RRSP Planning Made Easy

By Mike Howe

In the financial planning community, the first 60 days of a year means RRSPs take centre stage. During this time advisors are often too busy to build a detailed financial plan for their clients but still need to give  good advice in a timely manner. RazorPlan has a series of tools advisors can use to answer clients’ RRSP questions. These tools allow advisors to show the benefits of using RRSPs or when it might make sense to use planned RRSP contributions in a better way.

RazorPlan financial calculators are a series of tools that run calculations advisors need to perform daily. Below is an outline of each of the RRSP tools included in the RazorPlan financial calculators:

RRSP vs. Mortgage

RazorPlan’s RRSP vs. Mortgage calculator lets advisors compare investing a lump-sum in an RRSP today versus paying down a mortgage and investing future mortgage savings into an RRSP. The calculator outlines which strategy produces the larger RRSP balance at retirement and may warrant further consideration.

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The TFSA vs. RRSP calculator is designed to compare investing in the 2 most popular tax-assisted investment available to Canadians.  Focusing on the potential “After-Tax Retirement Income” from each strategy, advisors can help their clients identify where they should invest.

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RazorPlan’s RRSP vs. Non-RRSP Calculator compares investing in a tax deferred account versus investing in a taxable account. By handling the taxes properly this calculator provides advisors with results that are easy to explain to their clients.

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With more and more Canadians building up unused RRSP contribution room, one strategy that can be used to eliminate unused RRSP contribution room is an RRSP Loan. RazorPlan’s RRSP Loan calculator lets advisors compare borrowing to invest a lump-sum into an RRSP today vs. making regular monthly contributions to an RRSP.

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RazorPlan’s RRSP calculator estimates the future value of an RRSP investment given various assumptions. Advisors can use the RRSP calculator to compare 2 scenarios and see the impact changes in saving and return assumptions may have on their clients’ RRSPs.

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RazorPlan’s RRIF calculator estimates the future withdrawals from an RRIF based upon the prescribed minimums. Advisors can also use the RRIF calculator to estimate how long a client can withdraw a set amount from a RRIF before running out of money.

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