Personal Value: Enter the total value of all Personal RRSP investments.
Spousal Value: Enter the total value of all Spousal RRSP investments owned by the client. Spousal Contributions made by the other spouse will add to this value.
Contribution Limit: Enter the contribution limit listed on the client’s previous year’s Notice of Assessment. This value, combined with any Pension Adjustment, will impact the ability to enter future contributions. RazorPlan will not allow contributions beyond the available limit.
Pension Adjustment: In situations where a client is part of a Defined Benefit Pension, enter the Pension Adjustment listed on the client’s previous year’s Notice of Assessment. This value will offset the available Contribution Limit and will impact the ability to enter future contributions. RazorPlan will not allow contributions beyond the available limit.
RRSP Contribution: Enter the value of any planned future personal RRSP contributions either annually or monthly as defined in the Contribution Frequency selection. These contributions will add to the Personal Value.
Spousal RRSP Contribution: Enter the value of any planned spousal RRSP contributions either annual or monthly as defined in the Contribution Frequency selection. These contributions will add to the other spouse’s Spousal Value.
Contribution Frequency: Select ‘Annual’ or ‘Monthly’ from the drop-down to define the frequency of future contributions.
Index At Inflation: To specify whether future contributions will grow with inflation, select ‘Yes’ or ‘No’ from the dropdown.
RRIF Age: Enter the age at which the client will convert RRSP assets into a RRIF. This will trigger minimum withdrawal requirements. In situations where income is required sooner, RazorPlan will automatically withdraw from the RRIF unless Solve RRIF is set to ‘No’ or a RRIF Withdrawal Method other than RRIF Minimum is selected.
RRIF Withdrawal Method: Select either ‘RRIF Minimum’, ‘Number of Years’ or ‘Withdrawal Amount” from the drop-down. Each option starts a withdrawal at the RRIF Age entered. For Number of Years and Withdrawal Amount enter additional data in the fields provided to indicate the number of years to make withdrawals or the planned withdrawal amount.
Years RRIF Needed: When Number of Years is selected as the RRIF Withdrawal Method this field is where the number of years the RRIF income is needed for can be entered. When this method is selected RazorPlan determines the maximum annual RRIF income that be withdrawn from the account for the number of years specified. The amount withdrawn is not indexed for inflation.
Annual Pre-Tax Withdrawal: When Withdrawal Amount is selected as the RRIF Withdrawal Method this field is where the annual pre-tax withdrawal amount can be entered. When this method is selected RazorPlan will withdraw the amount entered from the account for as many years as the withdrawals can be made. If the RRIF minimum is greater than the amount entered, RazorPlan will automatically withdraw the minimum until the minimum is less than the desired withdrawal.
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