Add/Edit Account

Account Type
Select the account type (non-registered, RRSP, TFSA etc..) from the drop-down menu. Depending on the account type you may be directed to forms to enter additional information specific to that account type.
If you set a CCPC, you will be allowed to add one account for the corporation.
Changes of the account type and features will be calculated as is appropriate in the TIME MACHINE to correctly calculate taxes and deposit/withdrawal limits.
Note the following rules if you must edit the account type today yourself (these are our rules, not necessarily the CRA's!):
  • RESPs cannot be changed to another account type.
  • CCPC accounts cannot be changed to another type, nor are other types of accounts changeable to a CCPC account.
  • A MOCK or NON-REGISTERED account type can be changed to a registered account type, but registered accounts can not be changed to a A MOCK or NON-REGISTERED account type.
  • MOCK accounts are ignored in the TIME MACHINE and for your asset allocation.
    • If you made an input error, or the account type has changed recently and would like to update your data, you may have to create the new account and delete the old one.

    Account balance and the Cash Investment
    We think of an account as a list of all of the investments that it holds. The account, itself, does not hold any value.
    Once you create an account, a "Cash" investment will be automatically created for it. The balance that you enter here will then be deposited into that "investment" and the growth rate you select will be the income yield of the Cash Investment (you can always change that later when you edit the investments).
    You cannot delete the 'Cash' investment.
    IMPORTANT: From then on, you will not be able to edit the balance of the account; it will always be calculated for you as the sum of the investments that it holds.
    You can view the investments in your account by selecting 'View Investments' on the 'list accounts' page.

    Currency
    If the currency within the account is not set to Canadian dollars, the currency exchange rate will be calculated automatically and updated daily (see RATES/YIELDS/CURRENCIES for details).

    Asset allocation
    Optional. This is for investment accounts for which you do not want to track with FUNData or Wealthica and you will not be entering all your investments.
    In that case a "Portfolio" investment will be automatcally created to reflect your investment portfolio. You will be able to edit and update it manually.

    Minimum balance
    A minimum (positive) balance can be set, and it will be honoured by the TIME MACHINE.
    If there are maintenance fees for an account holding investments, enter them as fees in the cash investment.

    Account Owner
    If you have a spouse you can make the account owned by either spouse or held jointly. We do not check if this is ok with the CRA.
    CCPC accounts will automatically have the CCPC set as owner.

    Beneficiary
    You can name your spouse, or your child(ren), as the beneficiary/beneficiaries for the account, or you can set your Estate as the beneficiary.
    At the passing of an account holder, the account ownership in the TIME MACHINE will transfer to the spouse of the account holder (if they have been set as the beneficiary). The beneficiary of the transferred account will then be the new owner's Estate.

    If the account is an RESP for a child, the child should be named the beneficiary

    Deleting the account

    To delete the account you must first remove any links to it in AUTOMATIC SAVINGS/WITHDRAWALS, LOANS, etc and a button to delete it will appear on this page.

    If a delete button is present, and the account is linked to Wealthica, this will simply remove it from consideration from the MoneyReady App. You will be able to add it back from Wealthica.