FAQ: If I Enter My Gross Income Will the Platform Autofill CPP & Tax Deductions?

If you enter Gross Employment in Discovery > Income the platform will automatically calculate Taxes & CPP/EI contributions/deductions in the Planning > Projections section.

But the platform will NOT calculate these Deductions in Discovery > Income. The purpose of the Discovery > Income section is to capture what your deductions are on your paystub. This is used to create the Cash Flow diagram. Not necessarily do the deductions on your paystub match what your calculated deductions will be for the year. For example, your employer might be making larger CPP/EI deductions earlier in the year until you maximize those contributions mid-year.

It is also important to add Deductions in Discovery > Income that the platform cannot calculate. Things like insurance deductions, pension deductions, or other deductions (some people have donations or lottery ticket pools deducted from their paychecks).