Personal Financial Plan

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1 Personal Financial Plan Pete and Carrie Mitchell 918 Richmond Street Toronto, Ontario M5N 1V5 Disclaimer This document has been prepared to assist in the analysis of your current financial position, thereby helping to identify potential problem areas. Although great care has been taken to ensure the accuracy of all aspects of the document, it should be kept in mind that the various projections are based on numerous assumptions, and as such it is unlikely that the future will unfold exactly as illustrated. The investment and/or life insurance values projected within this plan should not be construed as a prediction or guarantee of future performance. This document is designed to help you chart the appropriate courses of action, and should be reviewed and revised regularly to ensure its timeliness and relevance to your changing financial position.

2 Personal Details Date of Financial Analysis Start of Financial Analysis Plan tes Jan 1, 26 Jan 1, 26 Annual Review Date: Title First Name Middle Name Last Name SIN Mr. Pete Mitchell Mrs. Carrie Mitchell Date of Birth Anticipated Retirement Age Date of Retirement Occupation Employer / Company v 24, v 24, 22 Pilot RareAir Mar 3, Mar 29, 22 Teacher MacDonald H.S. Address 918 Richmond Street City Toronto Ontario Postal Code M5N 1V5 Home phone # Business phone # Business fax # Mobile phone # Web Page Dependants Date of Birth Relationship Jane May 15, 1995 Daughter Tony Jan 25, 1997 Son E. & O.E. Page 2 of 2

3 Financial Situation Net Worth Assets n-registered investments RRSPs / Pensions Real estate / Other assets Total Assets 55, 16,24 45, 611,24 Liabilities Principal residence mortgage Other debts Total Liabilities Net Worth 15, 15, 12, 491,24 Sources of Income / Lifestyle Needs Pete Carrie Employment income Pensions & Government benefits RRSP / RRIF Investment income Other income Total Income Tax & Government programs After-tax income 75, 2,572 77,572 16,418 61,154 45, 1,7 46,7 1,394 35,675 Combined after-tax income 96,83 Debt service 15,6 Lifestyle needs 58, Disposable income 23,23 Retirement Objectives Lifestyle needs in today's $ 5, Plan to age 9 Pete Carrie Government benefits: CPP Include CPP Include CPP Government benefits: OAS Include OAS Include OAS Estate Planning Pete Carrie Survivor income needs Provide income to age 43,5 9 43,5 9 Final expenses / Bequests 25, 25, Group life insurance Other life insurance 225, 15, E. & O.E. Page 3 of 2

4 Priorities and Other Information Risk Profile Pete Carrie n-registered investments Registered investments Investment knowledge Moderate growth Moderate Aggressive Fair Moderate growth Moderate Aggressive Fair Suggested Allocation n-reg. Registered n-reg. Registered Cash Bonds: Canadian Bonds: Foreign Equity: Canadian Equity: Foreign U.S. Equity Specialty.% 3.% 1.% 4.% 2.%.%.%.% 1.% 1.% 6.% 1.% 5.% 5.%.% 3.% 1.% 4.% 2.%.%.%.% 1.% 1.% 6.% 1.% 5.% 5.% Areas of Concern Will and trust planning Estate planning Charitable giving Dependant survivor income needs Investment allocation / Risk Retirement income planning Education planning (RESP) Income splitting / tax planning Major purchases Debt elimination / management Life insurance needs Disability / critical illness insurance Professional Advisors Name & Address Phone Number Lawyer Accountant Investment advisor Life insurance agent Disability / CI insurance agent Property insurance agent Bank manager Trust officer Executor Documents Provided for Review Will and trust documents Power of Attorney for Personal Care Power of attorney for Property Last years tax return Current tax assessment Other documents: Investment / RRSP statements Pension statements Mortgage / Loan documents Insurance policies Corporate financial statements E. & O.E. Page 4 of 2

