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APPENDIX A: SYNOPSIS REPORT
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The following is a list of the information and assumptions that we have used
in developing your financial plan. Please ensure that this information is
correct and complete.
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General Information |
|
Detail |
James |
Joanne |
| Birth Date |
Aug 1965 |
Feb 1966 |
| Proposed Retirement Date |
Jan 2025 |
Jan 2016 |
| Disability Date |
Jan 2999 |
Jan 2999 |
| Life Expectancy |
Dec 2055 |
Dec 2056 |
| CPP/QPP Benefits start on |
Sep 2029 |
Mar 2030 |
| OAS Benefits start on |
Aug 2030 |
Feb 2031 |
| Qualify for % of Max. CPP/QPP Benefits |
100% |
100% |
| Qualify for % of OAS Benefits |
100% |
100% |
| Earned Income (1998) |
$60,000 |
$25,000 |
| Unused RRSP Deduction Room |
$7,200 |
$2,100 |
| Average Tax Rate |
35.0% |
35.0% |
| Marginal Tax Rate |
35.0% |
35.0% |
Inflation Rate: 3.00%
Investment Profile: Balanced
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Professional Advisors |
| Advisor |
Detail |
Date Last Revised |
| Lawyer |
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| Accountant |
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| Financial Advisor |
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| Does James have a will? |
No |
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| Does Joanne have a will? |
No |
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| Where are the wills kept? |
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| Power of Attorney |
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Regular Income |
| Income Source |
Member |
Applicable |
Amount |
Indexed |
| Salary |
James |
Jan 1 1999 to Dec 31 2024 |
$60,000 |
Yes |
| Salary |
Joanne |
Jan 1 1999 to Dec 31 2015 |
$25,000 |
Yes |
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Regular Expenses |
| Expense Source |
Member |
Start Date |
End Date |
While Working |
While Retired |
While Survivor |
Annual Amount |
Indexed |
| Housing |
Joanne |
Jan 1 1999 |
N/A |
100% |
0% |
75% |
$30,000 |
Yes |
| Retirement Goal |
Joanne |
Jan 1 1998 |
N/A |
0% |
100% |
100% |
$45,000 |
Yes |
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Semi-Regular Expenses |
| Expense Source |
Member |
Start Date |
End Date |
Every |
Amount |
Indexed |
| Cottage |
James |
Aug 1 2024 |
Aug 1 2024 |
5 years |
$40,000 |
Yes |
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Lifestyle Assets |
| Asset Name |
Purchase Date |
Purchase Amount |
Market Value |
Growth Rate |
| Split-Level Bungalow |
Dec 1 1990 |
$102,000 |
$122,400 |
2.0% |
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Portfolio Assets |
| Asset Name |
Market Value |
Cost Base |
Interest |
Dividend |
Capital Gain |
Deferred |
| Cottage Fund (Joint/Non-Reg.) |
$2,500 |
$2,500 |
0.00% |
3.00% |
3.00% |
2.00% |
| Our Retirement Fund (Joint/Non-Reg.) |
$1,500 |
$1,500 |
0.00% |
3.00% |
3.00% |
2.00% |
| Retirement Fund (Joint/Non-Reg.) |
$0 |
$0 |
0.00% |
3.00% |
3.00% |
2.00% |
| Mutual Fund (Joanne/RRSP) |
$15,291 |
$14,200 |
0.00% |
0.00% |
0.00% |
8.00% |
| Mutual Funds (James/RRSP) |
$25,636 |
$21,800 |
0.00% |
0.00% |
0.00% |
8.00% |
| ABC Company Stocks (Joint/Non-Reg.) |
$16,005 |
$15,705 |
|
3.00% |
3.00% |
2.00% |
You should note that the average rates of return that might be realized over
the long term depend on many factors, including rates of inflation and
the type of investment. Investment professionals use the following as guidelines
for the maximum long term rates of return to be used for projection
purposes: inflation plus 3 to 4% for Canadian bonds; inflation plus 6 to 8% for
developed country stocks (such as Canada and the United States); inflation plus
8 to 12% minus a currency adjustment which depends on the situation in
question for emerging market stocks. Projections for mutual funds should also
follow these guidelines.
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Regular Savings
Strategies |
| Asset Name |
Applicable |
Amount |
Indexed |
| Mutual Funds (James/RRSP) |
Jan 1 1998 to Dec 31 2024 |
$350/Month |
No |
| Mutual Fund (Joanne/RRSP) |
Jan 1 1998 to Dec 31 2015 |
$300/Month |
No |
| Cottage Fund (Joint/Non-Reg.) |
Jan 1 1999 to Jul 1 2024 |
$95/Month |
No |
| Retirement Fund (Joint/Non-Reg.) |
Jan 1 1999 to Dec 31 2015 |
$1,332/Month |
No |
This section of the report shows the savings that can be made regularly in
order to implement a disciplined savings plan. A regular savings plan will help
you reach your goals. We recommend that you pay yourself first by establishing a
regular savings program.
The savings required to fund your retirement can be reduced by taking advantage
of tax assisted savings. We recommend you do so by directing savings towards
your RRSP contributions from now until retirement, within the limits allowed
under the Income Tax Act.
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Lump Sum Asset Redemption
Strategies |
| Asset Name |
Applicable |
Amount |
Indexed |
| Cottage Fund (Joint/Non-Reg.) |
Aug 1 2024 |
$88,820 |
No |
Lump sum redemptions represent redemptions of your assets that occur on a one
time basis. Any redemptions planned for future years that are indexed by
inflation will be increased accordingly - refer to the Action Plan in the
appropriate years for the estimated amounts that will be required.
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Deficit Coverage
Strategies |
| Asset Name |
Applicable |
| Mutual Funds (James/RRSP) |
While Retired |
| Mutual Fund (Joanne/RRSP) |
While Retired |
| Retirement Fund (Joint/Non-Reg.) |
While Retired |
| Our Retirement Fund (Joint/Non-Reg.) |
While Retired |
This section of the report lists the assets that will be redeemed as
necessary to meet your income needs, particularly retirement income to support
your retirement lifestyle objectives.
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