Can I model RRIF’ing at different ages in the MoneyReady App and, if so, how do I do it? It might be obvious in the Time Machine output/report and I may have just missed it. This is a burning question for me as I would like to get a handle on the financial +/-‘s of RRIF’ing early (and at what ages) as it just seems to make good sense for us to do if we are planning to wait to take CPP & OAS until we are 70.

You can set when you to convert an RRSP (or similar types) accounts by editing the account, and make sure to click submit until it asks you  “age to convert”. The default is 71 but you can change it. You can also do partial conversions by setting it up in AUTOMATIC WITHDRAWALS. 

A follow-up on the RRIFing question above, from the age of 65 to 71 it would be nice to model taking out more from existing RRIFs to see the impact on your future legacy including potential government clawbacks. 

Would this be best done by increasing expenses, however, the issue is that this money wouldn't be spent but used to add to TFSA room and or non-registered accounts. Is there any way to do this (i.e., increase the $ or % coming out of registered accounts before age 71 (via a date range) where the amount after taxes is placed in TFSA and/or non-registered account based on available room and appropriate taxes?

I recommend using the Withdrawal Optimizer to help you determine your best withdrawal strategy, but if you want to study the effect yourself you can certainly do that using AUTOMATIC DEPOSITS/WITHDRAWALS.

You can have entries for the registered accounts you want to withdraw from, specifying a yearly amount or a yearly % of the account balance, for any date range. The withdrawals will be made in the TIME MACHINE and will contribute to the required minimum withdrawal if one is required. It may not be made (or not in full) if there is a maximum withdrawal limit (like for some LIFs). What is withdrawn ends up in your Wallet.

You can also specify entries for automatic deposits to TFSAs or Non-registered accounts of your choosing. You can match the date ranges and amounts you set for the withdrawals you set on the account above. However, if you set the withdrawal as % of the account balance, you will not know what that amount will be exactly. For TFSAs, the TM will never go over the contribution room whatever you set. The funds for the deposits will come from your Wallet and so should use up the withdrawals you set up.

You can also set up SCANS so you can run multiple scenarios at once. In this case, you could put a scan on the amounts you have set for those automating savings/withdrawals to cover a range.  The table of results for the scan will show you the legacy and total taxes paid so you can easily identify the best values to use.