Planit:TFSA Optimization

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There is more than one way to learn about PlanPlus Planit. Check out our other Training options, from structured tracks around planning types, to self-serve, mix-and-match topics. In this Video you will Learn... How does PlanPlus Planit optimize savings and withdrawals for the TFSA? • Top-up into TFSA based on room • Annual TFSA contributions • Withdrawing from the TFSA • Unplanned savings into the TFSA first Keep on Track! Continue training on... Long Term Cash Flow Spreadsheet Why You Should Use Planit Other Related Topics Introduction to the Long Term Cash Flow Spreadsheet Unplanned Savings Introduction to the Savings Screen (Canada) Introduction to the Savings Screen (Malaysia) Life Goals in the Long Term Cash Flow How Are Taxes Calculated?

The material in this video may differ somewhat from what you see on your site due to difference in version, jurisdiction, corporate content or access level. Regardless of these differences most of the core functions are consistent across all sites, so you'll be able to benefit by and large from what you learn in this video.

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PlanPlus Planit incorporates the TFSA account type and the tax treatment is correct in the long term planning. There is also some new fields added to support TFSAs:

• Planning Assumptions: Under the Tax Assumptions section, there is a field to enter any unused TFSA room for both the client and spouse

• Modelling Assumptions: There is a new checkbox to optimize contributions to the TFSA. Turning on this flag ensures that you are always using any unused contribution room. This field recognizes contributions and withdrawals to the TFSA over the client’s lifetime. This unique approach allows you to show that not all contributions to the TFSA account are new savings, but rather clients repositioning other open capital into the TFSA. For example for a retired client, they are no longer doing any new savings, but frequently will be moving money into their TFSA account from their accumulated capital in their normal non-registered accounts. This optimization feature is a unique approach to the TFSA that automates the process for you. In other words you won’t have to worry about figuring out when you need to move money into the TFSA in your long term projections. This is all done for you.

• If your client has already accumulated money in their TFSA accounts (as identified on the Assets and Liabilities screen) the Optimization option will automatically turned on and cannot be turned off.