With a DB pension Bob really has little need for an RRSP. Direct his RRSP savings elsewhere. TFSA is more beneficial for Bob or even a non-registered investment account. Betty should max her RRSP savings. I also question the need for $37K in cash. Treat TFSAs as the emergency fund and put the $37K there. It is a no-brainer to max out RESP savings. Bob and Betty are so young that their investments should be in equities. Age is on their side and the magic of compounding will do wonders for them.

Any excess cash should be thrown at the mortgage. Already they are on schedule to be mortgage free at age 48. Moving up that magic moment will do even more wonders for their financial situation. The cash freed up by being mortgage-free could be used to create a non-registered investment account or to use up Bob's RRSP contribution room. 

Financial easy street in an early retirement looms for this couple.