Martin is 57 years old, single and planning to retire at 61 with inflation adjusted lifestyle of $ 50,000 per year. His employer offers a defined contribution pension plan. He regularly contributes to his TFSA and RRSP. He has accumulated investments of about $995,000 (mostly registered) and occupies his fully paid condo. He would also like to bequeath to his independent children the equivalent of $1 million, in today’s dollars, assuming a death at the age of 93.

Patrick and Mélanie are married and live in their home with Jacynthe, their 22-year-old daughter, who is studying at university. The house is practically paid since there are only three years left to pay off the mortgage. They plan their retirement with a combined annual lifestyle of $80,000 indexed to inflation. Patrick is 57 years old and aims for retirement at 63. He is self-employed and the vast majority of his savings are placed in an RRSP. He would like to bequeath to his wife and daughter, in equal shares, the equivalent of $500,000, in today’s dollars, assuming a death at the age of 93. Mélanie is 50 years old and is aiming for retirement at age 61 when she is eligible for an unreduced pension from her employer’s defined benefit pension plan. For her part, she favoured the TFSA so far for her personal savings.