Disclaimer: This calculator is basic and for illustrative/entertainment purposes. I have tried to make it accurate, but there is no warranty.  
   
           
   I am not a financial professional and do not sell any stocks, bonds, or funds. I do not provide specific financial advice. There is no explicit or implicit recommendation for the ETFs used. They are examples and you should use whatever best suits you.  
   
   
   
           
  This calculator is intended to help DIY investors who ultimately make their own decisions and manage their portfolios on their own. Selling investments can trigger taxes. Be sure that any suggestions for rebalancing your portfolio makes sense for you. You should do your own due diligence and consult experts as needed for your own situation.  
   
   
   
   
           
  You are responsible for your own investing decisions and will not sue Loonie Doctor or anyone associated with us.  
   
           
   
   
           
  The tool saves your entries to your web-browser.   
  This has the advantage of making it easier for you to come back to, but be aware in case you are using a public computer.  
         
         
Work through the tabs in order. The data input cells are cream coloured. Resources
When making guesses about future returns and income, remember - do not obsess about being precise. It is impossible to predict the future. These estimates guide the after-tax allocation. Even a rough guess at future returns or taxes is likely way closer to what will happen than ignoring them and assuming it is zero. Also, the tax drag for determining ETF efficiency during the accumulation years is used as relative to the drag of other ETFs and between accounts. Taxes may go up or down in the future. However, with tax integration, it is less likely that they will majorly change relative to each other. Tax System Design & Integration
 
 
 
 
 
For personal and corporate income input, use a relatively steady income that is likely your average rather than trying to be precise each time you use the calculator. Precision is not super-important as already mentioned and you also want to avoid fluctuating year-to-year which could change the tax-efficiency of different ETFs (unlikely unless major swings, but could happen).  
 
 
 
The calculator uses the total taxes paid personally and as a corp. It also tries to locate assets across all accounts as a whole for the best global efficiency. This is to reflect the minimal overall tax bill and the maximal overall efficiency for the financial assets you have access too. Artificially separating them is a form of mental accounting - a common logical error that is sub-optimal, but human nature and soothing.  
Mental Accounting
 
 
You can adjust your expected age of death on this tab. It is set at 85 (average), but you can adjust that.  NIH Life Expectancy Calculator
 
         
Demographics:     Resources
Enter current age, planned retirement age, and life expectancy. This is used to adjust the investments during accumulation in a corp to minimize impact of RDTOH trapping and passive income SBD clawback. It is also used to model the drawdown strategy and tax rates. Those tax rates are used to determine the after-tax value of holdings.  
Select province. If you are incorporated, you need to indicate yes for the corporate tax input to open now and corp investing tabs to open later. This calculator works for pre-retirement. If you enter a retirement age below your current age, it breaks.  
 
 
Enter your target lifestyle spending. This is the amount you spend from your personal after-tax money on lifestyle. It excludes contributions to investment accounts. This is used to target how much money is drawn from the corporation, if using one. How Money Flows Through Corp
 
 
The drawdown after-tax cashflow targets are used to determine tax triggered during decumulation. A simulation runs in the background using the asset allocation, account values and annual contributions entered in the account input tabs to extrapolate portfolio size and composition at retirement. An algorithm then draws down those accounts to minimize tax and maximize tax-deferral over retirement. The average tax rate for each account type during decumulation is used to determine the after-tax value of holdings which is used for the after-tax asset allocation optimization.  
 
