Prepared for Mr. John Smith, Mrs Jane Smith March 13, PDF Free Download

Prepared for Mr. John Smith, Mrs Jane Smith March 13, 2013 Dan Dean, B.Sc., CFP, CLU DAN DEAN Financial 13135 156 Street NW Edmonton(Alberta) T5V 1V2 Telephone:780-487-7903 Fax:780-944-0683 deandanr@gmail.com Copyright 1999-2012 Planiste ltd.

March 13, 2013 Mr. John Smith, Mrs Jane Smith Personal Retirement Optimizer and Estate Analysis Imagination serving your well-being! This document is the result of a series of calculations applied to your personal situation. The information contained in this simulation is taken from the interview that we conducted. PRO and Estate is specially designed for those who want to properly prepare themselves for retirement and analyze their tax liability upon death. For the retirement perspective, the simulation evaluates your standard of living now and at retirement, and, with the help of tools and original calculations, establishes the optimum method of withdrawing your investments with the goal of maintaining your standard of living objective. The projections are made using assumed rate of return, inflation and income increases. On the estate side, the application identifies and isolates taxable assets at death and applies a different treatment whether they are rolled over to the spouse or not. PRO and Estate calculates each years the latent income tax in relation with withdrawals, deposits, growth and future transactions. With PRO and Estate, it is now possible to forecast with a comfortable level of precision the tax liability by simulating the reputed disposition of all assets each year. Depending on the outcome, we will be in a position to recommend right away some reliable strategies to help you fulfill your retirement and estate objectives. Regards, * Warning: The results of this simulation are based on information provided to us. We ensure the fiscal legitimacy and accuracy of mathematical calculations used in the simulation, but are not able to verify specific data included in this document. The returns used for this simulation are not guaranteed and all future projections are included as a general guide and do not represent a prediction of your financial future. Dan Dean, B.Sc., CFP, CLU DAN DEAN Financial Page 2 of 30

TABLE OF CONTENTS Introduction... 2 Summary... 4 Statement of net worth... 5 Current standard of living... 6 After retirement standard of living objective, current scenario... 7 Standard of living simulation at retirement, current scenario... 8 Balance sheet simulation, current scenario... 9 Estate Simulation, current scenario... 10 Optimizations... 11 Standard of living simulation at retirement, optimized scenario... 12 Balance sheet simulation, optimized scenario... 13 Estate Simulation, optimized scenario... 14 Income projection... 15 Quebec / Canadian Benefits... 17 Registered portfolio simulation (RRSP/RRIF)... 19 Non-registered portfolio simulation... 21 TFSA Simulation... 23 Insurance policies... 25 Balance sheet at Year End... 27 Estate... 29 Page 3 of 30

Summary PERSONAL INFORMATION Client Spouse Name: Mr. John Smith Mrs Jane Smith Date of Birth: 1/1/1959 6/6/1960 Current age: 54 52 Retirement age: 65 65 FINANCIAL INFORMATION Current Gross Annual Income (Employment): $70,000 $30,000 Expected annual contributions to RRSP: Annual deposit to the TFSA: Annual deposit to non-registered savings: $0 $0 Current standard of living $70,000 $30,000 Desired standard of living after retirement with inflation: $74,602 $12,682 ASSUMPTIONS Inflation rate: 2.0 % 2.0 % Rate of increase in income until retirement: 2.0 % 2.0 % RRSP Investment returns before retirement 3.0 % 3.0 % RRSP Investment returns after retirement 3.0 % 3.0 % Return on non-registered investments before retirement 3.0 % 3.0 % Return on non-registered investments after retirement 3.0 % 3.0 % Holding company provided yield rate before retirement 3.0 % 3.0 % Holding company provided yield rate after retirement 3.0 % 3.0 % Locked-In account rate before retirement 3.0 % 3.0 % Locked-In account rate after retirement 3.0 % 3.0 % Page 4 of 30

Statement of net worth According to data received as at: March 13, 2013 ASSETS Client Spouse Couple LIABILITIES Client Spouse Couple Investments Non-registered investments $100,000 $25,000 $125,000 TFSA $20,000 $20,000 $40,000 Registered investments $100,000 $50,000 $150,000 Mortgages Home $50,000 $50,000 $100,000 Other liabilities Real estate Home $250,000 $250,000 $500,000 Rental Properties Rental Home $125,000 $125,000 $250,000 Other Assets Total assets $595,000 $470,000 $1,065,000 Total Liabilities $50,000 $50,000 $100,000 Net worth $545,000 $420,000 $965,000 Page 5 of 30

Current standard of living Calculation of the current standard of living Effective tax rate * Before tax After tax Current income Client Spouse Client Spouse Client Spouse Gross employment income (average annual bonus included) $70,000 $30,000 Net income from rental properties $0 $0 Other taxable income $0 $0 Government benefits $0 $0 Registered annuity $0 $0 Prescribed annuity (taxable portion) $0 $0 Defined benefit pension plan $0 $0 Taxable dividends (before gross-up) $0 $0 Holding company dividends $0 $0 Investment income $3,000 $750 Minimum withdrawals from RIF $0 $0 Subtotal $73,000 $30,750 Personal contributions to the QPP / CPP / E.I. / DBPP / Union $0 $0 $0 $0 Personal contributions to an RRSP / RPP $0 $0 $0 $0 Tax savings $0 $0 $0 $0 Total taxable income 22.9 % 13.2 % $73,000 $30,750 $56,305 $26,768 Annual savings $0 $0 $0 $0 Investment income reinvested ($3,000) ($750) ($2,314) ($651) Non Taxable income $0 $0 $0 $0 Amount from your investment income used to maintain your standard of living $0 $0 $0 $0 Total current standard of living $70,000 $30,000 $53,991 $26,117 * The effective tax rate is calculated after dividend gross-up and includes investment income (interest) Page 6 of 30

