Advanced Options In Final Plan Projections

Advanced Options provides even more ability to customize your financial plan. Advanced Options includes all the beginning values used in your future projections.

Although changes can be made in Advanced Options, it is a best practice to make the change in Discovery or Foundation and allow data to flow into Final Plan Projections.

Account Balances And Rates Of Return

For example, in Advanced Options you’ll find starting balances for various accounts and assumed rates of return by account.

For RRSPs and LIRAs this is also where you can specify the age to convert to an RRSP to a RRIF or a LIRA to a LIF. This conversion will trigger mandatory minimum withdrawals the following year.

For non-registered accounts, Advanced Options also includes the type of investment return as it will impact the income tax calculation, it’s possible to adjust the percentage of return from capital gains, Canadian dividends, foreign dividends, and interest income in Advanced Options.

Real Estate Values, Purchases, And Sales

Home, vacation property and rental property assumptions are also summarized in Advanced Options.

Debt Balances And Payments

Starting debt balances are also entered in Advanced Options. These are the balances at the beginning of the year.

Miscellaneous Assumptions

Advanced Options also includes assumptions for past tax taxable income, line 23600 on your tax return, which affects government benefit calculations in the following years. It also includes assumptions for the interest rate threshold for automated debt payoff.

You can also use the misc. assumptions to set a specific life expectancy for a scenario.