Reference no: EM133290563
Question: A couple comes to you for financial advice. Partner A is 35 years old, and Partner B is 30 years old.
Partner A is a natural Canadian citizen; Partner B is a foreign-born who has lived and worked in Canada for the past two years. They happened to meet at a business conference 4 years ago and developed a romantic relationship that brings them to live together in Canada.
Both partners earn $60 000 annually. They admit to having very little financial knowledge and tell you their employers contribute a total of $9000 annually to something called a Group RRSP. They know this because their tax preparation specialist told them that, and that their current investment plan earns an average of 5% annually.
They do not know very much about retirement benefits available in Canada, and so cannot speak to what they might expect once they retire. They estimate that, given their lifestyle choices, they could invest another $6 000 annually. They have heard about RRSPs, TFSAs, and even something called nonregistered investments- but do not really know what these terms are.
Suppose they chose investments that generated a 6% investment return and chose to retire when Partner B reached 60 years of age.
What government benefits would they be eligible for, and why? Are there any they would not be eligible for, and why? Does eligibility for government programs influence your recommendations, and why?
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