Personal Finance

Detailed Retirement Calculators

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  • Apr 15th, 2019 8:13 am
[OP]
Deal Guru
Dec 11, 2008
10019 posts
1494 upvotes

Detailed Retirement Calculators

Hi there, does anyone if a calculator online can provide the following functions?

- RRSP contribution future value including rough taxes to be paid upon retirement
- non-registered future value including options to incorporate rough taxes paid on eligible dividends and other tax efficient investments

The only thing I have been able to find are RRSP vs non-reg which provide no details at all on taxation on each.

The challenge we are facing is that we have pensions and we would like to determine if is makes more sense to continue to contribute to the RRSP limit or don't bother and just start putting it in non-reg.

Thanks!
6 replies
Sr. Member
Nov 28, 2017
546 posts
496 upvotes
Thats a pretty specific scenario to run down and most online calculators are pretty general.

Even the government of canada one, which runs down CPP and OAS/GIS with other stuff, doesn't get all the way into taxes and withdrawal rates.

I would run it through in a spreadsheet. Excel or google sheets. It will take some knowledge and more work, but you can tailor it way more to your specific concern.

And there is a lot to compare here. Tax treatment of cap gains, tax treatment of dividends, minimum withdrawal schedule on RRSPs, and accounting for the value gained from the tax deferment.
Deal Addict
User avatar
Feb 1, 2012
1349 posts
1776 upvotes
Thunder Bay, ON
This one's not online but it's very detailed and might meet your needs if you don't mind using a spreadsheet.
http://pabroon.blogspot.com/2015/05/ret ... ng-20.html
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.
[OP]
Deal Guru
Dec 11, 2008
10019 posts
1494 upvotes
nevyn1234 wrote: Thats a pretty specific scenario to run down and most online calculators are pretty general.

Even the government of canada one, which runs down CPP and OAS/GIS with other stuff, doesn't get all the way into taxes and withdrawal rates.

I would run it through in a spreadsheet. Excel or google sheets. It will take some knowledge and more work, but you can tailor it way more to your specific concern.

And there is a lot to compare here. Tax treatment of cap gains, tax treatment of dividends, minimum withdrawal schedule on RRSPs, and accounting for the value gained from the tax deferment.
Deepwater wrote: This one's not online but it's very detailed and might meet your needs if you don't mind using a spreadsheet.
http://pabroon.blogspot.com/2015/05/ret ... ng-20.html
Thank you guys. Whether it's a calculator or spreadsheet, we a spreadsheet of our own but it's very very basic and simplistic and it uses loose assumptions but the main driver is "would there be something better" and "how do we know we captured most applicable assumptions".

I will check these out, thanks!
Sr. Member
User avatar
May 31, 2018
509 posts
1016 upvotes
Saskatchewan
speedyforme wrote: Hi there, does anyone if a calculator online can provide the following functions?

- RRSP contribution future value including rough taxes to be paid upon retirement
- non-registered future value including options to incorporate rough taxes paid on eligible dividends and other tax efficient investments

The only thing I have been able to find are RRSP vs non-reg which provide no details at all on taxation on each.

The challenge we are facing is that we have pensions and we would like to determine if is makes more sense to continue to contribute to the RRSP limit or don't bother and just start putting it in non-reg.

Thanks!
If you plug your numbers into the gov't tax calculator you can get an idea of the tax implications of various scenarios...

https://www.canada.ca/en/revenue-agency ... years.html

I would only put money into an RRSP if you think you'll be withdrawing it in the future at a lower tax rate than you'd be currently paying. RRSP's are just an income/tax deferral mechanism, and if tax rates go up significantly in the future and/or on withdrawal that income ends up in a higher bracket then any current tax "savings" could be washed away.

My philosophy is to pay as much tax as you can presently afford to, as then all of your money actually is your money with no future tax liability. Max out the tax you can afford first, then think about the options and tax implications for the remaining income.

Seeing as most crystal balls are broken, I believe it better to deal with the present when it comes to income tax.
Deal Addict
Dec 29, 2012
1900 posts
461 upvotes
In Hiding
Does anyone know where to buy retirement software specific for Canada? The generic free ones all assume that one was born here, earned a 6-7 figure salary and entitled to full CPP/OAS/GIS (this includes the financial facelifts on Globe and Mail, Financial Post which assume you have 2-3 million as a starter). Nothing for lower to medium income immigrants who also want to plan, and not live off the dole.
[OP]
Deal Guru
Dec 11, 2008
10019 posts
1494 upvotes
So I ran the numbers on the spreadsheet which is pretty good. 2 major issues I found were:
1) Assumes your working income minus tax is what you get. Does not account for contributions or deductions (pension, union dues) that impact your savings amount to invest
2) Even with a pension, it only allows you to select RRSP contribute (max) or non at all. Nothing in between and it certainly does not account for pension adjustment which is a big deal.

I'll email the author and see if something can be done.

http://pabroon.blogspot.com/2015/05/ret ... ng-20.html

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