 
Tax Planning:     Resources
Change the rough guess on future capital (ex-dividends) real returns for stocks/bonds if you want. This is used to project when your corp may pass the SBD limits or have trapped RDTOH. It adjusts to attempt to avoid/delay this problem to a target year when the efficiencies of eligible dividend income balances the penalties from trapped RDTOH the passive limit. That then allows for more eligible dividends in retirement when the SBD limits don't matter and paying only dividends (instead of salary and dividends) makes trapped RDTOH less of an issue. Investing Through A Corp
 
Corp Passive Income
 
 
 
Investment Strategy Planning. Enter planned TFSA and RESP contributions. This is used to help with cashflow planning. For the RRSP strategy, there is an option to set a goal for RRSPs if you plan to contribute less than the max because you will never have corp passive income problems, you have a low lifestyle cost, and you don't mind keeping all your eggs in the corporate basket. More than then goal RRSP room may be generated, if paying out salary is tax-efficient. You can select whether to contribute/deduct to the room generated or stick with the goal as the max.  
Corporations only defer tax. Sometimes, it may be cost-effective to move money out of the corporation and into personal hands. That could result in surplus personal money. That money can be invested in a personal taxable account. If "income splitting" is selected, that is suggested to be directed to the lower income spouse via their salary while the high-income spouse covers as much of the lifestyle costs as possible. IF that strategy doesn't seem appropriate, then costs are split and excess money is suggested to be directed to a joint personal investment account.  
The previous year corp investment income is used to calculate the current year SBD limit. Enter any RDTOH, GRIP, and CDA balance carry-overs from previous years for that to be used in optimizing pay-out strategy.  
The current year corp investment income will be calculated after you input your current corp investments in the corp input tab. It is used to calculate corp investment tax drag. It will also be extrapolated for the future income. That future estimate is very rough and does not adjust for changes to the portfolio and all the drags that can develop along the way (likely an overestimate).  
 
 
 
Net corp income is income minus overhead (excluding salary to an owner/spouse). Salary paid from corp will affect the corp net income and automatically add CPP costs. It is assumed EI is opted out of. Dividends dispensed from the corp will be automatically divided amongst ineligible, eligble, and capital to minimize the global personal/corp tax rate.  
 
Algorithm for dispensing dividends
 
The passive income limits were only partially  implemented in ON and NB resulting in a break in tax integration that can be beneficial to those with high active-passive income and high lifestyle costs. That is accounted for. Corp Tax Integration Loophole ON/NB
The current personal income is used to determine annual tax drag in personal accounts during accumulation. It is also used by the calculator to compare whether the cost of triggering capital gains now will be offset by the savings from switching to a more efficient ETF.  
 
 
         
Asset Allocation:     Resources
The calculator uses after-tax asset allocation for optimization. That is done to more accurately reflect the money left when you ultimately take it out. For example, assets in a TFSA have a higher after-tax value than those in an RRSP which have a tax liability at withdrawal. It is therefore a more accurate reflection of the risk taken. This approach also changes the optimal location for some of these assets. The disadvantage is that it will likely lead to a higher pre-tax stock allocation. That means the volatility you'd see on your investment statements would be higher even though the volatility when you account for taxes is what you targeted. That could be a behavioural problem if you don't normally think about taxes when looking at your statements. If you want to use a pre-tax asset allocation, there are the simpler Robocorp versions that do that.  
Post-Tax Asset Allocation
Post-Tax Asset Location Optimization
 
 
Simple Pre-Tax Asset Location Tools
Robocorp Cadet (3-4 ETFs)
Robocorp Rookie (5-6 ETFs)
There is an option to have the calculator automatically divide up a given equity allocation in a globally diversified fashion. You can also use a custom allocation instead. It must add up to 100% to avoid errors.  
 
There is an option to use USD-listed ETFs. These can come with the advantage of lower foreign withholding taxes and fees. The disadvantage is the need to convert some CAD to USD and have a USD capable account. The conversion can be done at a low cost using Norbit's Gambit. There are still some transaction costs. Those could be a problem if constantly moving money, but are neglible if you are using a buy and hold strategy over long periods. Foreign Withholding Taxes & ETFs
Norbit's Gambit
 
 
You can opt for a US-small cap tilt in your US equity allocation. That comes with a slight increase in expected risk and return based on historically persistent and pervasive factors. That is over the long-term. There can be long-term periods of underperformance (it has been underperforming about 10 years now) that you need to be comfortable with. Factor Investing With ETFs
Rational Reminder Model Portfolio
 
