Getting Started: Income

Income information will help us understand your current cash in-flow. It will also help us understand your current tax rates and government benefit claw back rates. This will help us optimize and make recommendations around minimizing tax and benefit claw backs both now and in the future.

We will also include deductions like pension deductions, insurance deductions, or other deductions in our projections.


Drop Downs:

  • /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

CPP & OAS:  If you have not started to receive them yet, retirement income from CPP or OAS will be calculated automatically based on the information you provide in the Tax & Benefits section. If you have started to receive payments from CPP or OAS make sure that you have indicated that in the Profile section by checking CPP/OAS started. When this is checked off, you will see an option to enter Gross CPP/OAS in the Income Section of Discovery.

Pension: This will also be added automatically based on the information you share in the Tax & Benefits section. Whether you are receiving your pension or not, enter the information in the Tax & Benefits section.

Investment Withdrawals: This will automatically be calculated in the Projections Section. You do no have to enter RRIF minimums or dividend income in this section.

Future Income: If you expect to earn income in retirement, or expect a large change in income in the future, you can add an additional income snapshot and use this to enter estimated Gross income. We will automatically calculate tax and deductions on future income. Please add any employment income that you may expect in retirement, this could be from a part-time job or self-employment. See section below for more information.


Example of Future Income Snapshot:


Use Your Paystub

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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