Financial Assets
Financial assets are accounts you own like RRSPs, TFSAs, RESPs etc. It can also include pension accounts like a Defined Contribution Pension Plan (DCPP).
Missing an Account? You can make changes to the accounts you own by going to Profile > Types of Accounts. Find out more here.
Using the information provided in this section we will create a summary of your net worth. This net worth summary will also become the base for future projections.
Savings vs Investment Accounts
Financial Assets are split into Savings Accounts (Checking/Savings and TFSA Savings) and Investment Accounts (RRSP/RRIF, TFSA, FHSA, Non-Registered and Employer Plans).
Savings Accounts, including TFSA Savings, are assumed to be planned spending. The platform will not use these funds for retirement. You can learn more about that difference here.
All other investment funds will be used to calculate your retirement plan.
Non-Registered Adjusted Cost Base
If you have a non-registered account, an important piece of information is your adjusted cost base. This is the original cost of the non-registered investments plus adjustments. A rough equivalent is the “Book Value” on your statement but this amount may not be exactly equal to your ACB.
HERE is the TaxTips definition of ACB.