Personal Assets Ledger

The Personal Assets tab focuses on the values of RRSP/RRIF, Locked-In Plans, Non-Registered, TFSA, Real Estate and Other Assets. All values are equal to the combined client and spouse/partner totals. This ledger helps to expand on some of the asset values listed in the Net Worth Ledger.

RRSP/RRIF

• Annual Deposit – The total annual deposits for client and spouse/partner RRSP/RRIF accounts.
• Investment Growth – Calculated based on the previous year’s Year End Value and Rate of Return.
• Minimum Withdrawal – The total RRIF Minimum withdrawal required each year.
• Income Withdrawal – Total withdrawal (Including RRIF Minimum) needed for Retirement Income Needs.
• Withholding Tax – The value of tax withheld at source.
• Additional Tax – Additional withdrawal required to cover taxes owed over and above the tax withheld.
• Total Withdrawal – The sum of all withdrawal made each year. This includes Income Withdrawals, Withholding Tax, and Additional Tax.
• Year End Value – The total year end investment value of the client and spouse/partner’s RRSP/RRIF accounts.
• Deferred Tax – The total outstanding tax liability assuming full liquidation each year.
• Client Allocation – The portion of the Year End Value that is allocated to the client’s account.
• Spouse Allocation – The portion of the Year End Value that is allocated to the Spouse/Partner’s account.

LIRA/LRSP

• Annual Deposit – The total annual deposits for client and spouse/partner LIRA/LRSP accounts.
• Investment Growth – Calculated based on the previous year’s Year End Value and Rate of Return.
• Minimum Withdrawal – The total legislated minimum withdrawal required each year.
• Income Withdrawal – Total withdrawal (including minimum) being made, if this amount is larger than the minimum then the system is withdrawing the maximum allowed.
• Withholding Tax – The value of tax withheld at source.
• Total Withdrawal – The sum of all withdrawal made each year. This includes Income Withdrawals and Withholding Tax
• Year End Value – The total year end investment value of client and spouse/partner’s LIRA/LRSP accounts.
• Deferred Tax – The total outstanding tax liability assuming full liquidation each year.
• Client Allocation – The portion of the Year End Value that is allocated to the client’s account.
• Spouse Allocation – The portion of the Year End Value that is allocated to the Spouse/Partner’s account.

Non-Registered

• Annual Deposits – Total annual deposits for both client, spouse/partner and joint Non-Registered.
• Investment Growth – Calculated based on the previous year’s Year End Value and Rate of Return.
• Taxable Income – The total tax owing based on investment growth and Tax Efficiency, plus any deferred gains withdrawn.
• Income Withdrawal – Total withdrawal needed for Retirement Income Needs.
• Tax Withdrawal – Additional withdrawals required to offset tax owing.
• TFSA Transfer – When the “auto-allocate” option is set to Yes this column displays the amount being transferred from the Non-registered accounts to the TFSA accounts.
• Total Withdrawal – Calculated as the sum of Income Withdrawals, Tax Withdrawals and TFSA Transfer.
• Year End Value – The total year end investment value of all Non-Registered investments.
• Deferred Tax – The total outstanding tax liability assuming full liquidation each year.
• Client Allocation – The portion of the Year End Value that is allocated to the client’s account.
• Spouse Allocation – The portion of the Year End Value that is allocated to the Spouse/Partner’s account.

TFSA

• Annual Deposits – Total annual deposits for both client and spouse/partner TFSA investments.
• TFSA Transfer – When the “auto-allocate” option is set to Yes this column displays the amount being transferred from the Non-registered accounts to the TFSA accounts.
• Investment Growth – Calculated based on the previous year’s Year End Value and Rate of Return.
• Income Withdrawal – Total withdrawal needed for Retirement Income Needs.
• Tax Withdrawal – Additional withdrawals required to offset tax owing.
• Total Withdrawal – Calculated as Income Withdrawals + Tax Withdrawals.
• Year End Value – The total year end investment value of all TFSA.
• Client Allocation – The portion of the Year End Value that is allocated to the client’s account.
• Spouse Allocation – The portion of the Year End Value that is allocated to the Spouse/Partner’s account.

Real Estate

There are 3 personal Real Estate Holdings included within RazorPlan; Principal Residence, Recreational, and Investment. Principal Residence will have no implications on taxation as the gain is non-taxable. Recreational and Investment properties will trigger tax on all growth over and above the cost base of the individual properties. The following outlines the 3 columns included for each property:

• Property Value – The total value of the Principal, Recreational or Investment real estate.
• Mortgage – The total outstanding end-of-year mortgage value of the Principal, Recreational or Investment real estate.
• Equity – The equity value of a real estate property, calculated as Property Value – Mortgage.

The Total Real Estate area includes the following:

• Year End Value – The total value of all real estate properties; Principal, Recreational, and Investment.
• Deferred Tax – ​The total outstanding tax liability assuming full liquidation of all properties each year.

Life Insurance

There are two categories in the life insurance section; Total All Policies and Death Benefits.

The Total All Policies section includes:

• Annual Premium – Total premiums of all personal life insurance policies entered.
• Cash Value – Sum of cash values from all personal life insurance policies.
• Debt – End of year balance for debts on all of the personal life insurance policies.
• Policy ACB – The total Adjusted Cost Base of all personal life insurance policies entered.
• Death Benefit – Total death benefit, including cash values, from all personal life insurance policies entered.
  

The Death Benefits section includes:

• Total Client – Total life insurance benefits payable upon the client’s death.
• Total Spouse – Total life insurance benefits payable upon the spouse’s death.
• Total Joint Last – Total life insurance benefits payable upon either the client or the spouse’s death.
  

Other Assets

There are 3 categories of Other Assets available; Index at Inflation, Index at ROI, and No Index. These assets are totaled in the following columns:

• Index at Inflation – The year end value of Other Assets that will grow in value equal to inflation.
• Index at ROI – The year end value of Other Assets that will grow in value equal to the established Rate of Return.
• No Index – The year end value of Other Assets that are not going to experience any level of growth.

Other Debts

There are 3 categories of Other Debts available:

• Credit Cards – The year end balance of any Credit Card debt.
• Lines of Credit – The year end balance of any Lines of Credit debt.
• Other Debts – The year end balance of any Other Debts such as personal loans, student loans, or debts on any of the other assets.