What should I update at the start of a new year?

A new calendar year changes what counts as current-year history. January 1 is a convenient time to review the plan because there is little or no year-to-date activity to reconcile yet.

CPP/QPP: if the pension has not started and you use the detailed earnings history, review the row for the year just ended. Estimate pensionable earnings until the official statement is updated, then replace the estimate.

RRIFs and LIFs: open Edit Account, enter the actual December 31 balance for the previous year, and update Withdrawn this year to date for the new year. At the start of January, that total is normally 0. Keep the investments at their actual current values.

RDSPs: review the account’s requested income and contribution history. Enter contributions already made this year and update the grants/bonds-received indicator once those amounts are included in the balance, so the projection does not add them again.

PRIORITIES: review the tables applicable to the new year. Where no new instructions are entered, earlier applicable priorities carry forward. Check new accounts, future-year tables and percentage limits.

TIME MACHINE: update the additional-information screens for you, your spouse and the CCPC where applicable. Review contribution room, taxes and deductions paid, pension payments, investment income and any previous-year tax balance. Keep these inputs current during the year.

Enter a previous-year tax amount still payable, or a negative amount for an expected refund, in the dedicated tax-balance field. Do not also enter that same amount as an income or expense.