After retirement standard of living objective, current scenario Before tax After tax Calculation of the standard of living objective at retirement Client Spouse Client Spouse Current standard of living $70,000 $30,000 $53,991 $26,117 Change in current spending End of liability payments ($15,558) ($13,832) ($12,000) ($12,000) Standard of living after retirement before inflation $54,442 $16,168 $41,991 $14,117 Standard of living after retirement (with 2% inflation) $67,692 $20,505 $52,211 $17,904 Standard of living chosen by you, the client (with 2% inflation) $74,602 $12,682 $57,451 $12,512 Page 7 of 30

Standard of living simulation at retirement, current scenario $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 54 59 64 69 74 79 84 89 94 99 Client 53 58 63 68 73 78 83 88 93 98 Spouse Estimated Standard of Living (couple) Desired Standard of Living (couple) Client retirement age Spouse retirement age Client life expectancy Spouse life expectancy Page 8 of 30

Balance sheet simulation, current scenario $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 ($200,000) 54 59 64 69 74 79 84 89 94 99 Client 53 58 63 68 73 78 83 88 93 98 Spouse Balance of savings Balance of private plans Holding Company Total household assets Total liabilities Page 9 of 30

Family estate simulation, current scenario $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 54 59 64 69 74 79 84 89 94 99 Client 53 58 63 68 73 78 83 88 93 98 Spouse Survivor Life Expectancy Latent taxes Taxable assets Insurance policies Non taxable assets Page 10 of 30

Optimizations List of selected optimizations Maximize TFSA usage Income Splitting Standard of living Variations Increase RRSP Contributions Increase Savings Description A TFSA is a flexible savings tool that Canadian residents can contribute to each year and then withdraw the funds at their discretion in order to meet any need. Individuals can deposit amounts in the TFSA throughout their adult life and are not required to make withdrawals at any given age. It is also possible to contribute to your spouse s TFSA without breaking the income attribution rules. This optimization allows for an increase in your TFSA contributions and the pooling of both spouses' savings, which increases this tool's potential efficiency. In 2007, new income tax regulations regarding retirement income splitting between spouses came into effect. They basically consists of transferring income to the spouse with the lowest effective tax rate. In certain cases, this strategy could reduce the couple s tax burden, allowing each individual to obtain the pension revenue credit and recover the OAS. The income splitting takes place each year when the income tax returns are completed. The retirement age and desired standard of living were determined at the beginning of the analysis. In order to attain your initial objective, it is possible to make certain modifications to the assumptions. This could mean delaying your retirement by several years to allow for further growth of capital in the RRSP, stopping the indexation of your income or perhaps applying variations to your standard of living for a specific period of time. In the optimized scenario, some assumptions (see commentary for details) are modified to help you attain your retirement objective. The RRSP remains one of the most efficient retirement planning tools. RRSP contributions allow you to reduce your taxable income (deduction) and the growth within the plan remains tax sheltered. In the optimized scenario, we have modified your RRSP contribution (see commentary for details) to help you reach your retirement goal or at least, close the gap between the objective and the current situation. At times, a combination of RRSP and government plans is not sufficient to meet retirement objectives. Increasing deposits to non-registered savings plans is a viable optimization solution. Page 11 of 30

Standard of living simulation at retirement, optimized scenario $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 54 59 64 69 74 79 84 89 94 99 Client 53 58 63 68 73 78 83 88 93 98 Spouse Estimated Standard of Living (couple) Desired Standard of Living (couple) Client retirement age Spouse retirement age Client life expectancy Spouse life expectancy Page 12 of 30

Balance sheet simulation, optimized scenario $2,200,000 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 ($200,000) 54 59 64 69 74 79 84 89 94 99 Client 53 58 63 68 73 78 83 88 93 98 Spouse Balance of savings Balance of private plans Holding Company Total household assets Total liabilities Page 13 of 30

Family estate simulation, optimized scenario $2,200,000 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 54 59 64 69 74 79 84 89 94 99 Client 53 58 63 68 73 78 83 88 93 98 Spouse Survivor Life Expectancy Latent taxes Taxable assets Insurance policies Non taxable assets Page 14 of 30

