I'm wondering if you might have a demo account available that could be used to show friends MRA?

Will there be an email reminder sent when the annual renewal fee is due? Thanks

Hi. I just tried using MR again after many months. It won't let me enter different inflation rates for future years, it just allows one entry with no end date. I was able to successfully enter different prime rates for future years.

Both my partner and I have RRSP contribution room. I can't seem to figure out whether TIME MACHINE has made the contribution. Where does it show the contribution? Thanks

In the report for columns Account RRSP Balance, Deposit, Growth, I see numbers like this: $205,012.33 -$22,333.10 $10,623.04 $169,094.54 -$37,927.71 $6,029.77 ---- I assume the 2nd row Balance would be $205,012.33 -$22,333.10 + $10,623.04 =$193302.27 But I see $169,094.54 How do you get that number? I see this in all reports I generated. thanks for your help

I must be entering my GIC's incorrectly as it is throwing off my reports? First I don't see an option for GIC only fixed which shows up as bonds. Second I have not checked off the box to repurchase yet the model shows I am buying the GIC again in 2023? I have GIC listed as lowest priority also. I am finding the model is pulling from my spouse's RRSP in 2023 and therefore setting us up for a large tax bill. Can you let me know if it the addition of the GIC's on my last run that is causing this issue and if so how do I enter them properly?

I short-changed the Basic Tax Calculator's Alberta tax a wee bit. It calculates close to $575. But that's still substantially less than the $2056 that I think it should be. What am I missing?

The issue I am having is the error message I am getting saying the CCPC cannot pay out a salary. I trouble shot a bit and when I add in another corporate account with a large balance it will no longer give me the error and everything works normally but obviously this throws off our net worth calculations. Is this an error? Since I have a revenue more than large enough to cover the salary but it seems to only be willing to pay a salary if there is enough money in the corporate account. Reading the PDF I understood that it should use the revenue first and THEN the account to cover the salary. Thank you.

Great article to show historical returns when you consider the tax implications on three types of investment accounts. Good thing money ready takes taxes and inflation into account. 

Thought you might find this interesting but not surprising and could possibly be used in your communication? 

https://bestinterest.blog/how-do-taxes-affect-stock-returns/

For “Gross Income” and “Net Income”, it would be nice to include the account withdrawals.  To me, It would make more sense if “Gross Income” included all gross income  and “Net Income” is the amount after taxes. Since my total spending for 2024 is forecasted to be net $75,620.66 (taxes are omitted), and having a “Net Income” of $79,689.26 makes it much easier to comprehend.  What do you think? My hang-up was having the report state my “NET INCOME” was $47,937.76 but my “TOTAL SPENDING” is $87,798.55.

I discovered that some column headers in the TM export file were changed. Just wondering why these were changed and if more are forthcoming?  I transform your export files (TM and Investments) using Power Query and whenever a column header changes, it blows up the transform.  It's all fixable, but I wasn't expecting these changes.

I'm also wondering whether it was just the column titles that changed or if the data in any of the affected columns changed, too?

May I request that changes to the export files be communicated when they happen so that I know what is changing?  Thanks. 

I entered $100000 as an automatic saving from “other” in 2023. It goes to a non-registered account. In Time Machine, it shows up in 2023 as a deposit of $37,283.72. The total for all my account deposits in 2023 is $57,575.32, so it’s not using priorities to reallocate the deposit. What’s happening to the $100,000 deposit?

What is the definition of External income on the report and how is it calculated?

I did implement employee stock options for you a while back. It’s not a commonly used feature and was a little tricky, so I’m wondering how’s that's working out?

I am confused about the Total Spending result on my TM runs. I plug in that I want $150k spending money (not other entries) at a particular age (71), yet the Time Machine result gives me $165K. Not sure why this is the case. Why would it do this? Is there a way to constrain the TM to provide a hard spending amount?

Thank you so much for the quick responses and updates. MoneyReady is very helpful in knowing when I should convert my RRSP/LIRAs to the corresponding RRIF/LIF accounts, and how to optimize my withdrawals. It also confirmed my intent to defer CPP to age 70. It's exactly what I need.

One more item puzzles me. I have used all my TFSA contribution room. The Withdrawal Optimizer shows TFSA withdrawal of $1887.82 for 5 years from 2024 to 2028 (age 67 to 71), then large contributions (approx $13k to $20k) from 2033 to 2035 (age 76 to 78), then contributions drop back down to the $6k range. I have used all my TFSA contribution room. Can you tell me the reason for these withdrawals and recontributions?

The Investments screen for each account allows me to add specific securities (stocks or funds) by ticker symbol. What are these entries used for, since I am entering projected returns for each asset class anyway?

My retirement income is entered as "OTHER" income but it's actually a defined benefit pension. How do I let the Time Machine know that, and that it can be split between spouses?

Why does the App calculate capital gains each year for taxes even though we have not sold any stocks? Is the reason based on the fact that insufficient cash is available so the App assumes that stocks will be sold to meet the desired withdrawal amount to cover expenses and taxes due?

Hello Elisabeth,

This may be a good article to support your model? 

https://www.advisor.ca/news/industry-news/canadians-make-guesswork-of-retirement-planning/