5 Assumptions Income Tax Assumptions The first year tax calculations are based on the current CRA T1 schedule. The tax calculations beyond the first year of the projections are based on the current CRA T1 schedule with the following assumptions: - Tax brackets and other income thresholds are indexed at inflation - CPP & OAS benefits are indexed at inflation minus 2.% (when included) Estate tax is calculated at second death (with no tax triggered on first death), at the top marginal rate of 46.41% The growth in non-sheltered investments is compounded after-tax at the following assumed marginal tax rates: Pete 45.% Carrie 45.% Joint-owned Index Assumptions Inflation Cash Bonds: Canadian Bonds: Foreign Equity: Canadian Equity: Foreign U.S. Equity Specialty Rate Interest Dividends 3.% 4.% 6.% 85.% 7.% 8.% 8.% 1.% 9.% 5.% 9.% 9.% Capital Gain 15.% 2.% 9.% 95.% 1.% 1.% Realized Gains 15.% 15.% 1.% 1.% 5.% 5.% Portfolio Turnover Pete Carrie Joint-owned n-registered RRSP / RRIF LRSP / MPP Can. For. Can. For. 1.% 25.% 5.% 25.% 5.% 1.% 25.% 5.% The projected returns for the various investment portfolios are calculated based on each year s asset allocation and the assumed return for each asset class. All index rates shown, including the rates of portfolio turnover, are the rates used in the first year of the projections. The assumed rates used beyond the first year may be different. Refer to the Return Assumptions documents for complete details. Investment savings Pete Carrie Joint-owned Investment withdrawals Pete Carrie Joint-owned n-registered RRSP / RRIF LRSP / MPP Monthly, First Day Monthly, Last Day Annual, First Day Annual, First Day Annual, Last Day n-registered RRSP / RRIF LRSP / MPP Annual, First Day Annual, First Day Annual, First Day Annual, First Day Annual, First Day te: The assumed frequency and timing of all investment activity is material to projected results. E. & O.E. Page 5 of 2

6 Goals & Objectives It s important that general financial objectives be broken down into specific, measurable, realistic and time-bound goals. Based on the information you provided, the following is a prioritized list of your individual goals: Provide for our children's education. Arrange our finances in such a way as to minimize income tax. Guarantee each other's financial security in the event of the other's death. Retire when Pete reaches 6 years of age. Accumulate sufficient assets for up to 3 years of retirement. Minimize taxes to our estate. Ensure that the cottage is kept within the family. E. & O.E. Page 6 of 2

7 Potential Problems and/or Opportunities Having analyzed your current financial situation and your stated goals, needs and priorities, the following problems and/or opportunities have been identified. Your current investment strategy and level of savings will probably not be sufficient to accumulate the assets necessary for you to be able to maintain your desired standard of living in retirement. You are paying more income tax in the higher tax brackets than you might otherwise have to, by not taking advantage of available income splitting strategies. You do not have sufficient life insurance to guarantee that either one of you would be able to maintain the desired standard of living in the event of the other's death. If Pete were to suffer a long term or permanent disability, you would have to significantly reduce your standard of living and possibly have to liquidate assets. This would in turn compromise your retirement income goals. E. & O.E. Page 7 of 2

8 Recommendations and Strategies This personal financial plan has been developed to offer suggestions as to how you might achieve your stated goals based on your current situation, needs, and priorities. Those recommendations are outlined below. It s important that you understand the advantages, disadvantages, costs, risks and time sensitivity associated with each of the strategies outlined. It s also important that you realize the consequences of not taking action. Don t hesitate to ask should you have any questions. Change your asset allocation strategy to one that is more consistent with your risk profile, for all of your investment portfolios. Adopt a buy and hold strategy to maximize tax savings in non-registered investments. Maximize RRSP contributions, making annual deposits at the beginning of each year. Pete's contributions should be made to a spousal plan to take advantage of the income splitting opportunity in retirement. Carrie should do the non-registered investing so as to take advantage of the room projected to be available in the lower tax bracket. Invest all excess cashflow until retirement. Draw enough income from Carrie's RRSP in the early years of retirement to take full advantage of the bottom tax bracket. Access non-registered investments to supplement retirement income, before drawing on Pete's RRSPs. E. & O.E. Page 8 of 2

9 Implementation and Monitoring Once you ve approved of the recommendations presented in this document, it s necessary to establish both how and when they ll be implemented. It s also important to decide on how often the financial plan should be reviewed, and what benchmarks will be used to measure success. Transfer RRSPs to new allocation. Maximize deposits to RRSPs by using non-registered savings. Move balance of non-registered to new allocation. Transfer RESP to new allocation and increase monthly deposits. Apply for changes to disability insurance. Apply for life insurance and arrange for medical. E. & O.E. Page 9 of 2

