Maximum RRSP contributions

Question: The program does not seem to increase RRSP contribution to the maximum allowed in coming years, even though the Government has announced increased limits. Answer: The RRSP maximum annual contributions for future years are in the program. You need two conditions to hit the annual maximum: high...

By: RetireWare / Equisoft On 3:42 PM

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Retirement Income Objective

Question: I have inserted a retirement expense objective of $33K. The client is 63 years old and retired with only an RRSP portfolio to draw from. For some reason, in the first year only, the objective is doubled to $66K and thus there is a large withdrawal from...

By: RetireWare / Equisoft On 3:41 PM

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Planning Your Life

You want to live a long and fulfilling retirement? You'll need sufficient funds to do all you want to do for the early years, and pay for medical care not covered by provincial health insurance in the later years. If you still have a number of years before...

By: RetireWare / Equisoft On 2:48 PM

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Five More Retirement Planning Pitfalls!

Looking to improve our odds Last time, we looked at five major retirement planning pitfalls and pointed out ways to improve odds of achieving financial security. We complete our list with five more in this post. 6. Early death of a spouse There are two cases to plan...

By: RetireWare / Equisoft On 5:07 PM

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Five Retirement Planning Pitfalls

Improving our odds Financial services companies and Government alike have made major efforts in recent years to educate the public about the need to prepare financially for retirement and motivate them to save. Nevertheless, despite these major efforts, surveys routinely confirm that a large segment of the population...

By: RetireWare / Equisoft On 3:04 PM

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Investment Property

Question: On taxes: how does the software handle capital gains on other property. I have added a property, that is not my principal residence, but I do not see any related taxes in the year of disposition. Answer: 1. Select the percentage that will be used as a...

By: RetireWare / Equisoft On 2:23 PM

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Approaches to Managing Risk

Assessing Risk "Fish see the bait, but not the hook; men see the profit, but not the peril." -- Chinese Proverb Risk Analysis starts by identifying threats and then estimating the likelihood that those threats may occur. A risk can be assessed by evaluating at the potential severity...

By: RetireWare / Equisoft On 2:34 PM

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Defined benefit pensions

Question: 1. My spouse, age 59, will retire in June of this year (at age 60) with an unreduced defined benefit pension (Government of Canada). Where does this pension amount go? 2. The pension does not show up in "Income & Cash flow forecast" until age 65. Why...

By: RetireWare / Equisoft On 2:33 PM

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