Hi there guys, I am a potential individual (not a pro planner) user, watching this video to ascertain the capabilities and ease of use. Around minutes 18-19, you are showing how one would enter in different balances (e.g., RRSP balance, Non-registered balance...). One question that comes to mind: what if a user has multiple accounts of a particular type? For example, what if I had three different RRSPs or bank accounts (with different institutions)? Would I need to subtotal those myself externally and enter the total, or is there a way to add multiple accounts and label them (e.g., "Questrade RRSP," "TD RRSP," and "Scotia RRSP" to differentiate them?
Good question! You would enter the total for the account type, so you would add the balance of your three RRSP accounts together. But if one is a personal RRSP and one is a Group RRSP then you can enter the account balance separately as well as the contribution matching for the Group RRSP.
@@adviice_ca Thanks. It may not be a high relative priority on your development path, but I think it would be a great enhancement (and make life easier when making updates and running new scenarios) if you could add the ability to separately enter (and label) multiple accounts within each account type. I think having multiple accounts, per my example, is a very common scenario for end users. Not a deal breaker, but seems simple enough to move the subtotaling inside the tool.
Thanks for the video. Where is the column for taxes? Either average or marginal tax rates? It seems really important that any retirement software allow the user to see what tax rate you fall into. Having tax information seems critical without it the software is borderline useless.
You’ll find detailed year-by-year tax information in the Projections table, this includes Taxable Income and its components (like income & deductions), Total Tax and its components (like tax credits), as well as marginal tax rates year by year. Plus our Tax & Benefits Analysis section shows marginal tax rates, marginal gov. benefit clawback rates (CCB, GIS, OAS etc. etc), and marginal effective tax rates. Here’s a video with more information… ua-cam.com/video/IVMf92IBeTw/v-deo.html
Another question that occurred to me...What if the asset allocation (and applicable fees) you have vary significantly by investment account (e.g., you have classic 60/40 portfolio in your RRSP with 1% fees but you are 100% in growth stocks in your TFSA at 0.2% fees, etc.) Is there a way to capture those differences in the tool at this more granular and specific account level or do you have to come up with an overall blended return and allocation manually)?
You can adjust the asset allocation, fees, type of return for each account type. You can even adjust this year-by-year, for example, if you are changing asset allocation in retirement.
@@adviice_ca Great. I see that there is a provision to adjust the asset allocations and fees by each registered account type in the blue type in Advanced Options, but I don't see the time dimension. So where can you "adjust this year by year"?
@@markchuchra8399 You would go to Planning > Projections > Table, open the account you want to change using the ">" arrow and then open the net return column using the ">" arrow. Here you can then change the asset allocation year-by-year if necessary.
Hi there guys, I am a potential individual (not a pro planner) user, watching this video to ascertain the capabilities and ease of use. Around minutes 18-19, you are showing how one would enter in different balances (e.g., RRSP balance, Non-registered balance...). One question that comes to mind: what if a user has multiple accounts of a particular type? For example, what if I had three different RRSPs or bank accounts (with different institutions)? Would I need to subtotal those myself externally and enter the total, or is there a way to add multiple accounts and label them (e.g., "Questrade RRSP," "TD RRSP," and "Scotia RRSP" to differentiate them?
Good question! You would enter the total for the account type, so you would add the balance of your three RRSP accounts together. But if one is a personal RRSP and one is a Group RRSP then you can enter the account balance separately as well as the contribution matching for the Group RRSP.
@@adviice_ca Thanks. It may not be a high relative priority on your development path, but I think it would be a great enhancement (and make life easier when making updates and running new scenarios) if you could add the ability to separately enter (and label) multiple accounts within each account type. I think having multiple accounts, per my example, is a very common scenario for end users. Not a deal breaker, but seems simple enough to move the subtotaling inside the tool.
Thanks for the video. Where is the column for taxes? Either average or marginal tax rates? It seems really important that any retirement software allow the user to see what tax rate you fall into. Having tax information seems critical without it the software is borderline useless.
You’ll find detailed year-by-year tax information in the Projections table, this includes Taxable Income and its components (like income & deductions), Total Tax and its components (like tax credits), as well as marginal tax rates year by year.
Plus our Tax & Benefits Analysis section shows marginal tax rates, marginal gov. benefit clawback rates (CCB, GIS, OAS etc. etc), and marginal effective tax rates. Here’s a video with more information…
ua-cam.com/video/IVMf92IBeTw/v-deo.html
Another question that occurred to me...What if the asset allocation (and applicable fees) you have vary significantly by investment account (e.g., you have classic 60/40 portfolio in your RRSP with 1% fees but you are 100% in growth stocks in your TFSA at 0.2% fees, etc.) Is there a way to capture those differences in the tool at this more granular and specific account level or do you have to come up with an overall blended return and allocation manually)?
You can adjust the asset allocation, fees, type of return for each account type.
You can even adjust this year-by-year, for example, if you are changing asset allocation in retirement.
@@adviice_ca Good to know. It was not obvious from the video, but maybe I just missed it.
@@adviice_ca Great. I see that there is a provision to adjust the asset allocations and fees by each registered account type in the blue type in Advanced Options, but I don't see the time dimension. So where can you "adjust this year by year"?
@@markchuchra8399 You would go to Planning > Projections > Table, open the account you want to change using the ">" arrow and then open the net return column using the ">" arrow. Here you can then change the asset allocation year-by-year if necessary.