10 Risk Tolerance Suggested portfolio allocation based on risk tolerance Pete and Carrie Mitchell Personal Risk Tolerance: Pete Mitchell Suggested Asset Mix (A) n-registered Cash & Equivalents Bonds: Canadian Bonds: Foreign Equity: Canadian Equity: Foreign U.S. Equity Specialty (B) Registered Risk Tolerance (A) (B) Aggressive Moderate Aggressive Moderate Growth Moderate Conservative Cash & Bonds Equity Equivalents Canadian Foreign Canadian Foreign U.S. Equity Specialty (A) n-registered Allocation 3% 1% 4% 2% (B) Registered Allocation 1% 1% 6% 1% 5% 5% Personal Risk Tolerance: Carrie Mitchell Suggested asset mix (A) n-registered Cash & Equivalents Bonds: Canadian Bonds: Foreign Equity: Canadian Equity: Foreign U.S. Equity Specialty (B) Registered Risk Tolerance (A) (B) Aggressive Moderate Aggressive Moderate Growth Moderate Conservative Cash & Bonds Equity Equivalents Canadian Foreign Canadian Foreign U.S. Equity Specialty (A) n-registered Allocation 3% 1% 4% 2% (B) Registered Allocation 1% 1% 6% 1% 5% 5% Model Portfolios Cash & Bonds Equity Equivalents Canadian Foreign Canadian Foreign U.S. Equity Specialty n-registered Conservative 6% 2% 2% Moderate 2% 3% 1% 4% Moderate Growth 3% 1% 4% 2% Moderate Aggressive 1% 1% 5% 2% 5% 5% Aggressive 6% 3% 5% 5% Registered Conservative 6% 2% 2% Moderate 2% 3% 1% 4% Moderate Growth 3% 1% 4% 2% Moderate Aggressive 1% 1% 6% 1% 5% 5% Aggressive 7% 2% 5% 5% E. & O.E. Page 1 of 2

11 Retirement Capital Needs Projected retirement income compared to lifestyle goals Pete and Carrie Mitchell Lifestyle Needs Lifestyle Goal % of Goal Lifestyle Goal 85,713 1% Conservative 81,947 96% Moderate 95, % Aggressive 11, % 15, 1, 5, Retirement capital needs planning is the process of calculating the fixed after-tax income you expect to receive in retirement from sources such as pensions and government benefits, then comparing it to your retirement lifestyle goals. The difference is the amount that you must provide from investments such as RRSPs and other non-registered savings. Having done this you can then calculate the total capital that will be necessary based on different asset allocations and return assumptions. It is also possible to calculate the sort of income you may expect in the future based on your current savings and investment plans. The graph above compares your projected lifestyle goals in retirement with what you can realistically expect as a retirement lifestyle, assuming three sample asset allocations with varying degrees of risk. Depending on your current investment allocation and the level of risk you are prepared to accept, it may be necessary to adjust your planned lifestyle goals. The chart below compares your future projected lifestyle needs to your after-tax fixed income from all sources. Also charted is the amount of after-tax income that you can expect to generate from your income producing assets such as RRSPs and other non-registered savings. 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, Investment Income Income: Carrie Income: Pete Lifestyle Goal Any projected shortfall indicates a need for planning. As all available resources have already been considered in assessing the accumulation requirements however, there are few alternatives to consider. Today s lifestyle can be scaled back to free up additional capital for investment, or the lifestyle goal in retirement can be reduced to a level that can be supported by the projected accumulations. Alternatively, new planning strategies can be formulated to maximize returns on available resources in order to reach the accumulation target. Tax efficient investments and an appropriate asset allocation strategy can also help you to meet your retirement goals. E. & O.E. Page 11 of 2

12 Retirement Capital Needs Projected capital required at retirement compared to available capital Pete and Carrie Mitchell Income Producing Assets Amount Return Projected Assets 984, % Conservative 1,79, % Moderate 787, % Aggressive 74,93 8.4% 1,5, 1,, 5, The chart above shows the amount of capital you will require in order to fund the retirement lifestyle you ve indicated you wish to have. How your assets are allocated will determine how much money you will require at retirement based on past performance, conservative investors will require a higher level of savings. The projected assets heading represents your assets as they are currently invested. The chart below illustrates how different asset allocations would effect your ability to retire at a certain date. Each crossover point, which is where a line representing one of the three sample allocations meets the projected assets, indicates a point in time where accumulations should be sufficient to meet your goals assuming the investment strategy indicated by the line graph is employed. The more conservative the approach, the larger the pool of capital that will be required at retirement. Your investment strategy between now and retirement will dictate the annual savings level required to meet your goals. 1,6, 1,4, 1,2, 1,, 8, 6, 4, 2, Projected Assets Conservative Moderate Aggressive With any retirement planning analysis, if there is an indication that you may not be able to meet your goals, there are generally only three courses of action you can take. First you can choose to do nothing, this will ultimately force you to reduce your need for income in the future by working longer or spending less resulting in a lowering of planned lifestyle. Second you can save more now, this will have an impact on your current standard of living forcing you to reduce what you are now spending on such things as entertainment, vacations and other discretionary items. Third you can better manage your resources, this requires developing strategies for investment and taxes to maximize the future growth of your assets so you will have the capital necessary at your planned retirement date to provide you with the lifestyle you want. E. & O.E. Page 12 of 2

