Financial Goals?Select the areas to analyze. Only selected goals appear in the Gap Analysis and downloadable report.
Select all that apply
Client Profile?Basic information used across all three tabs. Age drives retirement and education projections. Province captures context for CPP/QPP and provincial health plan differences.
About the client
$
Children / Dependants?Each child's age affects Life Insurance (until age 22), RESP education savings (PV calculation), Emergency Fund (+0.5 months), and Disability Income (+CAD 200/mo per child).
Add dependent children
| Name | Age | Gender | RESP? | |
|---|---|---|---|---|
| No children added yet. | ||||
Adult Dependants?Aging parents, dependant spouses, etc. add 7 years of income replacement per person to the Life Insurance need and +1 month to the Emergency Fund per person.
Parents, dependant family members
| Name | Age | Relationship | Needs Support | |
|---|---|---|---|---|
| No adult dependants added yet. | ||||
Section A — Debts & Expenses?Lump-sum amounts needed at death to clear debts, cover the mortgage, final expenses, and child/home care. All added directly to the Life Insurance need.
One-time lump sums needed at death
$
Remaining mortgage balance
$
Credit cards, lines of credit, car loans
$
Typically $10,000–$20,000
$
Childcare, home care lump sum
Section B — Income Shortage?How much income the family needs if the client dies, and how large a capital fund is required to provide that income. CPP/QPP survivor benefits reduce the gap.
Capital fund needed to replace income
$
$
Rental, investment income
$
$
CPP/QPP survivor pension (annual)
🍁 CPP/QPP Survivor Pension: CPP pays a flat-rate component plus an earnings-based component to eligible surviving spouses/partners. The 2025 maximum is approx. $800/month. Quebec residents receive QPP instead of CPP. Enter your estimated annual benefit above.
%
Section C — Assets & Existing Insurance?Existing life insurance, RRSP/TFSA, savings, and home equity reduce the calculated need to determine the coverage gap.
What you already have in place
$
$
$
RRSP, RRIF, pension plan
$
TFSA, brokerage, non-registered
$
$
Planning Assumptions?Adjust these rates to reflect the client's situation. Defaults reflect typical Canadian averages.
Rates and projections used in calculations
Section A — Disability Income Limit?Canadian DI policies typically limit the benefit to 60–85% of pre-disability earned income to preserve the incentive to return to work.
Maximum insurable DI benefit
$
🍁 Canadian DI limits: Individual DI policies in Canada replace 60–85% of pre-disability earned income. Maximum benefits typically range from $15,000–$30,000/month depending on occupation class. Group plans usually replace 60–66.7%.
Section B — Monthly Expenses?A breakdown of actual monthly expenses helps confirm the DI benefit covers real costs during a disability, rather than relying on a flat percentage of income.
Monthly expenses during a disability
$
$
$
Food, utilities, transport, personal
$
$
Section C — Existing Coverage & Other Income?All income sources available during a disability reduce the coverage gap. Include existing DI policies, CPP Disability, and EI Sickness benefits here.
What offsets the monthly need?
$
$
Avg $1,100/mo; max ~$1,600/mo (2025)
$
55% of earnings, 26 weeks max
$
🍁 CPP Disability: Taxable; generally falls short of full income replacement. EI Sickness is a short-term bridge only. Individual DI coverage fills the remaining long-term gap.
Section A — Monthly Care Need?The estimated monthly cost of long-term care in Canada. National averages vary significantly by province. Ontario and BC are generally the most expensive markets. Home care costs depend on hours required per day.
Estimated monthly long-term care costs (CAD)
$
Adjust for client's province & local market
%
Canadian LTC costs rising ~3–5%/yr
Average first LTC need at age 78–80
🍁 Canadian LTC context: Public LTC facilities in Canada are subsidized but have significant wait times (averaging 2–4 years in Ontario and BC). The co-payment for a standard room averages $2,000–$3,000/month — the rest is government-funded. Private facilities have no wait lists but cost $5,000–$10,000/month. Most Canadians planning for retirement should account for the private facility cost to ensure timely access to quality care.
Section B — Existing Coverage & Resources?In Canada, standalone LTC insurance has limited availability. Most LTC funding strategies combine disability insurance continuation options, personal savings, RRSP/RRIF, and TFSA. Government programs like provincial LTC subsidies and OAS/GIS supplement care costs.
What offsets the LTC need?
$
$
RRSP/RRIF/TFSA earmarked for care
$
Provincial LTC co-payment subsidy (varies by province)
$
🍁 No standalone LTC? You are not alone. The standalone LTC insurance market in Canada is very limited — most major carriers including Manulife have discontinued new sales. The most practical Canadian LTC funding strategies today are: (1) Disability insurance with LTC continuation options, (2) Dedicated RRSP/TFSA savings, (3) Hybrid life/CI products with LTC-linked benefits. Your FNA results show the gap — the strategy to fill it is built in collaboration with your client.