Income projection, optimized scenario Gross employment income Other income 1 Total government benefits Registered savings Non-reg d w/drwls (Net) Non-reg d w/drwls (Gross) Contributions to different plans Estimated standard of living Desired standard of living Income surplus (deficit) 54 53 $100,000 $0 $0 $0 $0 $0 $17,701 $82,299 $82,299 $0 55 54 $102,000 $0 $0 $0 $0 $0 $17,699 $84,301 $84,301 $0 56 55 $104,040 $0 $0 $0 $0 $0 $17,740 $86,300 $86,300 $0 57 56 $106,121 $0 $0 $0 $0 $0 $17,771 $88,350 $88,350 $0 58 57 $108,243 $0 $0 $0 $0 $0 $17,802 $90,441 $90,441 $0 59 58 $110,408 $0 $0 $0 $0 $0 $17,832 $92,577 $92,577 $0 60 59 $112,616 $0 $0 $0 $0 $0 $17,851 $94,766 $94,766 $0 61 60 $114,869 $0 $0 $0 $0 $0 $17,880 $96,989 $96,989 $0 62 61 $117,166 $0 $0 $0 $0 $0 $17,908 $99,258 $99,258 $0 63 62 $119,509 $0 $0 $0 $0 $0 $17,936 $101,573 $101,573 $0 64 63 $121,899 $0 $0 $0 $0 $0 $18,031 $103,868 $103,868 $0 65 64 $37,301 $15,000 $15,427 $0 $37,995 $44,509 $9,027 $103,210 $103,210 $0 66 65 $16,261 $15,300 $23,658 $0 $37,576 $44,242 $3,878 $95,583 $95,583 $0 67 66 $0 $15,606 $29,803 $0 $38,480 $45,144 $0 $90,552 $90,552 $0 68 67 $0 $15,918 $34,855 $0 $38,954 $45,688 $0 $96,461 $92,364 $4,098 69 68 $0 $16,236 $35,552 $0 $39,792 $46,602 $0 $98,390 $94,211 $4,180 70 69 $0 $16,561 $36,263 $0 $37,766 $47,534 $0 $100,358 $96,095 $4,263 71 70 $0 $16,892 $36,988 $0 $40,876 $48,485 $0 $102,365 $98,017 $4,349 72 71 $0 $17,230 $37,728 $17,384 $26,285 $32,071 $0 $104,413 $99,977 $4,435 73 72 $0 $17,575 $38,483 $28,768 $27,539 $33,635 $0 $118,460 $101,977 $16,483 74 73 $0 $17,926 $39,252 $27,817 $28,819 $35,199 $0 $120,194 $104,016 $16,178 75 74 $0 $18,285 $40,037 $26,896 $30,100 $36,766 $0 $121,985 $106,097 $15,888 76 75 $0 $18,651 $40,838 $26,021 $31,371 $38,321 $0 $123,831 $108,219 $15,612 77 76 $0 $19,024 $41,655 $25,157 $32,668 $39,908 $0 $125,744 $110,383 $15,361 78 77 $0 $19,404 $42,488 $24,312 $33,961 $41,489 $0 $127,694 $112,591 $15,104 79 78 $0 $19,792 $43,338 $23,506 $35,298 $43,073 $0 $129,709 $114,842 $14,867 80 79 $0 $20,188 $44,205 $22,728 $36,678 $44,664 $0 $131,785 $117,139 $14,646 81 80 $0 $20,592 $45,089 $21,970 $38,082 $46,269 $0 $133,919 $119,482 $14,436 1 - Other income includes: Corporate dividends, Part-time employment, Integrated defined benefit plans, Non-integrated defined benefit plans, Registered annuities, Prescribed annuities, Withdrawals from non-registered investments, Net rental income and other income Page 15 of 30

Income projection, optimized scenario Gross employment income Other income 1 Total government benefits Registered savings Non-reg d w/drwls (Net) Non-reg d w/drwls (Gross) Contributions to different plans Estimated standard of living Desired standard of living Income surplus (deficit) 82 81 $0 $21,004 $45,990 $21,222 $39,514 $47,891 $0 $136,108 $121,872 $14,236 83 82 $0 $21,424 $46,910 $20,505 $40,960 $49,511 $0 $138,350 $124,309 $14,041 84 83 $0 $21,852 $47,848 $19,810 $42,440 $51,151 $0 $140,662 $126,795 $13,866 85 84 $0 $22,289 $48,805 $19,127 $43,951 $52,806 $0 $143,028 $129,331 $13,697 86 85 $0 $22,735 $49,782 $18,462 $43,647 $52,258 $0 $143,236 $129,331 $13,905 87 86 $0 $23,190 $50,777 $17,813 $43,267 $51,682 $0 $143,462 $129,331 $14,131 88 87 $0 $23,653 $51,793 $17,186 $42,838 $51,072 $0 $143,705 $129,331 $14,373 89 88 $0 $24,127 $52,829 $16,574 $42,392 $50,437 $0 $143,967 $129,331 $14,636 90 89 $0 $24,609 $53,885 $15,975 $41,914 $49,774 $0 $144,243 $129,331 $14,912 91 90 $0 $25,101 $54,963 $15,393 $41,022 $49,079 $0 $144,536 $129,331 $15,205 92 91 $0 $25,603 $56,062 $14,819 $39,212 $48,363 $0 $144,847 $129,331 $15,516 93 92 $0 $26,115 $57,183 $14,250 $38,579 $47,621 $0 $145,170 $129,331 $15,839 94 93 $0 $26,638 $58,327 $13,691 $39,110 $46,851 $0 $145,507 $129,331 $16,176 95 94 $0 $27,170 $59,494 $13,014 $38,966 $46,181 $0 $145,859 $129,331 $16,528 96 95 $0 $27,714 $60,683 $11,380 $39,162 $46,363 $0 $146,140 $129,331 $16,809 97 96 $0 $28,268 $61,897 $33,369 $15,143 $18,030 $0 $141,564 $129,331 $12,233 98 97 $0 $28,833 $63,135 $15,213 $21,217 $25,802 $0 $132,984 $129,331 $3,652 99 98 $0 $29,410 $64,398 $0 $11,656 $13,474 $0 $107,281 $129,331 ($22,050) 100 99 $0 $0 $31,399 $0 $0 $0 $0 $31,399 $18,476 $12,923 101 100 $0 $0 $14,424 $0 $0 $0 $0 $14,424 $7,925 $6,498 1 - Other income includes: Corporate dividends, Part-time employment, Integrated defined benefit plans, Non-integrated defined benefit plans, Registered annuities, Prescribed annuities, Withdrawals from non-registered investments, Net rental income and other income Page 16 of 30

