A Short Version Of A Financial Needs Analysis
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1A SHORT VERSION OF A FINANCIAL NEEDS ANALYSIS
This work sheet will help you to estimate how much your estate would be worth if you were to die today, what income flow
it can generate and what other sources of income are available to your survivors.
[A] Estimating the Income-Producing Assets of Your Estate
ASSETS
Add
Life insurance (including employer-provided)
Savings, cash
Investments
RRSPs
Other
Total
[1]
$ 0.00
LIABILITIES
Add
Final expenses
Outstanding uninsured debts (mortgages if not
insured, credit card balances, income taxes, etc.)
Total
[2]
$ 0.00
Subtract Liabilities from Assets
[A]
$ 0.00
[B] Determining Income Needs
Monthly income needs
[3]
Available income
From estate
(multiply A by 0.00225, see note below)
From C/QPP or other pension
From employment
Other
Total
[4]
$ 0.00
Find difference between [3] and [4]. If income needs exceed
available income, proceed to Step [C].
[B]
$ 0.00
[C] Calculating Capital Needs
Multiply monthly income shortfall [B] by 12 to
determine annual shortfall.
[5]
$ 0.00
Divide [5] by assumed net after-tax interest rate
(e.g., 2.7 per cent), as in Step [B] to determine Additional
Capital Required to meet your survivors’ income needs.
[C]
$ 0.00
Note: As an illustration, assume that the income-producing assets of your estate could earn a gross return of 4.5 per cent a year. This
equates to a net after-tax annual interest rate of approximately 2.7 per cent. Using this assumed net interest rate, each $1,000 in your
estate will provide an income of approximately $27 a year, or $2.25 a month.
The income earned will rise and fall with interest rates, and will be affected by your actual tax rate.
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