| How much will be needed to cover immediate expenses? |
|
||
| Funeral expenses |
0
|
0
|
Funeral Expenses
Funeral costs can range from $5,000 (simple cremation) to $20,000 (full service burial). |
| Mortgage paydown |
0
|
0
|
Mortgage paydown
Enter the outstanding balance of your mortgage. If unsure, enter the original mortgage amount. |
| Loans, credit cards |
0
|
0
|
Loans, credit cards
Enter the total amount of bank loans, car loans, credit card balances and lines of credit. |
| Legal, executor fees |
0
|
0
|
Legal, executor fees
Executor fees can be as high as 5% of the value of the estate. |
| Probate fees |
0
|
0
|
Probate fees
Probate fees can range from 0% to 1.5% of the value of your estate. |
| Taxes |
0
|
0
|
Taxes
Taxes may be owed on the collapse of RRSPs/RRIFs or capital gains on deemed dispositions. |
| Education fund | |||
| Cost per year |
0
|
0
|
Education fund
Annual education costs (tuition and room and board) can range from $15,000 to $25,000 per year. |
| Years to be funded |
0
|
0
|
|
| Number of children |
0
|
0
|
|
| Current funding available (RESPs) |
0
|
0
|
Current funding
Enter the current value of any education funds such as RESPs. |
| Subtotal |
0
|
0
|
|
| Emergency fund |
0
|
0
|
Emergency fund
Three to six months of salary is a reasonable amount to cover unexpected expenses. |
| Gifts and bequests |
0
|
0
|
Gifts and bequests
Enter an amount you want to leave to a charity or foundation. |
|
Other
|
0
|
0
|
Other Expenses
This includes other major expenses such as child care, home repairs or a child's wedding. |
|
Other
|
0
|
0
|
|
| Total cash needs | $0 | $0 |
| How much future income is needed to sustain your survivors? |
|
||
| Annual household income |
0
|
0
|
Annual Household Income
Enter your combined annual household income (before-tax). |
| Percent of annual income needed if you die (maximum value 100%) |
0.00
|
0.00
|
Percent of Income Needed
How much income will your family need to maintain their current lifestyle if you die. |
| Subtotal |
0
|
0
|
|
| Less: | |||
| Partner's available income |
0
|
0
|
Partner's Income
Enter your surviving partner's income (before-tax). |
|
Other
|
0
|
0
|
|
|
Other
|
0
|
0
|
|
| Subtotal |
0
|
0
|
|
| Annual income shortage |
0
|
0
|
Annual Income Shortage
This is the annual income that needs to be by funded by proceeds (capital) from life insurance. |
|
|
|
Deplete/Retain Capital
Do you want to use up the capital (deplete) that will generate the income or retain it? |
|
| How long will you need the extra income? |
0
|
0
|
Years of income
Number of years your family will need the capital to provide for living expenses and income. |
| Rate of return (maximum value 16%) |
0.00
|
0.00
|
Rate of Return
Enter the rate of return that will be earned by the capital.
Input Error: Rate of Return
Enter a value between and %. |
| Inflation rate (maximum value 5%) |
0.00
|
0.00
|
Inflation Rate
Enter a rate to index your annual income and protect it from inflation.
Input Error: Inflation Rate
Enter a value between and %. |
| Total needed to meet income shortage | $0 | $0 | |
| How much do you have to meet cash and income needs? |
|
||
| Savings |
0
|
0
|
Savings
Total you have in cash, chequing accounts, savings accounts or other accounts. |
| Non-registered investments |
0
|
0
|
Non-Registered Investments
Total you have in mutual funds, stocks, bonds and annuities that aren't in your RRSP or TFSA. |
| Registered investments |
0
|
0
|
Registered investments
Don't include TFSAs and RRSPs that are set aside for your retirement. |
| Existing life insurance |
0
|
0
|
Existing Insurance
Include all existing life insurance plans, group plans and mortgage insurance. |
| CPP death benefit |
2,500
|
2,500
|
CPP Death Benefit
Canada Pension Plan death benefit is a one-time payout of $2,500 paid to your estate. |
|
Other
|
0
|
0
|
Other Assets
If your survivors might sell your house, car, business or farm assets, include their value here. |
|
Other
|
0
|
0
|
|
|
Other
|
0
|
0
|
|
| Total available assets | $0 | $0 |
Disclaimer
