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Canadian Retirement Planner's Software - Version 2020D

Posted by David Gobeil on

 The updates to the Software for 2020 have included:

Income Tax and Benefit Rates

 The Software use the final figures for the various income tax and benefit rates as indexed based upon an indexing factor of 1.9%. 

Principal Residences and Other Capital Property

 Previous Versions of the Software only allowed you to specify the year in which a property was sold. This Version allows you to specify the day. A planner also ran into a situation where the client was planning on two dispositions of her principal residence. The Software now offers this feature.


 Previous Versions of the Software only allowed you to specify the year in which an annuity was purchased. This Version allows you to specify the day.

 An advanced life deferred annuity (ALDA) is a life annuity the commencement of which may be deferred until the end of the year in which the annuitant attains 85 years of age. Budget 2019 proposed to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, for certain registered plans.

 Although the legislation to implement advanced life deferred annuities has only been introduced as a Notice of Ways and Means Motion, and has not yet been passed into law, we have added this type of annuity in expectation of it being legislated with the new Parliament. The data entered for an ALDA includes:

Advanced Life Deferred Annuity (ALDA)

   Later of January 1, 2020 and date of purchase

   Cost of annuity withdrawn from RRSP/RRIF

   Latest date that payments may be deferred

   Date at which payments commence

   Amount of annual income

   Indexation of income, if any

   Survivor's benefit for life annuity, if any


 The calculation of the income taxes and every other amount that is dependent upon them is done by calling a subroutine, TaxCalc, whenever you have changed a variable and want to look at a particular schedule. This calculation takes very little time when you just change a couple of numbers. It can take much longer if you have entered a whole bunch of new data or loaded a plan with all its data. So, we avoid calling this subroutine if it is not necessary.

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