PLANNING TOOLS

Put the question into numbers first,
then put the numbers back on the whole map.

Each tool focuses on one planning question. The results are only a starting point for discussion and don’t replace complete investment, tax, insurance or legal advice.

How much to save for retirement

Compare your target spending, current savings and time until retirement.

How much to save for retirement

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To save each month

$2,742

Save about $2,742 a month from now to retire at 60 and spend $6,000 a month.

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Target investments
$1,800,000
Future value of existing investments
$842,317
Remaining gap
$957,683

Existing assets compound annually; new savings are added at month-end and compound monthly.

Projected investments
Years from nowProjected investments
0$350,000
1$401,175
2$454,947
3$511,449
4$570,820
5$633,205
6$698,756
7$767,636
8$840,012
9$916,062
10$995,973
11$1,079,941
12$1,168,172
13$1,260,883
14$1,358,300
15$1,460,662
16$1,568,222
17$1,681,242
18$1,800,000

An estimate based on assumptions, not personal investment, tax or legal advice.

How much life insurance is enough

Work out your needs from family responsibilities, debts, existing assets and the coverage gap.

How much life insurance is enough

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Additional coverage

$1,180,000

On this simple estimate, consider about $1,180,000 more coverage.

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Total income and debt needs
$1,680,000
Existing coverage and savings
$500,000

Income needs accumulate each year; debts and existing resources are accounted for above.

Cumulative income needed
Years from nowCumulative income needed
0$0
1$120,000
2$240,000
3$360,000
4$480,000
5$600,000
6$720,000
7$840,000
8$960,000
9$1,080,000
10$1,200,000

An estimate based on assumptions, not personal investment, tax or legal advice.

How much tax could your RRSP save

Compare the deduction from a contribution today, and bring future withdrawal taxes into the discussion.

How much tax could your RRSP save

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Less tax this year

$14,700

You could pay about $14,700 less tax this year — the deposit really costs you $15,300.

RRSP withdrawals are taxed later.

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Modelled tax rate
49%
Net deposit cost
$15,300

This year only; future tax rates are not projected.

Tax saving
Years from nowTax saving
1$14,700

An estimate based on assumptions, not personal investment, tax or legal advice.

RRSP vs TFSA withdrawals

Start from after-tax spendable cash and compare how withdrawals from different accounts play out.

RRSP vs TFSA withdrawals

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More to keep each year with a TFSA

$15,600

Withdrawing the same $60,000, the TFSA leaves you about $15,600 more each year.

At this income, watch for OAS clawback.

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Modelled tax rate
26%
RRSP net withdrawal
$44,400
TFSA net withdrawal
$60,000

One year shown; unchanged inputs give the same result each year. OAS clawback amounts are not calculated.

Annual net difference
Years from nowAnnual net difference
1$15,600

An estimate based on assumptions, not personal investment, tax or legal advice.

Your financial independence progress

See investments, passive income and living costs in a single progress view.

Your financial independence progress

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Living costs covered

37.8%

You’re 37.8% of the way to financial independence — about 12.8 more years at this pace.

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Annual spending covered
$34,000
Annual spending gap
$56,000
Target investments
$2,250,000

New investments are added at year-end; up to 100 years shown if the target is not reached. The final row may be a partial year.

Projected investments
Years from nowProjected investments
0$850,000
1$933,250
2$1,020,246
3$1,111,157
4$1,206,159
5$1,305,437
6$1,409,181
7$1,517,594
8$1,630,886
9$1,749,276
10$1,872,993
11$2,002,278
12$2,137,381
12.8$2,250,000

An estimate based on assumptions, not personal investment, tax or legal advice.