Quebec / Canadian Benefits, optimized scenario QPP/CPP Old Security Pension Reimbursement of transfer payments Total government benefits 54 53 $0 $0 $0 $0 55 54 $0 $0 $0 $0 56 55 $0 $0 $0 $0 57 56 $0 $0 $0 $0 58 57 $0 $0 $0 $0 59 58 $0 $0 $0 $0 60 59 $0 $0 $0 $0 61 60 $0 $0 $0 $0 62 61 $0 $0 $0 $0 63 62 $0 $0 $0 $0 64 63 $0 $0 $0 $0 65 64 $12,150 $3,277 $0 $15,427 66 65 $16,974 $6,684 $0 $23,658 67 66 $20,801 $9,002 $0 $29,803 68 67 $21,217 $13,638 $0 $34,855 69 68 $21,641 $13,911 $0 $35,552 70 69 $22,074 $14,189 $0 $36,263 71 70 $22,516 $14,473 $0 $36,988 72 71 $22,966 $14,762 $0 $37,728 73 72 $23,425 $15,058 $0 $38,483 74 73 $23,894 $15,359 $0 $39,252 75 74 $24,372 $15,666 $0 $40,037 76 75 $24,859 $15,979 $0 $40,838 77 76 $25,356 $16,299 $0 $41,655 78 77 $25,863 $16,625 $0 $42,488 79 78 $26,381 $16,957 $0 $43,338 80 79 $26,908 $17,296 $0 $44,205 81 80 $27,446 $17,642 $0 $45,089 82 81 $27,995 $17,995 $0 $45,990 83 82 $28,555 $18,355 $0 $46,910 84 83 $29,126 $18,722 $0 $47,848 Page 17 of 30

Quebec / Canadian Benefits, optimized scenario QPP/CPP Old Security Pension Reimbursement of transfer payments Total government benefits 85 84 $29,709 $19,097 $0 $48,805 86 85 $30,303 $19,479 $0 $49,782 87 86 $30,909 $19,868 $0 $50,777 88 87 $31,527 $20,266 $0 $51,793 89 88 $32,158 $20,671 $0 $52,829 90 89 $32,801 $21,084 $0 $53,885 91 90 $33,457 $21,506 $0 $54,963 92 91 $34,126 $21,936 $0 $56,062 93 92 $34,809 $22,375 $0 $57,183 94 93 $35,505 $22,822 $0 $58,327 95 94 $36,215 $23,279 $0 $59,494 96 95 $36,939 $23,744 $0 $60,683 97 96 $37,678 $24,219 $0 $61,897 98 97 $38,431 $24,704 $0 $63,135 99 98 $39,200 $25,198 $0 $64,398 100 99 $17,710 $13,688 $0 $31,399 101 100 $8,000 $6,424 $0 $14,424 Page 18 of 30

Registered portfolio simulation (RRSP/RRIF), optimized scenario Starting balance Utilization of unused contribution room Contribution 1 Investment income Desired minimum RRIF withdrawal Minimum required withdrawal Withdrawal to cover the desired standard of living Ending balance 54 53 $150,000 $4,000 $8,000 $4,740 $0 $0 $0 $162,740 55 54 $162,740 $4,000 $8,000 $5,122 $0 $0 $0 $175,862 56 55 $175,862 $4,308 $8,000 $5,516 $0 $0 $0 $189,378 57 56 $189,378 $5,926 $8,000 $5,921 $0 $0 $0 $203,299 58 57 $203,299 $7,657 $8,000 $6,339 $0 $0 $0 $217,638 59 58 $217,638 $8,000 $8,000 $6,769 $0 $0 $0 $232,408 60 59 $232,408 $8,000 $8,000 $7,212 $0 $0 $0 $247,620 61 60 $247,620 $8,000 $8,000 $7,669 $0 $0 $0 $263,288 62 61 $263,288 $8,000 $8,000 $8,139 $0 $0 $0 $279,427 63 62 $279,427 $8,000 $8,000 $8,623 $0 $0 $0 $296,050 64 63 $296,050 $8,000 $8,000 $9,121 $0 $0 $0 $313,171 65 64 $313,171 $4,333 $4,333 $9,525 $0 $0 $0 $327,030 66 65 $327,030 $2,000 $2,000 $9,871 $0 $0 $0 $338,901 67 66 $338,901 $0 $0 $10,167 $0 $0 $0 $349,068 68 67 $349,068 $0 $0 $10,472 $0 $0 $0 $359,540 69 68 $359,540 $0 $0 $10,786 $0 $0 $0 $370,326 70 69 $370,326 $0 $0 $11,110 $0 $0 $0 $381,436 71 70 $381,436 $0 $0 $11,443 $0 $0 $0 $392,879 72 71 $392,879 $0 $0 $11,265 $0 $17,384 $0 $386,760 73 72 $386,760 $0 $0 $10,740 $0 $28,768 $0 $368,732 74 73 $368,732 $0 $0 $10,227 $0 $27,817 $0 $351,143 75 74 $351,143 $0 $0 $9,727 $0 $26,896 $0 $333,974 76 75 $333,974 $0 $0 $9,239 $0 $26,021 $0 $317,192 77 76 $317,192 $0 $0 $8,761 $0 $25,157 $0 $300,796 78 77 $300,796 $0 $0 $8,295 $0 $24,312 $0 $284,778 79 78 $284,778 $0 $0 $7,838 $0 $23,506 $0 $269,110 80 79 $269,110 $0 $0 $7,391 $0 $22,728 $0 $253,773 81 80 $253,773 $0 $0 $6,954 $0 $21,970 $0 $238,758 82 81 $238,758 $0 $0 $6,526 $0 $21,222 $0 $224,062 1 - Contribution includes : Transfered amounts at death Page 19 of 30

