From the 2023 Projection Assumption Guidelines:

"Making projections is critical to creating financial plans that help clients realize their long-term goals," says Julie Seberras, CFP®, MBA, FCSI and Chair of the FP Canada Standard Council™ Standards Panel. "The Projection Assumption Guidelines are a useful tool for planners to ensure their projections are based upon sound assumptions."  

The Guidelines are intended to be used when making long-term projections of 10 years or more, and they're meant to look beyond the current day rate environment. For shorter-term financial projections (less than 10 years), financial planners may use actual rates of return on fixed-term investments held to maturity and dividend yields on equities.  

The Projection Assumption Guidelines for 2023 are as follows: 

Inflation rate 

2.10 %

Return rates 



2.30 %

Fixed income 

3.20 %

Canadian equities 

6.20 %

Foreign developed market equities 

6.50 %

Emerging market equities 

7.40 %

YMPE or MPE growth rate 

3.10 %

Borrowing rate 

4.30 %


Note that these are all before fees.