Building a dream home, piece by piece GlobeMoney
Adam and his wife Maureen are both 34, with well-paying jobs in the public service and defined benefit pension plans. She is on parental leave for another couple of months after which they will trade places, with him taking four months off, “so we are on a reduced income for the next while,” he says. They’ll be facing daycare expenses starting in the fall and are uncertain what the effect will be on their cash flow.
They suggest the couple continue their current contributions to their registered education savings plan to take full advantage of the federal government grant. “Additional funds are better utilized elsewhere.” In three years, based on current income , they will be able to remortgage their home for an additional $400,000 when the mortgage comes up for renewal, the planners say. This will cover the $400,000 in renovation costs. Their mortgage payments will increase, but they will be able to afford the additional cash outflow by halting TFSA contributions.
The planners point to an important omission in the couple’s circumstances: Neither has a will or power of attorney. “We highly recommend implementing wills and powers of attorney,” they write. “Include a guardian agreement in the wills to ensure your children are taken care of in the manner that you wish in case of an unforeseen event.”
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