Posted: December 28th, 2021
Contribution Pension Plan Assignment | Homework For You
John and Juli Brown, a married couple, both 33 years of age. They have a 5 year old son who is in day-care near their rented apartment in North York. John is a supervisor with the Ontario government and Juli is a supervisor with a major bank, both employers are located downtown Toronto. John makes $70,000 a year and Juli earns $85,000 a year. Both have been working for their current employer for 10 years since their graduation from university. John’s employer offers a Defined Benefit pension plan and Juli’s employer offers a Defined Contribution pension plan. Both have their own RRSP accounts with a bank.
John has $35,000 in his RRSP account and Juli has $30,000 in her account. All funds are invested in one year GIC paying 1.5% interest. They are thinking of buying a house and location is irrelevant, as long as it is close to public transit. They have a joint bank investment account with $50,000 in GIC. They own a 7 years old car which worth about $5,000. Their monthly expenses totalled about $5,000 and their pay deductions amount to 30% of their gross earnings. Based on the above information, please prepare a financial plan for the Browns family containing discussions/analyses such as net worth, cash flow, retirement, investment, tax, and insurance. Finance homework help
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