 
         
ETF Info:     Resources
Data on the sample ETFs used is given. This includes their tax and fee drag across different account types. Dividend yields fluctuate as price and dividends fluctuate. So, the average dividend yield over a 5-10 year period was used to calculate the drag. The inputs from the tax info tab are used to determine drag from personal or corp taxes. Foreign witholding tax net of tax credits is also approximated. You need to do your own due diligence to determine whether those ETFs are suitable for you (I don't give specific investment advice & am not qualified to do so).  
 
 
 
 
 
There is an option to use corporate class ETFs. These are the Horizon ETFs. They use a special structure to make them more tax efficient by accruing capital gains rather than paying out interest and dividends. That could be a benefit in higher taxed accounts or with Canadian equity coverage. It also comes with a risk of the rules changing or that Horizon is unable to manage the structure to avoid some eligible dividend pay-out. Check the box to include them. They are only used when and where advantageous for the overall portfolio tax/fee drag. Corp Class ETFs - Part 1
Corp Class ETFs - Part 2
 
 
 
         
Account Set Up:     Resources
The names for the different accounts will be automatically populated with the personal names entered in the tax info tab.  
 
Check the boxes for the accounts that you want to include in the overall optimization. The input and rebalance tabs for those accounts will appear as you check them.  
 
For the RESP. If you are going to be totally dependent on the RESP for the kids education without the ability to draw from other sources like current income or other investment accounts, then exclude them and manage them separately. The risk may need to be adjusted as their usage date approaches. If you are able to be flexible, then consider including them as part of overall optimization and avoiding mental accounting.  
 
 
 
Rebalancing Thresholds. These are set at 5/25% default. That is to avoid excessive cap gains tax triggering and allow for some momentum. If you want to have strict rebalancing, then you can set to 0/0. There is also a global threshold for equity vs bonds to avoid too much overall risk (since equity of various types tend to be what grows and needs to be trimmed). Bonds are always sold to exact rebalance if they become overweight since they tend to have less capital gains and they are usually overweight during a drawdown when selling to buy equity is good. The algorithm will generally rebalance within tax-sheltered accounts as long as not a tax-efficiency drag. If forced to rebalance from a tax-exposed account, it will sell the holdings with the least capital gains tax liability first and just to reach the threshold limit. Rebalancing Article
 
 
 
 
 
 
 
         
Account Inputs:     Resources
For ETFs in USD, enter the value in USD. The calculator will convert to CAD in the background for you.  
For the Corp or personal taxable accounts, enter in unused capital losses from previous years if you have any. The calculator will change ETFs if the improved tax efficiency offsets the early realization (and tax) for capital gains triggered. However, if there are excess losses after that to be used, then the calculator will use those to make further changes since the loss of tax deferral is negated.  
 
 
 
For the Corp or personal taxable accounts, enter in unrealized gains (or losses as a negative number) for each holding. This is used to determine the tax liability of each holding in each account which is used for both their after-tax value for the asset allocation and by the algorithm in its determination of optimal ETFs to use and rebalancing.   
 
 
 
         
Account Rebalance Worksheets:     Resources
The cash from buying/selling is tracked separately for each account. If the net buying/selling within an account requires a conversion of CAD and USD, then this is shown for each account. Trading or exchange fees are not accounted for, but are hopefully minimal.  
 
 
For ETFs in USD, the values are shown in both USD and CAD.  
The amount to buy or sell in each account is shown. All of these values are in pre-tax dollars (which is what your accounts work in) even though the calculations for asset allocation accounted for tax. This makes it simple.  
 
         
Summary Tab:     Resources
This gets populated as you fill out the other tabs. However, no point in looking here until you have them all filled out as the end result changes as you add all of the information. A broad overview of the overall rebalancing results is given.  
 
