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

TFSA or RRSP – Impact of Reinvesting the Tax Refund

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. As shown in this post, the 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. More

Getting Excel to Chart Stair-step Values

Excel is a very versatile application for creating charts from columns of numbers. However, it 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

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%. A spreadsheet can be downloaded that provides tables and charts that show the impact of changes to payout and capital for different starting RRIF capital, interest rate and marginal tax rate. More

Canadian Marginal Tax Rates – 2014

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 provides the 2014 combined marginal tax rates for the Canadian federal government and all the provinces and territories. It shows the marginal and average rates for each tax bracket and provides a downloadable spreadsheet which also contains the charts for each province. More

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