Getting Started: Income

Income information will help us understand your current cash in-flow, but some income sources will be automatically calculated by the platform and others will be entered elsewhere in the Discovery Phase.

In this section you will include:

You will not include:  

  • Future CPP/OAS Income: If you have not started your CPP/OAS benefits we will gather information for this benefit in the Discovery Phase > Tax and Benefits Section.
  • Pension Income: this will be added later in the Discovery > Tax & Benefits section.
  • Investment Income (RRIF/RRSP/Non Registered/TFSA, etc): dividends, interest and other investment draws will be automatically calculated by the platform and shown in the Planning > Projection Section

Simple vs Detailed:

You can enter Income in either Simple or Detailed mode.

Simple mode will only require Gross income. It's a great way to quickly enter your income sources onto the platform and come back to add detail later.

Detailed mode requires gross income, deductions and net income. Providing detailed income allows the Cash Flow Section to function and will help you ensure you aren't missing any expenses as you plan for your retirement.

Frequency Drop Downs:

All fields can be set to a specific frequency. This helps capture income/deduction sources with different frequencies.  

  • /A = Per Annum
  • /SM = Per Semi-Annum (2x per year)
  • /Q = Per Quarter
  • /M = Per Month
  • /SM = Per Semi-Month (2x per month)
  • /BW = Per Bi-Weekly
  • /W = Per Weekly

Warning: If your cash flow isn't balancing, the first thing to check is whether you have used the correct frequency for income sources.

Creating Future Snapshots

You may require additional income snapshots that extend into your retirement.

  • Phased Retirement between Spouses: If you and your spouse plan to retire at different times
  • Part-Time Work: When shifting from full-time work to part-time or consulting work
  • Rental Income: If you have rental income that continues into retirement

You can find detailed instructions on creating a new income snapshot here.

Example of Future Income Snapshot:

Pre-Retirement? Use Your Paystub

If you are still working, the easiest way to complete the income section is to use your most recent paystub. The paystub you use should represent your typical earnings.

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