 
         
Progress Report:     Resources
This is basically for fun. It takes your current age, retirement age, planned retirement income from the previous inputs. You should consider a financial planner if you want a more detailed plan or projection.  
 
The 4% safe withdrawal rule is actually for 4%/yr without accounting for fees and taxes. The fee-drag of your portfolio and its after-tax value are used by the calculator so that this is accounted for in relating your progress to your after-tax retirement cashflow.  
 
 
The 4% rule is also dependent on the returns, volatily, inflation, and duration of retirement. The calculator uses your asset allocation, duration of retirment, and 2%/yr inflation to give an adjusted safe withdrawal rate for your plans. The data for that was used by taking the points from Monte Carlo simulations that result in >95% success rate of not outliving the money as anchors. I used a blend of the results based on historical US data that Early Retirement Now has done and the more globally diversified with future expected returns data that Ben Felix looked at in the Canadian context. The Canadian data results in a more conservative withdrawal rate which is what I used. For extremes of retirement, I had to extrapolate and also used the Monte Carlo feature of portfoliovisualizer.com. In summary, it is a bit of a Frankenumber, but still likely useful. Early Retirement Now
 
CanadianWith Future Expected Returns
 
Portfoliovizualizer Monte Carlo
 
 
 
 
The progress report is likely conservative (on the safe side) not only because of the more conservative withdrawal rates based on future expected returns etc. It also assumes a constant rate of consumption. However, in reality we are likely to alter our consumption if we have a market downturn, may work part-time if needed, or have a reduction in costs when one partner dies in a couple.  
 
 
 
         
         
Are you married? (No will ignore the second person data)
   
         
Do you include a self-directed RESP as part of your portfolio?
   
Including an RESP in the portfolio will optimize it as part of the portfolio. That generally means riskier growth-oriented investments. That may be appropriate if you will draw from any of your accounts and income to fund education. If you will rely solely on the RESP for education, then don't include it. Instead, treat it as a separate portfolio with an asset allocation that de-risks (ie more fixed income) as its usage date approaches.    
         
Province
Are You Using A Corporation?
         
Enter Names To Label Accounts Higher income Person Lower Income Person    
     
Current Age    
Target Drawdown (Retirement) Age*    
Life Expectancy    
  *the first retirement is used to start drawdown    
  NIH Life Expectancy Calculator    
         
Current Target Lifestyle Spending      
         
Retirement Income & Spending
After-Tax Cashflow Target Age Income from casual work Age Income from casual work
         
  Canada Pension Plan Other Pensions
 
  Age Starting (60-70) Age Starting (60-70) Annual Amount Annual Amount
 
      Age Starting Age Starting
     
      Survivor Benefit Survivor Benefit
     
         
         
  Rough Guess At Average Annual Total Return In The Long Run After Inflation  
  Equity (Stocks)  
  Bonds & Preferred Shares  
  Capital Gains Inclusion Rate Current  
  Future  
         
Personal Investment Accounts & Strategies
         
  Income Split: Use High Income For Lifestyle Costs & TFSA Contributions. Excess income from lower income spouse used for their personal account.
 
  Cost Split: Split lifestyle costs proportionately using a joint bank account. Excess income invested in a joint investment account.  
         
  Planned Registered Account Contributions  
     
  TFSA Contributions  
  RESP Contributions    
  Increase Salary to Max RRSP Room or to a Lower RRSP Goal
 
  RRSP Contribution Goal (Zero if you only want salary when efficient)  
  Pre-existing RRSP Room  
  RRSP Room Generated (May be higher than goal if salary efficient)  
  Total RRSP Room  
  Cap Contribution at Goal or Max Allowable Contribution
 
  Actual RRSP Contribution  
 
 
  Personal RRSP  
  Spousal RRSP  $                        -    
  Non-Registered Personal Account Contributions (Populates After Tax Section Done)  
  Account Contributions (Populates After Tax Section Done)  
  Net Personal Cashflow  
  Living Expenses    
  Contribution to Living Expenses  
  Contribution to TFSAs  
  Contribution To RESPs    
  Contribution to RRSPs  
  Surplus (Deficit)  
  Personal Taxable Investment Account  
  Joint Taxable Investment Account  
         
