Products Summary

RetireBase If the free on-line retirement calculators leave you wishing for more, and you do not want to pay a financial advisor each year, try the most comprehensive, non-commercial calculator available. It is also included in FinanceBase. $9.99 Details

FinanceBase If you want to keep track of expenses, accounts and cash flow, and manage the finances of a small business, FinanceBase is the personal finance application for you. More

RetireBase Calculations

RetireBase takes the data you enter and performs the following calculations for each year starting at the tax year selected, each time a value is changed: More

Comments From Developing RetireBase and FinanceBase

While developing RetireBase and FinanceBase, I also developed a viewpoint on number of items that may be of interest. In particular, there is a lack of good, non-product retirement planning, finances in Canada and the USA are surprisingly similar, compounding has good and bad effects, “rule of thumb” is not a good way to plan for retirement and software should be easy to use, but also permit access to special features. More

TFSA and RRSP – Providing a Fixed Retirement Income

This post describes a spreadsheet that you can download that shows how you can use RRSPs and TFSAs to generate a fixed retirement income each year. You will probably have a number of both RRSPs and TFSAs due to the restrictive amount of money you can invest in the TFSA. Knowing what they can provide as income before the capital is exhausted is critical to retirement planning.  More

TFSA or RRSP – Impact of Reinvesting the Tax Refund

As shown in this post, the RRSP tax refund must be fully reinvesting each year if the RRSP is to provide the same income and close to the same capital during retirement compared to a TFSA. Even then, the TFSA is a better retirement option. The spreadsheet used for this analysis can be downloaded so you can try out different conditions such as your own province, marginal tax rate and reinvestment strategy. A major difference between a TFSA and a RRSP is that the RRSP is tax deductible while the TFSA is not and that the RRSP generates a tax refund which depends on your marginal tax rate. More

Getting Excel to Chart Stair-step Values

Excel does not easily chart amounts that are constant over a range and abruptly change to another value (called a stair-step). It requires the use of the Scatter chart and some changes to how the data is arranged. This post describes how the charts for the Canadian Marginal Tax Rates-2014 post were created in the hope that others can use the technique to deal with similar data. More

RRIF Minimum Payout

Payouts from a RRIF are taxable. A spreadsheet can be downloaded that provides tables and charts that show the impact on capital of the minimum payout for different starting RRIF capital, interest rate and marginal tax rate. If you have a RRSP, a RRIF must be taken out when you reach age 71. There are mandatory payouts per year that reduce the capital each year, when you have a return of less than 9%.  More

Canadian Marginal Tax Rates – 2014

This post provides the 2014 combined tax rates as tables and charts for the Canadian federal government and all the provinces and territories. The Marginal Tax Rate is mentioned a lot when discussing 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. This post shows the marginal and average rates for each tax bracket and provides a downloadable spreadsheet which also contains the charts for each province. More

Helping to manage your finances