Non-registered portfolio simulation, optimized scenario Annual deposit Lump sum Income surplus at retirement Tax on income surplus at retirement Tax on disposition of assets Transfers 1 Investment income Tax on investment income Cumulative withdrawal 2 Ending balance 3 54 53 $8,000 $0 $0 $0 $0 $0 $3,990 $810 $0 $136,180 55 54 $8,000 $0 $0 $0 $0 $0 $4,325 $864 $0 $147,641 56 55 $8,000 $0 $0 $0 $0 $0 $4,669 $942 $0 $159,368 57 56 $8,000 $0 $0 $0 $0 $0 $5,021 $1,018 $0 $171,371 58 57 $8,000 $0 $0 $0 $0 $0 $5,381 $1,098 $0 $183,655 59 58 $8,000 $0 $0 $0 $0 $0 $5,750 $1,180 $0 $196,224 60 59 $8,000 $0 $0 $0 $0 $0 $6,127 $1,262 $0 $209,089 61 60 $8,000 $0 $0 $0 $0 $0 $6,513 $1,351 $0 $222,251 62 61 $8,000 $0 $0 $0 $0 $0 $6,908 $1,442 $0 $235,716 63 62 $8,000 $0 $0 $0 $0 $0 $7,311 $1,537 $0 $249,491 64 63 $8,000 $0 $0 $0 $0 $0 $7,725 $1,685 $0 $263,530 65 64 $4,000 $0 $0 $0 $0 $0 $8,026 $1,179 $37,995 $236,383 66 65 $1,710 $0 $0 $0 $0 $0 $7,143 $918 $37,576 $206,741 67 66 $0 $0 $0 $0 $0 $0 $6,202 $594 $38,480 $173,870 68 67 $0 $0 $4,098 $296 $0 $0 $5,216 $552 $38,954 $143,381 69 68 $0 $0 $4,180 $321 $0 $0 $4,301 $416 $39,792 $111,333 70 69 $0 $0 $4,263 $727 $8,758 $346,733 $3,340 $572 $37,766 $414,311 71 70 $0 $0 $4,349 $503 $0 $0 $12,429 $1,600 $40,876 $388,109 72 71 $0 $0 $4,435 $659 $0 $0 $11,643 $1,819 $26,285 $375,425 73 72 $0 $0 $16,483 $2,987 $0 $0 $11,263 $2,041 $27,539 $370,603 74 73 $0 $0 $16,178 $2,933 $0 $0 $11,118 $2,015 $28,819 $364,133 75 74 $0 $0 $15,888 $2,881 $0 $0 $10,924 $1,981 $30,100 $355,984 76 75 $0 $0 $15,612 $2,832 $0 $0 $10,680 $1,937 $31,371 $346,136 77 76 $0 $0 $15,361 $2,787 $0 $0 $10,384 $1,884 $32,668 $334,542 78 77 $0 $0 $15,104 $2,740 $0 $0 $10,036 $1,821 $33,961 $321,159 79 78 $0 $0 $14,867 $2,683 $0 $0 $9,635 $1,739 $35,298 $305,940 1 - This column includes transactions for any fixed assets and special project. 2 - Cumulative withdrawal includes: Standard of living and Transfer to TFSA 3 - This column includes insurance premiums. Page 21 of 30

