Try Lifetime Finances and download as a demo for 31 days. You can enter your present assets, income & expenses and generate charts and tables that show a yearly cash flow from now to 45 years after retirement. Changes can also be made each year to any of the expenses, income and assets to reflect what you would like to happen in the future.

Canadian Marginal Tax Rates – 2019

This post provides the 2019 combined marginal and average tax rates as tables, charts and a downloadable spreadsheet for the Canadian federal government and all the provinces and territories. It now includes some of the hidden taxes that are not shown on the income tax forms rate tables. More

Estimating Savings Required for Retirement

A general rule is that you should be saving 10% of your salary for retirement. Because everyone’s situation is different, how do you know if this is too much or not enough. How does your pension, CPP and OAS affect this number? The spreadsheet combines two of the most popular posts to help answer this question. More

Comparing Savings Spreadsheet with Lifetime Finances

A previous post provided a spreadsheet for estimating the savings required for retirement. When compared to using FinanceBase-Lifetime Finances which takes into account income taxes, for the example provided, Lifetime Finances requires less savings and has provides higher after retirement expenses for the same age when assets go to zero. More

Replacing GIS Payment Tables with Equations

The Canadian Guaranteed Income Supplement (GIS) payments for low income taxpayers is not easy to calculate because the oft-used 50% reduction from the yearly maximum for every dollar earned no longer holds for all income levels. The only data the Government of Canada provides are a number of tables that gives the GIS payment versus income ranges. To calculate the GIS payments in a spreadsheet and in applications, what is really required a set of equations. More

Estimating How Much You Need In Retirement

How 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

Easy to Use Budget Method and Spreadsheet

Creating a yearly budget should be easy because all you need to know is your income and your expenses. How you organize, prioritize and analyze your expenses takes a little time, but it also is an easy exercise because you probably know where you spend your money. This post discusses a method for creating and updating a budget and provides a spreadsheet that simplifies entering your income and expenses that provides visual clues as to when you are overspending. More

Introducing Lifetime Finances Lite

If you do not need the full capabilities of FinanceBase-Lifetime Finances or do not want to pay the full price, try this Lite version at a reduced price. It performs all of the calculations needed to use your assets, income & expenses during your lifetime to project whether you will outlive your money. It can be used at any age and provides a yearly cash flow (income less expenses, including taxes) from now to 45 years after retirement. Data can only be entered on the Entry page and changes cannot be made in any year on the other pages. More

FinanceBase-Lifetime Finances, More Than a Retirement Calculator

If you want more than the simple retirement calculators that you can find online, explore the lifetime finances planner discussed in this post. It is feature-rich but is easy to use that uses your expenses, income and assets to provide a cash flow and asset movement from now until up to 45 years past retirement. Charts make it easy to see if you have shortfalls in any years and if your assets will last during your lifetime. You can make changes in any year and try various “what-ifs” to see the impact. More

When to Take the CPP – What Is Involved?

If you have worked in Canada you will have contributed to the Canada Pension Plan (CPP). You have some control over when to take and how much of a CPP retirement pension you will receive when you reach age 60. This post summarizes what you need to know and do and provides links to more details. More

When to Take the CPP – Factors Involved

Before deciding when to take your Canada Pension Plan retirement pension you need to consider the impact of a number of factors that affect how much you will receive. These include the age-dependent increase in yearly payment provided, drop-outs, inflation, marginal taxes, the break-even age and survival probability. More

When to Take the CPP – Spreadsheets

The downloadable Excel spreadsheets described in this post can be used to determine when to take your Canada Pension Plan retirement pension. Once you copy your CPP Statement of Contributions into the table provided, a macro can be run that fills in the drop-outs and removals. Yearly payments, break-even ages and cumulative payments at various ages plus many charts will give you an insight as to when to take the CPP for your circumstances. You can also set inflation and marginal tax rates.
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Life Expectancy and Survival Probability

Life expectancy is a key factor in a number of decisions required when you approach retirement. For example, should you delay taking the Canada Pension Plan pension or the Old Age Security payment? You need to feel comfortable that you will be alive to take a delayed pension and, for example with the CPP if you will be alive at the break-even age. More

Canadian Marginal Tax Rates – 2018

This post provides the 2018 combined marginal and average tax rates as tables, charts and a downloadable spreadsheet for the Canadian federal government and all the provinces and territories. It now includes some of the hidden taxes that are not shown on the income tax forms rate tables. More

FinanceBase – Overview

FinanceBase is personal & small business finance software that includes, among others, an Accounts manager, Transactions management and a Lifetime Finances planner. It is easy to use and provides a range of personalization not normally found in this type of software. FinanceBase is conveniently provided in products in a hierarchy and priced accordingly.  More

Helping to manage your finances