Using TFSAs

Question: I input a value for my TFSA but for some reason it is not showing up on the asset accumulation table. Could not figure out why. Any suggestions, could I have a wrong setting somewhere? As a follow up to my earlier question, in the file# below...

By: RetireWare / Equisoft On 11:30 AM

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Spouse name and comments

Question: How do I enter the information to see the spouse's full name and my comments on the final report? Answer: On the Forecast page, on the General tab, select the Option to do a calculation for both spouses. The page will refresh and show a drop down...

By: RetireWare / Equisoft On 11:28 AM

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How to account for money in corporate account

Question: I just signed up for the account and I am playing around with the numbers. I am currently keeping most of my earnings inside my corporation and investing inside the corporation. Is there a way to measure the growth inside the corporation and the best way to...

By: RetireWare / Equisoft On 11:26 AM

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Monte Carlo Odds

Questions: I modified the LIF payment, I had accidentally added the excess payment twice. which brings the LIF payment down several thousand dollars. I still have the massive contradictory outcome of a 44 probability (Monte Carlo) and a $223,813 in her LIF at death. Answers: If you look...

By: RetireWare / Equisoft On 11:25 AM

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What happens in year of death

Question: It would be helpful to understand in some detail what the Retireware processing and assumptions are for the year of death. This is particularly so in the case of death of one spouse years before the other in a joint plan. I haven't come across this documented...

By: RetireWare / Equisoft On 11:20 AM

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DIY Version

Questions: Looking for retirement planning software for personal use, but with a level of sophistication. Does your software: Perform detailed tax calculations based on the Canadian Income Tax Act? Support income by type (earned income, investment income – dividend [Cdn and foreign], CG, CPP, OAS, etc) Track assets...

By: RetireWare / Equisoft On 11:17 AM

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Locked-in Funds in New Brunswick

Question: I have a plan with locked-in funds under the New Brunswick pension legislation. It shows that LIF income will be over $12,000 in her first year of retirement, but the max allowable is around $8500 in for a NB legislated plan.  Can you explain how the program...

By: RetireWare / Equisoft On 11:15 AM

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Defined Benefit Pensions

Questions: For the section that asks this question: "Savings in Addition to Employer Plans - Annual Amount Saved in Registered and Non-Registered Assets" Should I be calculating this as including the amount that goes into the Defined Benefit plan since that reduces the RRSP amount that I can...

By: RetireWare / Equisoft On 11:08 AM

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Start RRIF Withdrawals at Age 62

Question: I changed my plan to retire later when I'll be 62 years old. Now it's showing a RRIF withdrawal from age 62. I thought this was illegal - I don't even have a RRIF. Please can you tell me how to sort this out? Previously it was...

By: RetireWare / Equisoft On 11:05 AM

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How to Determine Required Savings

Questions: I purchased RetireWare to derive an accurate number for annual savings for my wife and I given a set of retirement goals and lifestyle requirements. I have an account set up under the email above but feel that something isn't quite right with the calculations after playing...

By: RetireWare / Equisoft On 11:04 AM

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Question: When completing annual updates and considering inflation, is it necessary to increase the income objective, CPP and indexed pensions to the current payment amount? Considering a joint retirement plan with different time horizons, how are the assets of the person with the shorter time horizon treated?  Are...

By: RetireWare / Equisoft On 11:22 AM

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Determining Optimal Savings

Question: I modified our "Annual Amount Saved" until the combined (ie. me and my wife) Summary said that our assets will be sufficient. Then I changed our retirement ages to 65/55 and played with the "Annual Amount Saved" again until I saw that our assets are sufficient. Is...

By: RetireWare / Equisoft On 11:01 AM

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Quick vs. Detailed Plan

Questions: In the Quick plan: 1) is the Retirement Income Target gross or net? 2) I don't see where I can input existing locked-in money. Can I? In the Detailed plan: 1) in the Forecast/Economic Outlook/Advanced/Annual Investment Management Fees, how can I bypass the fees?  Do I need...

By: RetireWare / Equisoft On 10:57 AM

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Retirement Primer

Background The retirement primer provides general information on retirement planning. For brief explanations of investment, tax and retirement planning terms, consult the Glossary. Topics Net Worth Canada Pension Plan Old Age Security Defined Benefit Pension Plan Defined Contribution Pension Plan Annuities Registered Retirement Savings Plan Advantages of a...

By: RetireWare / Equisoft On 5:22 PM

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Knowledge Base

Glossary of Investment, Tax and Retirement Terms A Adjusted Cost Base Amortization Annual RRSP dollar maximum Annuity Assessment Notice Asset Asset allocation Asset allocation fund B Balanced fund Beneficiary Bond Bond fund C Callable bond Canada Pension Plan Capital gain calculation Capital gain or loss Capital gains tax...

By: RetireWare / Equisoft On 5:03 PM

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