Dear MoneyReady App users,

No new features this past month, however a lot of updates as we get close to 2022.

  1. All values for taxes/deductions/credits/limits have been updated for 2021 and 2022. These should be final for 2021, but changes could still happen for 2022.
  2. The TFSA contribution limit increase remains at $6,000 for 2022.
     For those of you who plan to contribute the maximum every year
     and have entered an AUTOMATIC DEPOSIT to a TFSA at $6,000 to be indexed with inflation,
     the TIME MACHINE will now increase that amount to the increased limits expected in future years given your set inflation rate and rounded to the nearest $500 to match the maximum.
  3. When inflation started creeping up,
     I changed the default inflation rate for new users to the latest value obtained from the Bank of Canada.
     That value is now so high that I reversed course and have now set the default back to 2%,
     the Bank of Canada’s long-term target, which is appropriate for long-term planning.
     The values set for inflation and prime are now shown on the Dashboard to avoid any surprises.
     You can change them in RATES/YIELDS/CURRENCIES.
  4. Advisors can set their preferred default inflation and prime rates for all of their clients at once.
  5. The CPP and QPP calculations have been updated.
     For QPP, the link to obtain your earnings table (relevé de participation) has been updated
     to the Retraite Québec website.
     You should be able to just copy and paste the table, but contact me if you have a problem.
  6. The Withdrawal OPTIMIZER has been tweaked to better handle portfolios with multiple investments and is even better at finding an optimal withdrawal strategy.

I've gotten a lot of great questions and feedback lately. Thank you!
They are always welcome.

Elisabeth Tillier, Ph.D.
Head of MoneyReady