calculated his gross income at $85,000. The Smith's house is currently appraised at $565,000. The mortgage was for $452,000 with a 5-year term, amortized over 25 years at 4.72%. They have made 15 payments of $2557.27 a month (including interest) on the mortgage. This branch approved the mortgage. Taxes are $250 a month, and heating is estimated at $150. They had saved for their down payment on their mortgage from bonuses and years of good sales for Breanna. Brent mentioned that he has recently inherited some land 400 km north of Edmonton, raw land valued at $45,000, with a monthly property tax amount of $75/month. Together they have two vehicles; Reanna drives a 2022 Lexus valued at $49,900 because image matters in Real Estate. Reanna has a lease on the Lexus with a monthly expense of $690.75, with two more years left the Credit bureau shows a balance of $16578.23 remaining. Brent has a 2018 Ford Escape valued at $32,500, which is a clear title. They have a joint Chequing account with a balance of $3275.23 and a savings account with $5665.23. They have yet to establish RRSPs and would like to discuss that with you later. For the remaining of their liabilities, Reanna has a TD Visa with a limit of $15000 and is currently maxed out, which she uses for her work; you note that her credit rating on this account is R1. Brent has a Servus Union Mastercard with a limit of $10,000 and a balance of 8500. At Naitlab financial, they have an unsecured line of credit they used to renovate their basement. The limit is $20,000; they have brought the balance down to 13,450.25. Both Mastercard and the line of credit show R1 – though there is one R2 on Brent's Mastercard. He missed a couple of payments a few years ago when he forgot to update his mailing address when they moved. 

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Help the Smiths find a solution that best suits them.