Corporate Cashflow & Tax Planning
         
  Corporate Passive Income Last Year Current Year (Corp Input Tabs)  
  Corporate Eligible Dividend Income  
  Corporate Interest/Other Passive Income  
  Realized Capital Gains (Gross)  
  Total Taxable Capital Gain (Included Gain)  
  Aggregate Investment Income  
  Minimum threshold to pay out a Capital Dividend from the CDA  
  Accoutant Fee For Capital Dividend  
  Does your corp qualify for the Small Business Deduction Rate?
 
         
  Under 3 Full-Time Employees Including Owners
 
       
         
  Income Splitting & Payment Strategies  
  Pay dividends only or an optimized mix of salary and divdiends?
 
  Is the corp owner able to give spouse dividends before age 65?
 
  Max market rate salary for corp work by lower income spouse  
         
  Corporate Income  
  Corp Active Income (Before Owner Salary)  
         
  Corporate Notional Accounts  From Last Year For Next Year  
  Agg Investment Income  
  SBD Threshold  
  Capital Dividend Account  
  GRIP  
  eRDOTH  
  nRDTOH  
         
  Active Income, Expenses, & taxes  
  Salary Paid To Owner or Spouse  
  Bonus To Owner if Over SBD & Efficient    
   CPP Employer Contribution  
  Net Corp Active Income    
  Corp Tax On Active Income    
  Passive Income & Taxes Current Year    
  Passive Income Limit    
  Preceding Year Aggregate Investment Income    
  Corporate GRIP    
  Capital Dividend Account (CDA)    
  Elig Dividend Income: eRDTOH Collected    
  eRDTOH Refunded    
  Other Investment Income Tax Collected    
  nRDTOH Collected    
  nRDTOH Refunded    
  Net Corp Tax on Passive Income    
  Total Corporate Tax Paid    
  Pre-dividend retained earnings    
  Dividends Paid Out To Owner  
  Capital Dividend  
  Eligible Dividends  
  Ineligible Dividends  
  Total Dividends  
  Net Retained Corporate Earnings To Invest  
  Pre-dividend retained earnings    
  Dividends Paid Out To Owner(s)    
  Accountant Fee for Capital Dividend    
  Net Corporate Retained Earnings To Invest    
         
Personal Income Tax
         
     
  Salary From Corp  
  Other T4 Income  
  Bonus From Corp    
  Eligible Dividends From Corp  
  Ineligible Dividends  
  Eligible Dividends From Personal Investment Inputs  
  Interest & Other Income From Personal Investment Inputs  
  Personal Investment Capital Gains (Gross)  
  Capital Dividend From Corp  
  Income Taxes  
  CPP Contribution  
  Net Personal Cashflow Pre-Investments  
         
         
  Total Corporate & Personal Taxes/Fees/CPP Fees & Taxes  
   CPP   
         
CURRENT TFSA HOLDINGS & BALANCES
  CAD to USD Exchange Rate            
  TFSAs Total in $CAD After-Tax Income Fee & Tax Drag  
   
                   
Planned Contribution This Year (From Tax Plan Sheet)        
Planned Average Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)        
                   
        Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD
Canadian Bond (FTSE) ZAG CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD        
$USD Cash & Contributions USD        
Total Cash & Contributions
Account Total    CAD 
                   
Planned Contribution This Year (From Tax Plan Sheet)        
Planned Average Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)        
                   
        Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD  $                        -  
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD
Canadian Bond (FTSE) ZAG CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD        
$USD Cash & Contributions USD        
Total Cash & Contributions
Account Total    CAD 
CURRENT RESP  HOLDINGS & BALANCES    
  CAD to USD Exchange Rate              
  RESP Total in $CAD After-Tax* Income Fee & Tax Drag    
     
