# Is There a Software Product for Retirees tha....



## fraser (May 15, 2010)

We are 60 and 62. Retired. We have the software to determine if we will outlive our money and vice versa. No issue. We get tax planning advice.

I would like to know if there is a user friendly software product that will facilitate effective tax planning options over the next 10 years, until we are both 71/72.

What I want is to input our known income items over the next 10 years, ie DB, CPP, SERP etc. Then do an educated guess of our investment income by type. Add to that our RSP accounts. Also input the deductions plus estimate the medical, donations, etc. The output would focus on how to minimize tax in real terms , minimize OAS claw backs,etc. I would like recommendations on things like spousal loans, when to draw down each type of RSP-spousal and individual. I am not looking for a complete answer I realize that investments will change with outlook and tax codes could change.

Anyone know of a program like this?


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## Four Pillars (Apr 5, 2009)

RRIFmetic?


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## fraser (May 15, 2010)

I looked at their website. It does not appear to do what I want. Our chief concern is tax and tax avoidance. RRIFmatic appears to focus on cash flow.


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## steve41 (Apr 18, 2009)

fraser said:


> I looked at their website. It does not appear to do what I want. Our chief concern is tax and tax avoidance. RRIFmatic appears to focus on cash flow.


RRIFmetic (rhymes with arithmetic) focuses on after tax income with a particular emphasis on income tax. The tax treatment is inclusive of surtaxes, credits, clawbacks, indexed brackets, etc. Try the demo.... it should do what you are looking for.


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## Jon_Snow (May 20, 2009)

Wow Steve, that was fast.... I was wondering how long it would take you to sniff out a potential customer. :tongue-new:


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## steve41 (Apr 18, 2009)

Jon_Snow said:


> Wow Steve, that was fast.... I was wondering how long it would take you to sniff out a potential customer. :tongue-new:


 This is my slow season, so I jumped in. BTW.....big excitement on my beach, I think the herring are starting to run and the sea lions are in full song. I counted over 50 this morning.


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## fraser (May 15, 2010)

I will download and try. Will I have to run specific scenarios or does it indicate the most effective solution?


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## Eclectic12 (Oct 20, 2010)

fraser said:


> ... Our chief concern is tax and tax avoidance ...


I'm pretty sure from your other posts you really mean "effective tax planning" which reduces your taxes.
CRA sees tax avoidance as contravening the spirit/intent of the law and has processes to find it. 

http://www.cra-arc.gc.ca/gncy/lrt/vvw-eng.html


Cheers


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## Jon_Snow (May 20, 2009)

steve41 said:


> This is my slow season, so I jumped in. BTW.....big excitement on my beach, I think the herring are starting to run and the sea lions are in full song. I counted over 50 this morning.


That's cool... heading over to our island this weekend. I'll keep an eye out for the herring runs as well.
Though, after some of the big storms of late I expect most of the weekend will be spent dealing with fallen trees and branches... need to sharpen the chainsaw this weekend. 
It seems that each winter storm provides us with a few months of firewood at least... wife and I will have a big fire to burn the smaller branches - after the work is done, we let the fire die down a bit, then roast some hot dogs, drink some beer.

Can't beat the island life, eh?

BTW, Steve... did you lose power on Hornby in the latest round of nasty weather?


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## steve41 (Apr 18, 2009)

fraser said:


> I will download and try. Will I have to run specific scenarios or does it indicate the most effective solution?


 Its default mode is to max and shelter your RRSP. You can then vary that as you choose, but it doesn't tell you the most optimum. The program takes 2-3 seconds to compute, so what-if-ing isn't all that onerous. 

Note that it isn't the amount of tax you pay, it is the present value of those future tax payments (including the last one) which matters.


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## steve41 (Apr 18, 2009)

Jon_Snow said:


> That's cool... heading over to our island this weekend. I'll keep an eye out for the herring runs as well.
> Though, after some of the big storms of late I expect most of the weekend will be spent dealing with fallen trees and branches... need to sharpen the chainsaw this weekend.
> It seems that each winter storm provides us with a few months of firewood at least... wife and I will have a big fire to burn the smaller branches - after the work is done, we let the fire die down a bit, then roast some hot dogs, drink some beer.
> 
> ...


 Power was OK where I am, maybe a few hours in total. It was the snow that brought down the branches, not the wind. I'll have a couple of hours of work to do when the snow is melted.


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