RESP Suitability and Affordability Guide

ESTIMATE YOUR TOTAL MONTHLY NET HOUSEHOLD INCOME

SUBSCRIBER

JOINT SUBSCRIBER

Net employment income including commission and employer pensions $ Net employment income including commission and employer pensions $
Net business and self employment income (Any business-related income you receive ) $ Net business and self employment income (Any business-related income you receive ) $
Net income from government sources(child tax benefits, universal childcare allowance etc. ) $ Net income from government sources (child tax benefits, universal childcare allowance etc. ) $
Net spousal and child support received $ Net spousal and child support received $
Net investment Income (Income you earn from investments such as stocks or mutual funds) $ Net investment Income (Income you earn from investments such as stocks or mutual funds) $
Net rental income $ Net rental income $
Net income from other sources: $ Net income from other sources: $
TOTAL AMOUNTS FROM ALL INCOME SOURCES $ A TOTAL AMOUNTS FROM ALL INCOME SOURCES $ B

ESTIMATED MONTHLY EXPENSES AND CONTRACTUAL
OBLIGATIONS

ESTIMATED MONTHLY DISPOSABLE INCOME
AND AFFORDABILITY GUIDELINE ASSESSMENT

Payments on loans and debts including payments
on credit card balances not paid off monthly
$ Monthly net income estimate for subscriber $ A
Mortgage / Condo Fees / Property Taxes / Rent /
Utilities / Internet / Cell Phone / etc.
+ $ Monthly net income estimate for joint subscriber $ B
Groceries + $ Combined estimated monthly net income (subtotal) $
Clothing + $ Estimated monthly expenses and contractual obligations $ C
Childcare Expenses + $ Monthly Estimated Disposable Income $ D
Transportation ( gas, parking, repairs, and public transit ) + $

Maximum monthly contribution for all proposed
new HEFI Education Savings Plans is 50% of the Estimated Disposable Income

D x .50

$ E
Other contractual obligations including contributions
on education savings plans currently in place
+ $
Miscellaneous: Life Insurance / Mortgage Insurance / Auto Insurance / Alimony / Child Support / etc. + $

Maximum annual contributions for all proposed new HEFI Education Savings Plans

E x 12

$ F
TOTAL (sum of all expenses above) = $ C

ESTIMATED HOUSEHOLD NET WORTH – Provide an estimated value of the household’s liquid assets, fixed assets and liabilities

Liquid Assets (e.g. mutual funds, stocks, bonds, GICs, bank accounts) $
Fixed Assets (e.g. real estate, motor vehicles) + $
Total Assets (sub-total) = $
Liabilities (e.g. mortgage, personal and motor vehicle loans) – $
Total debts:
Estimated Net Worth (total) = $

OVERVIEW:

Based upon your net monthly household income and your estimated net worth, this suitability guide was designed to help you evaluate the affordability and manageability of making a long term RESP commitment. Once you have completely filled in the form above you can click on the summary button below. The data that you inputted will then be processed and a brief summary will be displayed for you to read. Except for in the case of affordability issues , any available government education grants will be factored in as well. If you reside in one of the 4 provinces listed to the right then be sure to check the corresponding button.

Total CESG ( Canada Education Savings Grant ) $
Total CLB ( Canada Learning Bond ) $
Mirror Monthly Plan $
Total BC Training and Education Savings Grant $
Alberta ACEs Education Savings Grant $
Total Saskatchewan Savings Grant $
Total Quebec Education Grant $
TOTAL Combined CESG, CLB, and BCTESG Benefits $


DISCLAIMER: This suitability guide is strictly a tool intended to help you better understand your overall finances picture and the feasibility of entering in to a long term RESP contract. Please work together with your financial advisor to establish a more comprehensive RESP strategy. It is not a recommendation whether to purchase or not to purchase a specific RESP product or even how much you should contribute to an RESP , but rather a basis for discussion between yourself and your advisor. Savii financial Concepts takes no responsibility for any financial decisions made based upon the use of this guide.

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