    * Assumes no tax when taken by student. In reality, a low tax rate would likely apply.      
RESP         Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag  
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value  
VCN    
HXCN  $                        -      
VUN    
HULC  $                        -      
ZNQ    
HXQ  $                        -      
XEF    
HXDM    
XEC    
HXEM    
ZAG    
$CAD Cash & Contributions CAD            
Total Cash & Contributions    
Account Total    CAD     
                       
     
     
  CAD to USD Exchange Rate            
  RRSPs Total in $CAD After-Tax* Income Fee & Tax Drag  
   
*Applies average tax rate from RRSP withdrawals from simulated drawdown strategy        
                   
   
  Planned Average Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)  
                   
      Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD
Canadian Bond (FTSE) ZAG CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD        
$USD Cash & Contributions USD        
Total Cash & Contributions CAD
Account Total  CAD 
                   
  Second RRSP or Legacy Spousal RRSP  
  Planned Average Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)  
                   
      Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD  $                        -  
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD
Canadian Bond (FTSE) ZAG CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD        
$USD Cash & Contributions USD        
Total Cash & Contributions CAD
Account Total  CAD 
                   
  CAD to USD Exchange Rate            
  RRSPs Total in $CAD After-Tax* Income Fee & Tax Drag  
   
*Applies average tax rate from RRSP withdrawals from simulated drawdown strategy        
                   
   
  Planned Average Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)  
                   
      Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD
Canadian Bond (FTSE) ZAG CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD        
$USD Cash & Contributions USD        
Total Cash & Contributions CAD
Account Total  CAD 
                   
   
  Planned Average Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)  
                   
      Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD  $                        -  
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD
Canadian Bond (FTSE) ZAG CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD        
$USD Cash & Contributions USD        
Total Cash & Contributions CAD
Account Total  CAD 
                   
                 
CURRENT CORPORATE HOLDINGS & BALANCES
  CAD to USD Exchange Rate              
  Corp Total in $CAD After-Tax*   Income Fee & Tax Drag  
     
*Applies average tax rate during a simulated drawdown strategy during retirement        
*Taxable part of cap gains taxed at corp rate and nRDTOH applied, then taxed at personal ineligible dividend rate or eligible dividend rate if GRIP available.                
     
    Estimated Years To Hitting Active-Passive SBD Clawback**        
    Estimated Years To Having Trapped RDTOH**        
**A rough estimate based on the investments below and the expected returns, invested retained earnings, and dividends dispensed from Tax Inputs Tab
**Used by the calculator to add Corp Class or lower yield ETFs (if applicable) to hit the SBD threshold or trapped RDTOH just before Target Retirement Year if possible.
                     
Unused realized capital losses carried forward from previous years (as negative number) Included Loss      
                     
                     
  Retained Earnings To Invest From Tax Planning Tab      
  Planned Avg Annual Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)      
                     
Corp #1       Unrealized Capital Gain/Loss   Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD  $                        -  
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD  $                        -  
Canadian Discount Bonds ZDB CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD Net Unrealized Capital Gain/Loss (in CAD)        
$USD Cash & Contributions USD        
Total Cash & Contributions CAD
Account Total  CAD 
      Using Carried Losses To Offset        
  CAD to USD Exchange Rate              
  Account Total in $CAD After-Tax*   Income Fee & Tax Drag  
     
*Applies drawdown average marginal rate to the taxable portion of capital gains.          
*Note that capital losses are treated with a negative tax rate based on the assumption that they are used to offset gains        
                     
Unused realized capital losses carried forward from previous years (as negative number) Included Loss      
                     
                     
  Money available to invest from Tax Planning Tab      
  Planned Avg Ann Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)      
                     