13 6 Retirement Capital Needs Projected capital required at retirement compared to available capital Pete and Carrie Mitchell After-Tax Lifestyle Retirement NPV of Retirement Deficiency Available Year Age Fixed Inc. Needs Deficiency Conservative Moderate Aggressive Capital ,974 73,6 53, , , , ,58 75,34 558,469 37, , , ,366 77, ,51 33, , , ,777 78, ,6 355, ,94 211, ,194 8,88 65, , , , ,713 82, ,1 41,876 34, , ,83 84, , , , , ,515 86,66 756, ,819 4,336 42, ,12 85, ,36 51,43 433, , ,616 87, , ,713 47, , ,468 89, , ,866 59,933 68, ,78 92, , ,16 552, , ,593 87,69 975, , ,2 77, ,584 85,175 1,26,96 732, ,532 87, ,972 85,713 (14,259) 1,79, ,748 74,93 984, ,79 77,898 53,189 1,149, ,88 777,495 1,67, ,451 8,235 49,784 1,146, ,61 779,736 1,88, ,619 82,642 5,23 1,147, , ,159 1,115, ,159 85,122 51,962 1,147, , ,793 1,143, ,163 87,675 52,513 1,145,43 877,5 797,49 1,172, ,86 9,36 49,22 1,143, ,251 83,33 1,23, ,123 93,15 44,892 1,145,1 89, ,831 1,228, ,18 95,85 46,625 1,152,564 95, ,123 1,26, ,596 98,679 49,84 1,158, , ,435 1,293, ,794 11,64 51,846 1,161,16 93,48 858,14 1,324, ,325 14,689 56,364 1,161,69 939, ,753 1,351, ,444 17,83 59,385 1,155, , ,55 1,373, ,1 111,64 62,55 1,146, ,55 881,422 1,391, , ,396 66,137 1,133, , ,21 1,47, ,62 117,828 68,766 1,115,56 937, ,646 1,413, , ,363 71,526 1,92, , ,96 1,416, ,72 125,4 74,32 1,65, , ,5 1,399, , ,754 77,198 1,33, , ,992 1,38, , ,617 8, ,49 871, ,939 1,357, , ,595 83, ,52 843,426 84,816 1,33, ,225 14,693 86,468 97,874 89,35 775,87 1,299, , ,914 89, ,59 769,27 739,17 1,264, ,83 149,261 93, , , ,418 1,224, ,39 153,739 96,7 726,46 667, ,67 1,179, ,18 158,351 1,334 65,819 64,26 587,355 1,128,992 E. & O.E. Page 13 of 2

14 6 Retirement Capital Needs Projected capital required at retirement compared to available capital Pete and Carrie Mitchell After-Tax Lifestyle Retirement NPV of Retirement Deficiency Available Year Age Fixed Inc. Needs Deficiency Conservative Moderate Aggressive Capital ,82 163,12 14, , , ,448 1,72, , ,995 18, , 45, ,16 1,7, , ,35 113,16 372,61 356, , , , , , , , , , , , , , ,86 131, ,273 E. & O.E. Page 14 of 2