Non-registered portfolio simulation, optimized scenario Annual deposit Lump sum Income surplus at retirement Tax on income surplus at retirement Tax on disposition of assets Transfers 1 Investment income Tax on investment income Cumulative withdrawal 2 Ending balance 3 80 79 $0 $0 $14,646 $2,619 $0 $0 $9,178 $1,641 $36,678 $288,826 81 80 $0 $0 $14,436 $2,554 $0 $0 $8,665 $1,533 $38,082 $269,757 82 81 $0 $0 $14,236 $2,490 $0 $0 $8,093 $1,416 $39,514 $248,666 83 82 $0 $0 $14,041 $2,425 $0 $0 $7,460 $1,288 $40,960 $225,494 84 83 $0 $0 $13,866 $2,361 $0 $0 $6,765 $1,152 $42,440 $200,171 85 84 $0 $0 $13,697 $2,297 $0 $0 $6,005 $1,007 $43,951 $172,619 86 85 $0 $0 $13,905 $2,291 $0 $0 $5,179 $853 $43,647 $144,911 87 86 $0 $0 $14,131 $2,301 $0 $0 $4,347 $708 $43,267 $117,113 88 87 $0 $0 $14,373 $2,317 $0 $0 $3,513 $566 $42,838 $89,278 89 88 $0 $0 $14,636 $2,335 $0 $0 $2,678 $427 $42,392 $61,438 90 89 $0 $0 $14,912 $2,355 $0 $0 $1,843 $291 $41,914 $33,633 91 90 $0 $0 $15,205 $2,376 $0 $0 $1,009 $158 $34,485 $12,830 92 91 $0 $0 $15,516 $2,406 $0 $0 $385 $60 $13,155 $13,110 93 92 $0 $0 $15,839 $2,462 $0 $0 $393 $61 $13,443 $13,377 94 93 $0 $0 $16,176 $2,522 $0 $0 $401 $63 $13,716 $13,654 95 94 $0 $0 $16,528 $2,582 $0 $0 $410 $64 $13,999 $13,946 96 95 $0 $0 $16,809 $2,610 $0 $0 $418 $65 $14,299 $14,198 97 96 $0 $0 $12,233 $1,959 $0 $0 $426 $68 $14,559 $10,271 98 97 $0 $0 $12,847 $2,283 $0 $0 $308 $55 $21,089 $0 99 98 $0 $0 $13,474 $1,818 $0 $0 $0 $0 $11,656 $0 100 99 $102,758 $0 $12,923 $1,259 $0 $0 $0 $0 $2,758 $111,664 101 100 $0 $0 $6,498 $2,572 $0 $0 $3,350 $1,326 $0 $117,613 1 - This column includes transactions for any fixed assets and special project. 2 - Cumulative withdrawal includes: Standard of living and Transfer to TFSA 3 - This column includes insurance premiums. Page 22 of 30

TFSA Simulation, optimized scenario Starting balance Annual deposit Investment income Withdrawal to cover the desired standard of living Withdrawals for asset needs Ending balance 54 53 $40,000 $0 $1,200 $0 $0 $41,200 55 54 $41,200 $0 $1,236 $0 $0 $42,436 56 55 $42,436 $0 $1,273 $0 $0 $43,709 57 56 $43,709 $0 $1,311 $0 $0 $45,020 58 57 $45,020 $0 $1,351 $0 $0 $46,371 59 58 $46,371 $0 $1,391 $0 $0 $47,762 60 59 $47,762 $0 $1,433 $0 $0 $49,195 61 60 $49,195 $0 $1,476 $0 $0 $50,671 62 61 $50,671 $0 $1,520 $0 $0 $52,191 63 62 $52,191 $0 $1,566 $0 $0 $53,757 64 63 $53,757 $0 $1,613 $0 $0 $55,369 65 64 $55,369 $0 $1,661 $0 $0 $57,030 66 65 $57,030 $0 $1,711 $0 $0 $58,741 67 66 $58,741 $0 $1,762 $0 $0 $60,504 68 67 $60,504 $0 $1,815 $0 $0 $62,319 69 68 $62,319 $0 $1,870 $0 $0 $64,188 70 69 $64,188 $0 $1,926 $0 $0 $66,114 71 70 $66,114 $0 $1,983 $0 $0 $68,097 72 71 $68,097 $0 $2,043 $0 $0 $70,140 73 72 $70,140 $0 $2,104 $0 $0 $72,244 74 73 $72,244 $0 $2,167 $0 $0 $74,412 75 74 $74,412 $0 $2,232 $0 $0 $76,644 76 75 $76,644 $0 $2,299 $0 $0 $78,943 77 76 $78,943 $0 $2,368 $0 $0 $81,312 78 77 $81,312 $0 $2,439 $0 $0 $83,751 79 78 $83,751 $0 $2,513 $0 $0 $86,264 80 79 $86,264 $0 $2,588 $0 $0 $88,852 81 80 $88,852 $0 $2,666 $0 $0 $91,517 82 81 $91,517 $0 $2,746 $0 $0 $94,263 83 82 $94,263 $0 $2,828 $0 $0 $97,090 Page 23 of 30

TFSA Simulation, optimized scenario Starting balance Annual deposit Investment income Withdrawal to cover the desired standard of living Withdrawals for asset needs Ending balance 84 83 $97,090 $0 $2,913 $0 $0 $100,003 85 84 $100,003 $0 $3,000 $0 $0 $103,003 86 85 $103,003 $0 $3,090 $0 $0 $106,093 87 86 $106,093 $0 $3,183 $0 $0 $109,276 88 87 $109,276 $0 $3,278 $0 $0 $112,554 89 88 $112,554 $0 $3,377 $0 $0 $115,931 90 89 $115,931 $0 $3,478 $0 $0 $119,409 91 90 $119,409 $0 $3,582 $6,537 $0 $116,454 92 91 $116,454 $0 $3,494 $26,057 $0 $93,891 93 92 $93,891 $0 $2,817 $25,137 $0 $71,571 94 93 $71,571 $0 $2,147 $25,394 $0 $48,324 95 94 $48,324 $0 $1,450 $24,967 $0 $24,806 96 95 $24,806 $0 $744 $24,863 $0 $688 97 96 $688 $0 $21 $584 $0 $125 98 97 $125 $0 $4 $128 $0 $0 99 98 $0 $0 $0 $0 $0 $0 100 99 $0 $0 $0 $0 $0 $0 101 100 $0 $0 $0 $0 $0 $0 Page 24 of 30

