Products Summary

FinanceBase is personal and small business financial software. It has a number modules that are organized in a hierarchy to provide different capabilities and priced accordingly. All are available during the demo and can be ordered individually based on what you need. More

FinanceBase – Overview

Keeping track of how you spend your money is important. It helps you save for things that you want and for retirement. There are many ways to do it, including spreadsheets and applications, but if you do it by only watching your bank account, you will not be very successful. Creating and tracking your income and expenses are the only way to ensure that you get control of your finances. You may also run an at-home business that requires you keep track of expenses and income for tax purposes. FinanceBase is personal finances software that helps you do this and much more. More

Lifetime Finances – Entry Page & Charts Window

Planning your financial future may seem like a daunting task. A search on the internet will return millions of articles and ads. There are many retirement calculators that range from those that take a few inputs to those that are very complex and are used by financial advisors. An ideal planner should be easy to use and provide results with a minimum of time required to enter the initial data. It should support more detailed adjustment of the many expenses and incomes expected over your lifetime in an easy manner. The Lifetime Finances module of FinanceBase described below does this and much more. More

Canadian Marginal Tax Rates – 2017

Canadian Marginal Tax Rates - 2017 OntarioThis post provides the 2017 combined marginal and average tax rates as tables, charts and a downloadable spreadsheet for the Canadian federal government and all the provinces and territories. The post for 2016 has been very popular, so the spreadsheet has been updated for the 2017 rates and the results are included in this post. More

Nortel Pension Settlement – Deferred Pension

About one-quarter of the 13,000 Nortel pensioners that are members of the Nortel Managerial and Non-Negotiated Pension Plan (Reg. 0342048) must take a Deferred Pension in the form of a Locked-In Retirement Account (LIRA). Before age 71 the LIRA must be converted to an annuity or to a Life Income Fund (LIF). The references, comments and spreadsheet provided in this post may be of some assistance in making the choice. It is also of use for others who need to compare an annuity against a LIF when converting the LIRA. More

Nortel Pension Settlement Options – Annuity vs LIF

There are some 13,000 Nortel pensioners that are members of the Nortel Managerial and Non-Negotiated Pension Plan (Reg. 0342048). The settlement of this plan provides members in some provinces with the option of either receiving the default of an annuity or taking the commuted value and converting it into a Life Income Fund (LIF). The references, comments and spreadsheet provided in this post may be of some assistance in making the choice. It is also of use for others who need to compare an annuity against a LIF. More

Loan and Mortgage Calculator

Loan and Mortgage Calculator Chart 3Almost everyone has to borrow money sometime. For example, if you are buying or already own a house or rental property, you will have to take out a mortgage and pay it down or if you buy a car on credit, you will have to pay some amount each month. Whenever you have to pay back a loan, you can use the spreadsheet provided to determine the payment amount, the interest you are paying each payment and how the loan amount decreases over time. You can also use it to evaluate different alternatives. You may be surprised how much is interest early in the loan. More

Canadian Marginal Tax Rates – 2016

Canadian Marginal Tax Rates - 2016 OntarioThis post provides the 2016 combined marginal and average tax rates as tables, charts and a downloadable spreadsheet for the Canadian federal government and all the provinces and territories. The Marginal Tax Rate is mentioned a lot when discussing incremental and retirement income. It is defined as the amount of tax paid on an additional dollar of income. It is sometimes difficult to determine this value as it changes by province and using a standard rate without regard to your province of residence can lead to erroneous results if you are not careful. More

Estimating How Much You Need In Retirement

Estimating How Much You Need In RetirementChart3How much do you really need to retire? Are you one of the majority that either have a large number in mind or do not know? It may not be as bad as you think. What you need is an estimate of your expenses when you retire based on what you spend today, have an understanding of where your retirement income will come from and how you will use your savings. A spreadsheet is provided that will help you and it only takes a few minutes to fill in. You can try different values for capital, interest rates, inflation rate and withdrawal amounts. More

Estimating Capital Totals at Retirement

Estimating Capital Totals at RetirementChart4If you have been putting money into an RRSP, TFSA or other investments over the years, have you ever projected how much you will have when you retire? If you are just starting, what will you have if you save some money each year? This is important because it will determine what is available for a yearly income when you retire. The spreadsheet provided lets you try out different options. The results may surprise you as even a small amount of savings each year combined with compounding can really add up. More

Survey Shows Canadians Are Not Prepared For Retirement

Survey Shows Canadians Are Not Prepared For Retirement1The 2015 Canadian Payroll Association once again shows that about three-quarters of Canadians are far behind their retirement goals, are not saving towards retirement and expect to need a lot of savings. The survey had a lot of exposure on September 9, 2015. However, most of it just summarizes the press releases. If you want more details, read on. More

StatsCan – How Much Do Individual Canadians Make?

How Much Do Canadians Acutal MakeThere have been a number of surveys that deal with how much Canadians are saving and the debt that they have accumulated. However, they never seem to categorize the answers by the income of the person. Statistics Canada has access to data that provides the answer of how much income Canadians actual make.  More

The Minimum RRSP You Should Have

If you will not have a low income when retired and if you will not have other pension income, you should have at least $40,000 in RRSPs when you reach age 71. This ensures that the first $2,000 of payouts makes use of the $2,000 Federal Pension Income Amount non-refundable tax credit. More

Making a Yearly Budget

Keeping track of how you spend your money is important. It helps you save for things that you want and for retirement. There are many ways to do it, including spreadsheets and applications, but if you do it by only watching your bank account, you will not be very successful. This post provides an easy-to-use spreadsheet where you can make your yearly budget plan. More

You Need to Look at Your RRIF Withdrawals

With the 2015 Canadian Federal budget, the minimum payout rates for Registered Retirement Income Funds (RRIF) have been reduced significantly. If you only withdraw this amount each year you might have a much larger capital than you expect when you reach your 90s. If you do not want so much left as an inheritance with the resulting large income taxes you may want to increase your withdrawals. More

Calculating TFSA and RRSP Totals at Retirement

Calculating TFSA and RRSP Totals at Retirement 3If you have been putting money into an RRSP and/or TFSA over the years, have you ever projected how much you will have when you retire? If you are just starting, what will you have if you save some money each year? This is important because it will determine what is available for a yearly income when you retire. The spreadsheet provided lets you try out different options. The results may surprise you as even a small amount of savings each year combined with compounding can really add up. More

Impact of Tax Credits on Average Tax Rate

Impact of Tax Credits on Average Tax RateEach additional dollar you earn is taxed at the marginal tax rate. However, the tax credits to which everyone is entitled significantly reduces the amount of taxes you actually pay compared to the tax bracket values and the marginal tax rates. For example, for income close to the top of the first tax bracket and the basic personal tax credit, the actual average rate is just 72% of the marginal tax rate. More

Estimating Canadian Income Taxes

If you need to estimate your Canadian income taxes during the year before making an investment decision, use the simplified spreadsheet provided in this post. For example, you may have to decide the impact of taking capital gains this year, selling stocks or taking out an RRSP.

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Helping to manage your finances