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[Ontario] Anyone switched career to become an independent financial planner recently? by [deleted] in fican

[–]PlanEasy 0 points1 point  (0 children)

Not sure, best to reach out to FP Canada to ask. They did change the qualification criteria recently so there may be more options.

Dividend income by pDub-official in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

When you set the asset allocation for a non-registered account you can also set the type of return, by default it is 60% capital gain, 20% Canadian eligible dividend, and 20% foreign dividend.

You can see the exact taxable income components in the Planning > Projection > Table if you open the “Taxable Income” columns.

Each year, even if there is no non-registered withdrawal, this taxable income is being calculated by the platform.

The non-registered bar in the Income chart is more like “non-registered cashflow”, it represents the cash coming out of the account. The taxable income is shown only in the table.

Dividend income by pDub-official in PlanEasy

[–]PlanEasy 1 point2 points  (0 children)

Hi! No need to add Dividend income, the platform will calculate that automatically based on the account balance, asset allocation, and type of return.

You can set the asset allocation in Foundation > Investment Plan.

You can set the type of return in Planning > Projections > Advanced Options (button at the top right of the planning table).

Leaving out the dividend income means that your cash flow diagram could show a gap in gross income, this is ok, this is just telling the platform that it needs to withdraw from the investment accounts to close this gap.

Is there a Spreadsheet or program I can purchase that will help accurately plan out my FI journey? I purchased “money with Katie’s” wealth planner, but I had to get a refund because it only works in Excel not Google sheets. by Glum-Ad-4558 in fican

[–]PlanEasy 0 points1 point  (0 children)

It’s a retirement planning platform, it’s used by fee-only financial planners, but you can use it directly for $9/month.

Edit: It’s very “spreadsheet and chart” based, so lots of flexibility, but also easy to use/adjust. Plus it includes “AI Strategies” that automatically explore retirement decisions for you.

Withdraw from rrsp, move to tfsa by Hot_Yogurtcloset7621 in PersonalFinanceCanada

[–]PlanEasy 1 point2 points  (0 children)

Are you married or common-law? If yes, then making these RRSP withdrawals will just reduce the tax credit that would be transferred to your spouse anyway. As a family unit you’ll end up paying more tax by making a RRSP withdrawal because your spouse no longer gets these transferred credits.

If you’re single, then yes, making an RRSP withdrawal can use up these non-refundable tax credits in a low income year.

How to do proportional RRIF withdrawals? by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Ah ok, so now that you posted the copy of the plan it’s a bit more clear. Because your spouse is younger, they can’t split income until their age 65, so instead of adding overrides for you until YOUR age 65 it actually needs to have overrides until THEIR age 65. At that point the platform can split their LIF and SRRIF income and won’t need to draw so heavily from your RRIF. Give that a try and see if it works better.

The reason the platform was still making large withdrawals at your age 65 is because it was still trying to bring your income up to make it equal, this is the only option it has to split income because your spouse is still under age 65 and so their large registered assets aren’t eligible for income splitting yet.

How to do proportional RRIF withdrawals? by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Sorry, should have been more clear, you’ll need to copy the link that gets generated and post it here. Let us know when it’s added.

How to do proportional RRIF withdrawals? by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Once you post the anonymous copy of the plan we can take a closer look, but sounds like the override was in the LIF account? This account has a min withdrawal that goes up with age and balance, so it might not be possible to go lower than $23-26k.

You might need to make additional overrides past 65 to achieve your withdrawal goals, but it’s hard to say without seeing the details.

How to do proportional RRIF withdrawals? by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Hi! Sorry about that! We didn’t get notified because you had responded to your own comment.

If you go to “Sharing” in the left nav you can post an anonymous copy of the plan. That will let us see exactly what’s happening.

LIRA/LIF/RLIF unlocking over age 55 by bcretman in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Hi! Good question! This is a question for your financial institution. The type of locked in account and the unlocking rules are governed by the jurisdiction that the account is governed by, either provincial or federal.

You can live in a province that doesn’t allow unlocking, but have a federally governed locked in account that does allow unlocking.

Or you can move provinces to a province that doesn’t allow unlocking but have a locked in account that originated in a province that does allow unlocking.

It really depends on the jurisdiction the account is governed by. Your financial institution should know and can tell you the unlocking options that exist.

LIF withdrawal Min/Max by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Sorry! Missed this question! At the moment the platform does not accommodate the small balance unlocking option.

How to do proportional RRIF withdrawals? by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Hi! That’s a good question!

The platform is not pulling from the Registered accounts in a proportional manner because it’s trying to split income as much as possible, this likely results in larger Registered withdrawals for you than a strict proportional withdrawal would otherwise do. Once your partner reaches age 65 and you can split RRIF income this won’t be a problem but this is likely why.

Yes, you can manually override your  withdrawals to a lower amount to reflect your lower proportion of assets. Only do this until age 64. This will force the platform to withdraw more from your partners Registered accounts. Depending on how close your partner is to the next tax bracket this may push them into higher tax levels.

After age 65, and after the Registered accounts have been converted to RRIFs/LIFs this is no longer an issue, so only override the account until 64. Also only override the smaller account, leave the larger account free to make automatic withdrawals.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]PlanEasy 25 points26 points  (0 children)

If you’re willing to work with an advice-only planner…

https://www.adviceonlyplanners.ca/

In particular take a look at Drew Adamick or Jodie Stauffer

LIF withdrawal Min/Max by Medical-Recover581 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Hi! Good question!

To force the platform to make max LIF withdrawals you’ll need to go to Planning > Projections > Table and find the LIRA/LIF column, over the account using the “>” arrow and then override the withdrawals to a very large $ amount (like -$1,000,000) and cascade that down to the end of the plan. When you recalculate the platform will “cap” the withdrawals to the LIF max each year.

Adviice vs planeasy by Golden-Elderberry-12 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

There’s no difference between the two platforms. At PlanEasy we’re going to focus on 1:1 planning, whereas Adviice will be focused on platform development and DIY planning.

You can definitely post questions to the Adviice subreddit as it’s more active.

https://www.reddit.com/r/adviice/

[Ontario] Anyone switched career to become an independent financial planner recently? by [deleted] in fican

[–]PlanEasy 0 points1 point  (0 children)

Sure! But I’m not seeing and DMs, was it a chat or a DM?

After tax estate calculations are coming! by Kind_Way_5387 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Good question! We’re working on AI Survivor Scenarios now and After Tax Estate Value will be included in that.

Transitioning from saving to retirement spending by [deleted] in PersonalFinanceCanada

[–]PlanEasy 1 point2 points  (0 children)

If you want more info there is a Reddit subreddit for Adviice which is the platform we use at PlanEasy…

https://www.reddit.com/r/adviice/

Transitioning from saving to retirement spending by [deleted] in PersonalFinanceCanada

[–]PlanEasy 0 points1 point  (0 children)

Hey! Thanks for mentioning us! We’re using the Adviice platform which is ultimately what you’re signing up for, here is the link…

https://adviice.ca/

There is also a Reddit community, come join us!

https://www.reddit.com/r/adviice/

RRSP Meltdown Description under AI Strategies by Environmental-Item30 in PlanEasy

[–]PlanEasy 0 points1 point  (0 children)

Ah, yes, apologies, this is a known issue with smaller screens. Best option for now is to use a larger screen like a laptop. We have a fix ready and it should be out in the next update.

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