MoneyReady | General financial discussion | Discussion forum

I’ve been playing with this financial planning tool and I REALLY like it.

MoneyReady lets you model RRSPs, TFSAs, non-registered and corporate accounts together, using actual Canadian tax rules (CPP, OAS, RRIFs, CCPC, dividend integration, etc.) instead of rough rules of thumb.

It also runs a Monte Carlo engine on your investment returns, so you can see how sequence of returns risk and bad markets at the wrong time change the picture, rather than assuming a smooth constant return. That's a particularly cool feature; I’ve seen paid financial planners showing deterministic projections which are fairly useless.

On top of that, the Time Machine feature tests different withdrawal and contribution patterns to see which ones are more tax-efficient over your lifetime and allow you to spend more safely. It’s useful if you want to experiment with things like “draw more from the corp,” “use RRSP more/less,” or “retire earlier vs later” and get a sense of the long-term, after-tax impact.

Takes a bit of effort to get a hang of it but a very nice tool which can answer a lot of questions.