Improve Year Check-in

The Check-in is an optional extension of the TIME MACHINE. It combines an estimate of what happened from January 1 through today with the TIME MACHINE plan from today through December 31.

You can use the Check-in without completing this form. The TIME MACHINE will estimate elapsed-year amounts where it can. To have the Check-in more fully report what actually happened from January 1 through today, provide the information you know below.

Enter only amounts you know. Leave an amount blank if you do not know it. Enter 0 only when you know that the amount was zero.

The account and loan history entered here is used for the Check-in and its year-to-date and full-year reports. It helps compare your planned net saving, withdrawals and debt payments with your actual account and loan activity.

Except for information required elsewhere, such as RRIF or LIF withdrawals already made this year, these past amounts do not change the TIME MACHINE projection from today onward. They also do not change the current balances recorded for your accounts or loans.

Account amounts must be entered in Canadian dollars so activity can be compared across accounts.

• Balance at end of last year: The account’s total value on December 31 of the previous year.
• Account owner’s contributions year-to-date: Contributions made by you or your spouse as the account owner, from January 1 through today.
• Withdrawn year-to-date: The total withdrawn from the account from January 1 through today.

Do not include contributions made by an employer, government program or another person, such as an RESP contribution made by a grandparent. These amounts will be reflected in the account reconciliation as part of Implied growth / other activity.

AUTOMATIC SAVINGS entries are not used as actual account activity. They describe your plan, but actual contributions may have been limited, skipped or changed.

The current balance shown on each card comes from the account and its investments. It is displayed for comparison and is not editable here.

Enter the following amounts in the currency shown on each loan card:

• Balance at end of last year: The amount owed on December 31 of the previous year.
• Amount borrowed year-to-date: Any additional amount borrowed from January 1 through today.
• Payments made year-to-date: The total payments made, including both principal and interest, from January 1 through today.

Loans beginning after today are not shown because they have no elapsed-year activity.

Enter the actual year-to-date amounts when you know them. Blank amounts will be estimated where possible using information already in your plan.

If there are RRSP accounts, enter the RRSP deduction that each person intends to claim for the current year. This may include deductions for current contributions, unused contributions from previous years, and contributions made to a spouse’s RRSP.

The deduction claimed is not necessarily the same as the account owner’s contributions entered above. Account contributions describe cash activity, while this field supplies the deduction used for the person’s tax calculation.

Do not subtract RRSP withdrawals from the deduction. Enter each gross RRSP withdrawal, before withholding tax, on its account card. The TIME MACHINE will include taxable withdrawals separately and will exclude linked Home Buyers’ Plan withdrawals. Include any withholding tax under Taxes and deductions paid year-to-date.

If RRSP withdrawals are entered but the RRSP deduction is left blank, the deduction will be treated as 0.

Investment income refers to taxable income from non-registered investments. Do not include investment growth inside registered accounts. Enter realized capital gains and losses as gross amounts before applying the taxable inclusion rate.

A Wealthica logo identifies a linked account or loan. When sufficient historical information is available, Wealthica data may help prefill some Check-in values.

Wealthica may not provide a December 31 balance or a complete transaction history for every institution. Transactions may also be classified incorrectly. Review every value obtained from Wealthica and correct it when necessary.

Click Save and rerun Check-in to save the information and run the TIME MACHINE again. The new run will open the Are you on track? report and will also include year-to-date, rest-of-year and full-year views for the current year.

The accuracy and completeness of the Check-in depend on the information available. You can return to this form later to add or correct amounts and rerun it.