What your financial plan could look like
Explore a sample plan for a fictional family, from an overview of their assets and debts to an analysis of different scenarios and recommended next steps.
The family balance sheet
The Lin family (fictional) | Mr. Lin 54 · Mrs. Lin 50 | Canadian tax residents since 2019 | daughter 17, still at home · son 26, independent
| Asset | Owner | Value (CAD) | Planning notes — items to verify, decide, or act on |
|---|---|---|---|
| Vancouver principal residence | Joint | $4,800,000 | Principal residence exemption; mortgage renews 2027 → see stress test ② |
| West Vancouver rental property | Mrs. Lin | $2,600,000 | Purchased 2020 at $2.1M; rental income reporting in both countries to be verified; vacancy declarations to be confirmed annually |
| Two Richmond townhouses (rented) | Mr. Lin | $1,900,000 | Whether CCA has been claimed affects tax on a future sale |
| Two Shanghai apartments (rented) | Mrs. Lin | ¥26M ≈ $5,000,000 | Purchased 2006–2010 for ¥6M; under this sample's assumptions, the Canadian tax cost starts from fair market value on becoming a tax resident in 2019 (¥22M) — Canada taxes only post-landing growth; treated as T1135-reportable; rental reporting in both countries to be verified |
| Deposits & wealth products in China | Mr. Lin | ¥5M ≈ $960,000 | Under this sample's assumptions, treated as T1135-reportable |
| Canadian non-registered investments | Mr. Lin | $700,000 | Bank-channel funds, weighted MER ~1.9% → see fee audit |
| RRSP / TFSA combined | Split | $310,000 | $52,000 of TFSA room still unused between the two |
| Cash value, savings-type policy in China | Mr. Lin | ¥800K ≈ $155,000 | Beneficiary is still Mr. Lin's mother — inconsistent with the will's intent → see estate checklist |
| Total assets | ≈ $16,400,000 | ||
| Mortgage + rental loans | Split | −$2,100,000 | Renewing 2027 / 2028 |
| Family net worth | ≈ $14,300,000 |
Balance-sheet footnotes (sample): Real estate is 87% of total assets — substantial net worth, but very little held in assets that can be liquidated flexibly; the existing Canadian will was signed in 2016 and has not yet been connected to succession arrangements for the two Shanghai apartments; RMB-denominated assets make up roughly 37% of total assets, while household spending is entirely in CAD; three assets fall within T1135 reporting, filing history to be verified.
The summary brings together assets, liabilities, ownership and items to confirm, providing a shared reference for further analysis and discussions with other professionals.
Stress-test output
Modelled on Conquest — the planning platform whose published customers include RBC, BMO, Scotiabank, Manulife, and Sun Life — with the cross-border layer analyzed by Lucid.
| Scenario | Shock | Impact on this family | Planning considerations |
|---|---|---|---|
| ① Real estate −20% across the board | ≈ $14.3M in property | Net worth −$2.9M | The swing itself is bearable; the real issue is liquidity — estate costs, cross-border transfers, and gifts to children all require cash, and this family has almost no liquid assets it can draw on flexibly |
| ② Interest rates: both loans renew at +2% | $2.1M balance | Payments up ≈ $42,000/yr | Rents cover most of it, but coverage narrows from comfortable to tight — the renewal conversation should start a year in advance |
| ③ Selling one Shanghai apartment and remitting | ¥13M | Tax in both countries + tax-payment certificates + remittance path | The tax and remittance path should be confirmed before the sale. If the sale, tax payment, and supporting records are not coordinated in advance, claiming the foreign tax credit and documenting the remittance may become harder — creating delay or a risk of double taxation |
Three illustrative household situations
Profile A · Real-estate-heavy immigrant family
Net worth $10M+, 80%+ in property
- Available funds and future spending needs: substantial net worth, very little that can be liquidated flexibly
- Rental and sale reporting in two countries
- Cross-border succession for real property
Usually fits: full plan
Profile B · Business-owner family
Net worth $15M+, mostly company shares and retained earnings
- Tax erosion of retained earnings
- A proposed corporate-owned policy — its tax, liquidity, and succession implications
- Succession and two generations' arrangements
Usually fits: full plan (business owners & corporate structures)
Profile C · Executive / complex compensation
Net worth $10M+, nearly half in concentrated RSUs/options
- Single-stock concentration risk
- Two-country tax on vesting and exercise timing
- Compensation in a year of residency change
Usually fits: structural diagnostic or full plan
The full plan's deliverables list
Comparing service scopes
| Your situation | Usually fits |
|---|---|
| You would like to understand the basics first and see what needs confirming | Free articles, tools and the self-check |
| You have a proposal or product documents and would like a review of the terms, costs, risks and questions to clarify | Independent Second Opinion ($2,000) |
| One part of the structure is unclear: a corporation, whose name assets sit in, adding a name to title | Structural diagnostic |
| Everything is interlocked: assets in two countries + a corporation or complex compensation + two generations | Full plan |
| Major milestones after the plan: inheritance, property sale, residency change | Ongoing support (existing clients) |