    Unrealized Capital Gain/Loss   Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD  $                        -  
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD  $                        -  
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD  $                        -  
Canadian Discount Bonds ZDB CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD Net Unrealized Capital Gain/Loss (in CAD)        
$USD Cash & Contributions USD        
Total Cash & Contributions
Account Total  CAD 
      Using Carried Losses To Offset        
  CAD to USD Exchange Rate              
  Account Total in $CAD After-Tax*   Income Fee & Tax Drag  
     
*Applies drawdown average marginal rate to the taxable portion of capital gains.          
*Note that capital losses are treated with a negative tax rate based on the assumption that they are used to offset gains        
                     
Unused realized capital losses carried forward from previous years (as negative number) Included Loss      
                     
                     
  Money available to invest from Tax Plan Tab      
  Planned Avg Ann Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)      
                     
    Unrealized Capital Gain/Loss   Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD  $                        -  
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD  $                        -  
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD  $                        -  
Canadian Discount Bonds ZDB CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD Net Unrealized Capital Gain/Loss (in CAD)        
$USD Cash & Contributions USD        
Total Cash & Contributions
Account Total  CAD 
      Using Carried Losses To Offset        
JOINT PERSONAL TAXABLE ACCOUNT HOLDINGS & BALANCES
  CAD to USD Exchange Rate              
  Account Total in $CAD After-Tax*   Income Fee & Tax Drag  
     
*Applies drawdown average marginal rate to the taxable portion of capital gains.          
*Note that capital losses are treated with a negative tax rate based on the assumption that they are used to offset gains        
                     
Unused realized capital losses carried forward from previous years (as negative number) Included Loss      
                     
                     
  Money available to invest from Tax Plan Tab      
  Planned Avg Ann Contribution (Used To Project Future Portfolio Size & Drawdown Tax Rates)      
                     
Joint Account     Unrealized Capital Gain/Loss   Dividend or Interest (CAD) Tax Drag Fee Drag Fee & Tax Drag
Asset Class ETF Symbol Value ETF Currency Value in $CAD After-Tax Value
Canadian All Cap (FTSE) VCN CAD
CDN All Cap (S&P) Corp Class HXCN CAD  $                        -  
US Total Market (CRSP) VUN CAD
US Total Market (S&P Core US) ITOT USD
US Large Cap (Solactive) Corp Class HULC CAD  $                        -  
NDX 100 (US Large Cap Growth) ZNQ CAD
NDX 100 (US Large Cap Growth) QQQ USD
NDX 100 Corp Class HXQ CAD  $                        -  
US Small Cap Value AVUV USD
Non-NA Developed (Core MSCI EAFE) XEF CAD
Non-NA Developed (Core MSCI EAFE) IEFA USD
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD  $                        -  
Emerging Markets (Core MSCI EMM) XEC CAD
Emerging Markets (Core MSCI EMM) IEMG USD
Emerging Markets (Horizon EMM) Corp Class HXEM CAD  $                        -  
Canadian Discount Bonds ZDB CAD
CDN Bond (Solactive) Corp Class HBB CAD  $                        -  
$CAD Cash & Contributions CAD Net Unrealized Capital Gain/Loss (in CAD)        
$USD Cash & Contributions USD        
Total Cash & Contributions
Account Total  CAD 
      Using Carried Losses To Offset        
Target Asset Allocation Selection    
         
  Step 1: Determine your risk tolerance and an appropriate stocks:bonds ratio that fits that. This can be done via discussion with a financial advisor and/or you could use the Vanguard Questionnaire, Investin' Intestin' Testor, and look at historical returns and volality to help. Mulitple modalities are best to guess, but experience teaches.    
     
     
     
  Risk Tolerance & Asset Allocation Vanguard Risk Tolerance Questionnaire    
  Desktop/Tablet: Returns & Volatility Visualizer Desktop/Table: Investing Intestinal Fortitude Tester    
  Mobile: Returns & Volatility Visualizer Mobile: Investing Intestinal Fortitude Tester    
         
  Use USD ETFs if more efficient?
   
  Use a US Small Cap Value Factor Tilt?
   
