Family assets are complicated. Roger and Jan have already made preparations for retirement. They recently sold $400,000 worth of raw land, leaving them with $600,000 of undeveloped land. Their RRSPs have a value of $588,000, plus $145,000 in their TFSAs, an $18,000 RESP and $7,000 in a Registered Disability Savings Plan. In addition to their financial assets, they also own a truck and a car, together worth $55,000 and a rare car worth $400,000.
If the couple’s remaining land appreciates in value and they are able to sell it for $700,000, then they can pay off their remaining mortgage and car loans, total $661,000. They would have $39,000 of cash left, which can go to the family RESP, which currently holds $18,000. That combined sum, growing for the five years to Mary’s age 17 at three per cent per year after inflation, would rise to $66,100.
Roger’s TFSA with a $60,000 current balance and additions of $6,000 per year will grow to a value of $208,420 in 15 years with the same assumptions. The TFSA will then be able to add $9,417 of non-taxable income per year to his age 95.
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