Family Finance asked Derek Moran, head of Smarter Financial Planning Ltd. in Kelowna, B.C., to work with Stuart and Celia. His goal: Unravel their various pension incomes.Article content
Stuart and Celia have done a good job of building value in their children’s Registered Education Savings Plans. The present total is $61,103. They contribute $352 per month, $176 per child, or $2,112 per child, per year. If the parents continue to add $4,224 per year until the elder child is 17 and the government grant portion stops, and then $2,112 for three more years until the younger one can no longer receive the grant, they will have amassed $77,300 or $38,650 per child.
Or, when someone has a $90k/year net pension. That’s crazy. This example isn’t even realistic
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