Insurance, optimized scenario Actual Individual Insurance Actual first-to-die Insurance Actual last-to-die Insurance Recommended Individual Insurance Recommended first-to-die Insurance Recommended last-to-die Insurance Total Insurance Policies 54 53 $150,000 $0 $0 $0 $0 $0 $150,000 55 54 $150,000 $0 $0 $0 $0 $0 $150,000 56 55 $150,000 $0 $0 $0 $0 $0 $150,000 57 56 $150,000 $0 $0 $0 $0 $0 $150,000 58 57 $150,000 $0 $0 $0 $0 $0 $150,000 59 58 $150,000 $0 $0 $0 $0 $0 $150,000 60 59 $150,000 $0 $0 $0 $0 $0 $150,000 61 60 $150,000 $0 $0 $0 $0 $0 $150,000 62 61 $150,000 $0 $0 $0 $0 $0 $150,000 63 62 $150,000 $0 $0 $0 $0 $0 $150,000 64 63 $150,000 $0 $0 $0 $0 $0 $150,000 65 64 $150,000 $0 $0 $0 $0 $0 $150,000 66 65 $150,000 $0 $0 $0 $0 $0 $150,000 67 66 $150,000 $0 $0 $0 $0 $0 $150,000 68 67 $150,000 $0 $0 $0 $0 $0 $150,000 69 68 $150,000 $0 $0 $0 $0 $0 $150,000 70 69 $150,000 $0 $0 $0 $0 $0 $150,000 71 70 $150,000 $0 $0 $0 $0 $0 $150,000 72 71 $150,000 $0 $0 $0 $0 $0 $150,000 73 72 $150,000 $0 $0 $0 $0 $0 $150,000 74 73 $150,000 $0 $0 $0 $0 $0 $150,000 75 74 $150,000 $0 $0 $0 $0 $0 $150,000 76 75 $150,000 $0 $0 $0 $0 $0 $150,000 77 76 $150,000 $0 $0 $0 $0 $0 $150,000 78 77 $150,000 $0 $0 $0 $0 $0 $150,000 79 78 $150,000 $0 $0 $0 $0 $0 $150,000 80 79 $150,000 $0 $0 $0 $0 $0 $150,000 81 80 $150,000 $0 $0 $0 $0 $0 $150,000 82 81 $150,000 $0 $0 $0 $0 $0 $150,000 83 82 $150,000 $0 $0 $0 $0 $0 $150,000 Page 25 of 30

Balance sheet at Year End, optimized scenario Balance from nonregistered portfolios Balance from registered portfolios Holding Company Amount Residences (main / secondary) Assets for personal use Total household assets Rental properties *Values rounded to thousand dollars ($). Total assets Total liabilities Total net worth before tax 54 53 177 163 0 510 0 510 255 1 105 79 1 026 55 54 190 176 0 520 0 520 260 1 146 57 1 089 56 55 203 189 0 531 0 531 265 1 188 34 1 154 57 56 216 203 0 541 0 541 271 1 232 11 1 221 58 57 230 218 0 552 0 552 276 1 276 0 1 276 59 58 244 232 0 563 0 563 282 1 321 0 1 321 60 59 258 248 0 574 0 574 287 1 367 0 1 367 61 60 273 263 0 586 0 586 293 1 415 0 1 415 62 61 288 279 0 598 0 598 299 1 464 0 1 464 63 62 303 296 0 609 0 609 305 1 514 0 1 514 64 63 319 313 0 622 0 622 311 1 565 0 1 565 65 64 293 327 0 634 0 634 317 1 572 0 1 572 66 65 265 339 0 647 0 647 323 1 575 0 1 575 67 66 234 349 0 660 0 660 330 1 573 0 1 573 68 67 206 360 0 673 0 673 336 1 575 0 1 575 69 68 176 370 0 686 0 686 343 1 575 0 1 575 70 69 480 381 0 700 0 700 0 1 562 0 1 562 71 70 456 393 0 714 0 714 0 1 563 0 1 563 72 71 446 387 0 728 0 728 0 1 561 0 1 561 73 72 443 369 0 743 0 743 0 1 555 0 1 555 74 73 439 351 0 758 0 758 0 1 548 0 1 548 75 74 433 334 0 773 0 773 0 1 540 0 1 540 76 75 425 317 0 788 0 788 0 1 531 0 1 531 77 76 416 301 0 804 0 804 0 1 521 0 1 521 78 77 405 285 0 820 0 820 0 1 510 0 1 510 79 78 392 269 0 837 0 837 0 1 498 0 1 498 80 79 378 254 0 853 0 853 0 1 485 0 1 485 81 80 361 239 0 871 0 871 0 1 471 0 1 471 Page 27 of 30