15 6 Retirement Capital Needs Projected annual savings verses retirement income Pete and Carrie Mitchell Deposit Annual Savings Required Reduction to Retirement Lifestyle Year Age (Withdrawal) Conservative Moderate Aggressive Conservative Moderate Aggressive ,347 35,16 17,879 13, ,686 37,159 18,28 12, ,217 39,312 18,384 12, ,87 41,571 18,357 11, ,346 43,94 18,53 1, ,934 46,431 17,379 9, ,39 49,52 16,189 6, ,498 51,889 14,348 3, ,63 54,958 11,514 (1,88) ,84 57,84 6,655 (8,25) ,492 6,897 (99) (18,841) ,292 65,823 (11,554) (33,957) ,548 71,822 (31,79) (6,768) ,64 77,253 (75,971) (119,956) ,312 83,44 (219,31) (35,477) 3,766 (1,4) (15,679) (36,9) 3,331 (1,76) (16,567) (34,742) 2,414 (12,41) (17,992) (36,783) 1,377 (13,454) (19,555) (4,528) 17 (15,54) (21,311) 2 65 (42,65) (1,254) (16,893) (23,317) (39,974) (2,847) (18,97) (25,51) (38,344) (4,156) (2,534) (27,254) (42,279) (5,598) (22,283) (29,122) (47,359) (7,257) (24,238) (31,192) 25 7 (53,858) (9,158) (26,419) (33,48) (61,45) (11,19) (28,684) (35,833) (66,16) (13,43) (31,12) (38,339) (69,354) (15,945) (33,797) (41,72) (79,246) (18,847) (36,838) (44,159) 3 75 (8,538) (21,743) (39,776) (47,12) (81,626) (25,178) (43,234) (5,557) (83,9) (27,827) (45,699) (52,931) (84,59) (31,47) (48,78) (55,839) (86,43) (34,983) (52,47) (59,427) 35 8 (88,534) (39,865) (57,24) (63,923) (9,93) (46,17) (62,887) (69,655) (93,551) (53,929) (7,487) (77,117) (96,577) (64,369) (8,61) (87,89) (99,913) (78,69) (94,514) (1,861) 4 85 (13,576) (98,932) (114,537) (12,754) E. & O.E. Page 15 of 2

16 6 Retirement Capital Needs Projected annual savings verses retirement income Pete and Carrie Mitchell Deposit Annual Savings Required Reduction to Retirement Lifestyle Year Age (Withdrawal) Conservative Moderate Aggressive Conservative Moderate Aggressive (18,84) (129,916) (145,33) (151,426) (115,473) (181,494) (196,861) (22,971) (121,283) (284,555) (3,521) (36,865) (126,696) (594,15) (613,482) (621,165) 45 9 (132,69) (623,543) (637,896) (643,679) E. & O.E. Page 16 of 2

17 RRSP / RRIF Projected investment values Pete Mitchell Investment Allocation Cash:.% Bond: 4, 2.% Equity: 16, 8.% Total: 2, Registered Retirement Savings Plans (RRSPs) are one of the few (if not the last) tax shelters available to Canadians, and they should be used to the maximum extent possible. t only do they offer an immediate tax deduction for amounts contributed into the plan, any money earned inside the plan is not taxed until it is withdrawn, presumable at retirement when one is in a lower tax bracket. In order to maximize the value of your RRSPs you should contribute the maximum allowable each year and make each year's contribution as early in the year as possible. Ultimate accumulations also depend on how well you manage your portfolio of investments. A self-directed RRSP allows you to choose from a wide variety of investments and also take advantage of potentially lucrative foreign markets. 1, 8, 6, 4, Annual Withdraw al Annual Deposit Minimum Withdraw al 2, A RRIF offers the maximum flexibility in retirement income planning, as it allows you to maintain control over the investments held as well as the opportunity to control the level of income. You can start a RRIF at any age, but once started there is a minimum amount which must be taken into income each year. Your RRSPs must be matured no later than the year in which you turn 69, allowing you to delay the receipt of income until your age 7 if you wanted to. Although this can sometimes be advantageous, you should remember that RRSPs were designed to produce income. They are not intended to be used as an estate planning tool. Tax eventually must be paid on all RRSPs, either during retirement as the funds are drawn for income, or ultimately in the estate. Although RRSPs may be rolled over to a spouse at death, when the surviving spouse dies all remaining balances become fully taxable as income in the year of death. 8, 7, 6, 5, 4, 3, 2, 1, Year End Balance Deferred Tax E. & O.E. Page 17 of 2

