New Year checklist:
  My favourite time to run the TIME MACHINE is early January. This is because the current year then acts very much like a future year in the TIME MACHINE. There is no need to consider what contributions have already been made, what taxes have already been paid, and no need to prorate any amounts for incomes, expenses and savings. Here is a list of things that need to be updated at the start of the year, and sometimes throughout the year, to keep the current year calculation as accurate as possible.

  1. CPP/QPP table(s). An entry for pensionable earnings for last year will appear. You will need to estimate what those were until the actual amount is updated at the CRA or Retraite Québec later in the year.
  2. RRIFs and LIFs.  For each of these, within 'Edit Account properties', enter the balance of the account at the end of last year. If you make any withdrawals during the year, update the total withdrawn this year.
  3. RDSPs. 'Edit Account properties' for these, and update the table of previous contributions if one appears. If you make a contribution this year, enter the amount once made, and you will need to come back and check the box once the grants/bonds have been received so that they are not double-counted in the TIME MACHINE.
 4. TIME MACHINE. There are up to 3 screens that capture current year tax information before running the TIME MACHINE: one for yourself, one for your spouse and one for your CCPC when applicable. Please update the amounts asked for the current year, and keep them updated throughout the year.
  5. Tax owing or refund. If you expect a tax refund from the previous year's taxes, you can enter it as an Income (Other, not taxable) with start and end dates on the date you expect to receive it. Similarly, for tax owing, enter it as an Expense for the date you expect to pay it.

Happy New Year!