Balance sheet at Year End, optimized scenario Balance from nonregistered portfolios Balance from registered portfolios Holding Company Amount Residences (main / secondary) Assets for personal use Total household assets Rental properties *Values rounded to thousand dollars ($). Total assets Total liabilities Total net worth before tax 82 81 343 224 0 888 0 888 0 1 455 0 1 455 83 82 323 210 0 906 0 906 0 1 438 0 1 438 84 83 300 196 0 924 0 924 0 1 420 0 1 420 85 84 276 182 0 942 0 942 0 1 400 0 1 400 86 85 251 168 0 961 0 961 0 1 380 0 1 380 87 86 226 155 0 980 0 980 0 1 362 0 1 362 88 87 202 142 0 1 000 0 1 000 0 1 344 0 1 344 89 88 177 129 0 1 020 0 1 020 0 1 326 0 1 326 90 89 153 116 0 1 040 0 1 040 0 1 310 0 1 310 91 90 129 104 0 1 061 0 1 061 0 1 294 0 1 294 92 91 107 92 0 1 082 0 1 082 0 1 281 0 1 281 93 92 85 80 0 1 104 0 1 104 0 1 269 0 1 269 94 93 62 68 0 1 126 0 1 126 0 1 256 0 1 256 95 94 39 57 0 1 149 0 1 149 0 1 244 0 1 244 96 95 15 47 0 1 172 0 1 172 0 1 233 0 1 233 97 96 10 15 0 1 195 0 1 195 0 1 220 0 1 220 98 97 0 0 0 1 219 0 1 219 0 1 219 0 1 219 99 98 0 0 0 1 243 0 1 243 0 1 243 0 1 243 100 99 112 0 0 1 268 0 1 268 0 1 380 0 1 380 101 100 118 0 0 1 294 0 1 294 0 1 411 0 1 411 Page 28 of 30

Estate, optimized scenario Balance from non-registered portfolios Balance from registered portfolios Residences (main / secondary) Rental properties Total assets Total liabilities Total net assets before tax *Values rounded to thousand dollars ($). Deferred Taxes (Presumed disposition at death) Life Insurance Policies Total (Actual and proposed) Estate Net Value (After taxes) 54 53 177 163 510 255 1 105 109 996 48 150 1 098 55 54 190 176 520 260 1 146 87 1 059 54 150 1 156 56 55 203 189 531 265 1 188 64 1 124 59 150 1 215 57 56 216 203 541 271 1 232 41 1 191 65 150 1 276 58 57 230 218 552 276 1 276 30 1 246 71 150 1 324 59 58 244 232 563 282 1 321 30 1 291 78 150 1 363 60 59 258 248 574 287 1 367 30 1 337 84 150 1 403 61 60 273 263 586 293 1 415 30 1 385 91 150 1 444 62 61 288 279 598 299 1 464 30 1 434 98 150 1 485 63 62 303 296 609 305 1 514 30 1 484 106 150 1 528 64 63 319 313 622 311 1 565 30 1 535 114 150 1 571 65 64 293 327 634 317 1 572 30 1 542 118 150 1 574 66 65 265 339 647 323 1 575 30 1 545 123 150 1 572 67 66 234 349 660 330 1 573 30 1 543 127 150 1 566 68 67 206 360 673 336 1 575 30 1 545 133 150 1 562 69 68 176 370 686 343 1 575 30 1 545 138 150 1 557 70 69 480 381 700 0 1 562 30 1 532 78 150 1 604 71 70 456 393 714 0 1 563 30 1 533 83 150 1 601 72 71 446 387 728 0 1 561 30 1 531 80 150 1 600 73 72 443 369 743 0 1 555 30 1 525 74 150 1 601 74 73 439 351 758 0 1 548 30 1 518 67 150 1 600 75 74 433 334 773 0 1 540 30 1 510 61 150 1 599 76 75 425 317 788 0 1 531 30 1 501 56 150 1 595 77 76 416 301 804 0 1 521 30 1 491 50 150 1 591 78 77 405 285 820 0 1 510 30 1 480 44 150 1 586 79 78 392 269 837 0 1 498 30 1 468 39 150 1 579 80 79 378 254 853 0 1 485 30 1 455 34 150 1 571 Page 29 of 30

Estate, optimized scenario Balance from non-registered portfolios Balance from registered portfolios Residences (main / secondary) Rental properties Total assets Total liabilities Total net assets before tax *Values rounded to thousand dollars ($). Deferred Taxes (Presumed disposition at death) Life Insurance Policies Total (Actual and proposed) Estate Net Value (After taxes) 81 80 361 239 871 0 1 471 30 1 441 29 150 1 561 82 81 343 224 888 0 1 455 30 1 425 25 150 1 550 83 82 323 210 906 0 1 438 30 1 408 21 150 1 537 84 83 300 196 924 0 1 420 30 1 390 17 150 1 523 85 84 276 182 942 0 1 400 30 1 370 13 150 1 507 86 85 251 168 961 0 1 380 30 1 350 9 150 1 491 87 86 226 155 980 0 1 362 30 1 332 7 150 1 475 88 87 202 142 1 000 0 1 344 30 1 314 4 150 1 459 89 88 177 129 1 020 0 1 326 30 1 296 2 150 1 444 90 89 153 116 1 040 0 1 310 30 1 280 1 150 1 429 91 90 129 104 1 061 0 1 294 30 1 264 0 150 1 414 92 91 107 92 1 082 0 1 281 30 1 251 0 150 1 401 93 92 85 80 1 104 0 1 269 30 1 239 0 150 1 389 94 93 62 68 1 126 0 1 256 30 1 226 0 150 1 376 95 94 39 57 1 149 0 1 244 30 1 214 0 150 1 364 96 95 15 47 1 172 0 1 233 30 1 203 0 150 1 353 97 96 10 15 1 195 0 1 220 30 1 190 0 150 1 340 98 97 0 0 1 219 0 1 219 30 1 189 0 150 1 339 99 98 0 0 1 243 0 1 243 30 1 213 0 150 1 363 100 99 112 0 1 268 0 1 380 30 1 350 0 50 1 400 101 100 118 0 1 294 0 1 411 30 1 381 0 50 1 431 Page 30 of 30