18 RRSP / RRIF Projected investment values Carrie Mitchell Investment Allocation Cash:.% Bond: 5, 2.% Equity: 2, 8.% Total: 25, Registered Retirement Savings Plans (RRSPs) are one of the few (if not the last) tax shelters available to Canadians, and they should be used to the maximum extent possible. t only do they offer an immediate tax deduction for amounts contributed into the plan, any money earned inside the plan is not taxed until it is withdrawn, presumable at retirement when one is in a lower tax bracket. In order to maximize the value of your RRSPs you should contribute the maximum allowable each year and make each year's contribution as early in the year as possible. Ultimate accumulations also depend on how well you manage your portfolio of investments. A self-directed RRSP allows you to choose from a wide variety of investments and also take advantage of potentially lucrative foreign markets. 6, 5, 4, 3, 2, 1, Annual Withdraw al Annual Deposit Minimum Withdraw al A RRIF offers the maximum flexibility in retirement income planning, as it allows you to maintain control over the investments held as well as the opportunity to control the level of income. You can start a RRIF at any age, but once started there is a minimum amount which must be taken into income each year. Your RRSPs must be matured no later than the year in which you turn 69, allowing you to delay the receipt of income until your age 7 if you wanted to. Although this can sometimes be advantageous, you should remember that RRSPs were designed to produce income. They are not intended to be used as an estate planning tool. Tax eventually must be paid on all RRSPs, either during retirement as the funds are drawn for income, or ultimately in the estate. Although RRSPs may be rolled over to a spouse at death, when the surviving spouse dies all remaining balances become fully taxable as income in the year of death. 7, 6, 5, 4, 3, 2, 1, Year End Balance Deferred Tax E. & O.E. Page 18 of 2

19 n-registered Investments Projected investment values Pete Mitchell Investment Allocation Cash:.% Bond: 12, 4.% Equity: 18, 6.% Total: 3, Diversification is an important element in any investment strategy, as it can help to reduce exposure to risk. A good investment plan should provide the best possible return for the degree of risk you are willing to assume. It must be kept in mind however, that there are different kinds of risk. Market risk or volatility is not the only kind of risk. There is also the risk of declining interest rates as well as the potential for erosion of purchasing power due to inflation. Your investment plan must also take into account tax considerations. Certain types of investment returns are fully taxed at an investor s top marginal rate, while other types of return feature significant tax advantages: Interest is fully taxable each year at your top marginal rate. Dividends are taxable as received, but those from Canadian companies are eligible for preferred tax treatment through the Dividend Tax Credit. Capital Gains are only 5% taxable when realized. In the case of mutual funds, a percentage of gains must usually be reported each year even if shares are not disposed of, due to investment turnover within the fund. 25, 2, 15, Annual Withdraw al Annual Deposit 1, 5, The key to maximizing the growth of your investment portfolios is to strike the right balance between using tax efficient investments to your advantage and maintaining the right asset allocation relevant to your risk profile, accumulation requirements, and life cycle. Your asset allocation needs will change over time, and periodic realignments of a portfolio can force taxable gains. The following graph offers an overview of how your position is likely to develop in the future based on your present investment strategy, including your current asset mix and plans for saving and investing. 2, 15, 1, 5, Year End Balance Deferred Tax E. & O.E. Page 19 of 2

20 n-registered Investments Projected investment values Carrie Mitchell Investment Allocation Cash:.% Bond: 1, 4.% Equity: 15, 6.% Total: 25, Diversification is an important element in any investment strategy, as it can help to reduce exposure to risk. A good investment plan should provide the best possible return for the degree of risk you are willing to assume. It must be kept in mind however, that there are different kinds of risk. Market risk or volatility is not the only kind of risk. There is also the risk of declining interest rates as well as the potential for erosion of purchasing power due to inflation. Your investment plan must also take into account tax considerations. Certain types of investment returns are fully taxed at an investor s top marginal rate, while other types of return feature significant tax advantages: Interest is fully taxable each year at your top marginal rate. Dividends are taxable as received, but those from Canadian companies are eligible for preferred tax treatment through the Dividend Tax Credit. Capital Gains are only 5% taxable when realized. In the case of mutual funds, a percentage of gains must usually be reported each year even if shares are not disposed of, due to investment turnover within the fund. 3, 25, 2, 15, 1, 5, Annual Withdraw al Annual Deposit The key to maximizing the growth of your investment portfolios is to strike the right balance between using tax efficient investments to your advantage and maintaining the right asset allocation relevant to your risk profile, accumulation requirements, and life cycle. Your asset allocation needs will change over time, and periodic realignments of a portfolio can force taxable gains. The following graph offers an overview of how your position is likely to develop in the future based on your present investment strategy, including your current asset mix and plans for saving and investing. 2, 15, 1, Year End Balance Deferred Tax 5, E. & O.E. Page 2 of 2

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