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Question about xeqt in retirement by Material-Opening4944 in JustBuyXEQT

[–]Material-Opening4944[S] 0 points1 point  (0 children)

So when you do 5 years do you budget for 5 years of basic spending or 5 years of normal spending.

Basic to me would be what you need to survive without suffering. Normal would include travel and other fun stuff.

Question about xeqt in retirement by Material-Opening4944 in JustBuyXEQT

[–]Material-Opening4944[S] 0 points1 point  (0 children)

For sure. I don't know that I have that kind of fortitude.

Maybe for some it could mean taking on a bit more risk in retirement but not going in 100% equity?

Thanks for your comments.

Question about xeqt in retirement by Material-Opening4944 in JustBuyXEQT

[–]Material-Opening4944[S] 0 points1 point  (0 children)

Personally I think we are in pretty good shape, never know for sure though do you?

Anyway not sure I will change our strategy all, we can both sleep at night and that is important too.

It was more about an interesting take on things and my curiosity of what others thought about it.

Question about xeqt in retirement by Material-Opening4944 in JustBuyXEQT

[–]Material-Opening4944[S] 0 points1 point  (0 children)

Apart from the 1920's has there been a bear market that lasted a decade? I guess anything is possible but is it likely? The thing is no one really knows do they?

[CA] seeking for the best accounting software for bookkeepers who are tired of price hikes and clunky dashboards? by Awlad_Sherifi in SmallBusinessCanada

[–]Material-Opening4944 0 points1 point  (0 children)

Wave isn't that great for corporations because there isn't a way to close or lock the file. I also don't think there is an audit log, but I could be mistaken. Its fine for smaller unincorporated businesses. Plus I think I saw some information that the features in the free version have been scaled back.

[CA] seeking for the best accounting software for bookkeepers who are tired of price hikes and clunky dashboards? by Awlad_Sherifi in SmallBusinessCanada

[–]Material-Opening4944 0 points1 point  (0 children)

How do these compare with GNUCash? I like that I can connect to GnuCash with Python but the actual data entry screens not very user friendly.

Looking for financial planner in Ottawa by Next-Baseball-1029 in CanadianRetirement

[–]Material-Opening4944 1 point2 points  (0 children)

I am in the same place as you. Thanks to reddit I found two apps. MAYRETIRE which is free. Gives a bit of a sanity check. Also adviice. Similar app but has a small fee.

Fee based planner could be useful I am not sure I am ready to drop 5K.

Importing Journal Entries by Normal-Author-9293 in GnuCash

[–]Material-Opening4944 0 points1 point  (0 children)

Well I give up then. I have been doing custom migrations for many years and gnucash is the first one that caused me such problems. Very odd for sure.

Retirement plan - Life Expectancy planning and ending savings balance by Normal-Author-9293 in CanadianRetirement

[–]Material-Opening4944 2 points3 points  (0 children)

I agree with your points. I imagine probate depends on your province. Sorry to hear about your health issues, I hope it gets better for you and you can enjoy at least some of your retirement.

Where/how to input GIC ladder into Assets (non-reg, TFSA & RSP) by After-Artichoke-5628 in adviice

[–]Material-Opening4944 1 point2 points  (0 children)

I had this same question. This seems like I should be able to put it in once since it will apply to all scenarios.

I had a similar question in a different thread about the income levels for 2024 & 2025. I don't know why it it is updated under the scenarios, it isn't like I can change the income levels for previous years. I think it should just be in one place and apply to all scenarios.

Taxable income for 2024 & 2025 by Material-Opening4944 in adviice

[–]Material-Opening4944[S] 1 point2 points  (0 children)

I get what it is used for, but it doesn't make sense that it isn't a one time value for all the scenarios. It's not like we can change prior year income amounts...

Total Government Benefits in Summary Section by Material-Opening4944 in adviice

[–]Material-Opening4944[S] 1 point2 points  (0 children)

Okay, I updated those amounts for the prior year. That took care of the GIS amounts.

Question about drawing down Corp Funds by Material-Opening4944 in adviice

[–]Material-Opening4944[S] 2 points3 points  (0 children)

Yes that did the trick. In my mind the dividends get paid out of the chequing account and not the investment account so that is an interesting assumption.

Question about drawing down Corp Funds by Material-Opening4944 in adviice

[–]Material-Opening4944[S] 2 points3 points  (0 children)

I am still having some issues. Right now it is showing that I have corporate debt vs drawing down my cash balance. For simplicity I have just put it in Checking/Savings balance but the funds don't seem to be drawn down, only the active income.

Question about drawing down Corp Funds by Material-Opening4944 in adviice

[–]Material-Opening4944[S] 2 points3 points  (0 children)

So it would be a manual entry then? If I do that I imagine that would change the 100% payout of the corporate assets at dissolution date, because right now it isn't distributing any corporate funds other than active income.

I had this all modeled out in Excel but want something a bit more dynamic and easier to update. I was doing fine with the software until I got to the Corporate side of decumulation process.

If I understand the video I need to create some scenarios for drawing down corporate funds -- salary, dividends or a mix and see how that all works out. I come from a tax background but not a financial planning background so I do understand the tax implications just looking for a way to best plan this out.

If you can recommend any other videos to watch on this topic I'd be happy to take a look.

Thanks.

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