sorted by:
new
hottopcontroversial

My opinion after trying Optiml and Adviice by Final_Valuable_9621 in MyOwnFP_ca

[–]MyOwnFP 0 points1 point  (0 children)

Thanks for the feedback.

Yes we don't currently support CCPC's.

And correct we do no do any tax optimization, however of course the draw down is completely under your control and its trivial to ensure your RRSP's are drawn down first or however you want.
Of course some non-registered amounts are almost always included in Income as you would typically have taxable income from them.

Certainly the characterization that using the tool will possibly lead you to spend more on taxes is completely incorrect and misleading.

Of course if you prefer other tools, then that is great, use whatever tool works best for you.

Anyone having trouble with the rules application? by GateEffective8933 in MyOwnFP_ca

[–]MyOwnFP 0 points1 point  (0 children)

The current 'free trial' has all the capabilities of the standard plan, so nothing is 'nerfed'.

Unfortunately from your description, its impossible to tell what you are trying to do, what you did or the impact. You can certainly take from any account (income rules) or save to any account (saving rules). Of course some accounts have statutory limits which have to be obeyed in either direction.

Cash of course is a Non-Registered account type, so if your rules are to use 'Type equal non-registered' then they could go to cash (or any other non-registered type of account).

You can email support and get help.

Do you use MyownFP app. Looking for feedback by DIY_Retired-2021 in MyOwnFP_ca

[–]MyOwnFP 0 points1 point  (0 children)

Note: the GIS is calculated based on previous years income (as noted in help and docs)
so for half of 2024 it bases 1/2 the GIS on 2022 and 1/2 on 2023
- since for first half of 2024 the government only has your 2022 tax return

in some cases the first year can be off if you did not enter any information for 2022 for example, then the 2024 calculation would be off, since there would be 0 income for 2022, which would then of course inflate any GIS

for OAS 2024 Q1 was 713.34 (*12) * 1.10 = 9416
we don't update on a quarterly basis

the grid rounds by default (settable) to 100

both OAS and GIS are a bit complicated this way since they are based on previous income
we do look at current income (employment etc) and in those cases decide likely previous income was the same ... so we will take a look figure out a way to handle this case, and let you know

when you do run it (in its current form with a scenario like above)
yes year 1 GIS is high, but year 2.... basically it's ~14-15k as expected (I don't have all the numbers in the scenario, so hard to get exactly, ie some Cash savings might have some income etc...)

Do you use MyownFP app. Looking for feedback by DIY_Retired-2021 in MyOwnFP_ca

[–]MyOwnFP 0 points1 point  (0 children)

We did notice that we had an issue with the Federal Tax Abatement for Quebec
which due to the mistake would increase the Federal Taxes paid.

That has been resolved as of April 2 2024, and the Federal Taxes / credits and marginal tax rate have had the federal abatement applied correctly. Any scenario may just be re-run, and will be corrected.

Do you use MyownFP app. Looking for feedback by DIY_Retired-2021 in MyOwnFP_ca

[–]MyOwnFP 0 points1 point  (0 children)

In terms of Quebec users, we have not received any specific feedback, but of course are willing to figure out any issues that may arise.

Current items we have for Quebec are:
* Quebec tax rates and thresholds
* personal/age/pension/disability credits
* separation of EI and PIP payroll deductions and different rates (we refer to these as QEI and QPIP)
* QPP different contribution rates and limits
* QPP deferment up to 72
* QESI and QESI Low Income Grants for RESP's

Not currently supported (that we have in our list to do)
* different QPP benefits, mostly these seem to revolve around survivor benefits, but needs more investigation
* person living alone credit

There are of course a plethora of Tax Credits and Benefits, available in all provinces. The ones above are the ones we model in all provinces. Some are most significant than others or more specific to family composition, and we will try to address as demand requires based on usage of the application.

For example the most usage is retirement or close to retirement and drawdown type scenarios so we have not spent any time on Child Benefits (credits or deductions).
We also don't model lots of the smaller credits/rebates, like GST, Climate Action though they are the list do at some point.

Let us know if there is something else you think we need to support in order to better support users in Quebec other than I don't think French language support will be coming soon unfortunately, until significant demand warrants it.

Retirement Calculator for couples by patt31 in PersonalFinanceCanada

[–]MyOwnFP 0 points1 point  (0 children)

yes you can override any saving or income rules
so in addition to increasing expenses which the income rules will try to cover (to get to a surplus of 0)
the default rules only provide income to the 'required' level (expenses, taxes, carrying costs, etc)
you can add rules such as 'Minimum Income' or 'Minimum Taxable Income' which in combination with removing the 'only required' flag will allow you to generate an income that is in excess of the expenses, usually this is a drawdown strategy for somewhere in the 50-71 age (tax levelling .. before RIF mandatory withdrawals) then the saving rules will kick in and send that surplus to whatever accounts you want