         
  If You Use $USD Accounts, Enter The Exchange Rate    
  $CAD to $USD Exchange Rate    
         
  Step 2: Do you want to simply put a stock:bonds ratio and have stocks distributed as 30% Canadian & 70% Foreign with a slight US small cap value and EMM tilt or set your own custom allocations?    
     
     
 
   
         
  Conservative Aggressive    
 
   
         
  Bonds Stocks    
     
         
         
  Canadian All Cap EQ      
  US Total Market    
  US Small Cap Value EQ    
  Non-North America Developed Markets    
  Emerging Markets    
  Bonds    
         
  Step 3: Enter them below & make sure adds up to 100%    
     
  US Equity    
     
     
  Int'l (Non-North America) Developed Markets    
  Emerging Markets    
  Canadian Bonds    
  Cash    
  Total    
         
  Rebalancing Trigger Threshold Limits    
  Absolute (relative to portfolio)    
  Relative (relative to itself)    
  Bonds sold if over target. Buy bonds if under target by more than    
         
Below are the ETFs used by the calculator. It is not a specific recommendation. If you are comfortable using Corp Class ETFs, then check the box to include them.
The dividend yield averaged over the past 5-10 years was used for calculating income and tax drags. The yield to maturity and adjustment for capital gains/losses is used for bonds. 
Different indexes were used (in brackets) where possible to minimize issues with the superficial loss rules.
You must fill in the tax info tab for the fee & tax drag estimations to work. It will also compare whether the savings will offset capital gains taxes before your retirement date before making a switch. If the taxes are more than the savings, it will leave unchanged unless forced to sell to bring you within your rebalancing target limits.
The calculator tries to distribute the ETFs in the most efficient way across the portolio to minimize the global fee and tax drag.
So, it may put a less efficient ETF in an account if the alternative is it being even more inefficient elsewhere.
All efficiency and asset allocation is done using after-tax values. This may result in a higher volatility on your account statements, but lower volatility when taxes are accounted for and lower drag after-tax.
                       
Asset Class (Index) Symbol Currency Fees Total Fee & Tax Drag* Use Corp Class If Benefit?
TFSA RRSP RESP Corp Personal Pers#2 Joint
Canadian All Cap (FTSE) VCN CAD 0.06% HXCN
CDN All Cap (S&P) Corp Class HXCN CAD 0.06%
US Total Market (CRSP) VUN CAD 0.16%  
US Total Market (S&P Core US) ITOT USD 0.03% HULC
US Large Cap (Solactive) Corp Class HULC CAD 0.09%
NDX 100 (US Large Cap Growth) ZNQ CAD 0.35%  
NDX 100 (US Large Cap Growth) QQQ USD 0.20% HXQ
NDX 100 Corp Class HXQ CAD 0.28%
US Small Cap Value AVUV USD 0.25%  
Non-NA Developed (Core MSCI EAFE) XEF CAD 0.22%  
Non-NA Developed (Core MSCI EAFE) IEFA USD 0.08% HXDM
Non-NA Dev (Horizon EAFE) Corp Class HXDM CAD 0.52%
Emerging Markets (Core MSCI EMM) XEC CAD 0.26%  
Emerging Markets (Core MSCI EMM) IEMG USD 0.14% HXEM
Emerging Markets (Horizon EMM) Corp Class HXEM CAD 0.63%
Canadian Bond (FTSE) CAD  
Canadian Discount Bonds CAD HBB
CDN Bond (Solactive) Corp Class CAD
*For new purchases at current tax rates. The initial net tax on eligible dividends flowed through a corp may be lower if enough dividends are dispensed (reported on input/rebalance tabs). For personal accounts, it is at top personal marginal rate.
TFSA Rebalancing Worksheet
                   
CAD to USD Exchange Rate   Initial Balance (in $CAD) Total (in $CAD) Total Value (in CAD)   After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag
Holdings Cash  
CAD Account  
USD Account  
CAD Account  
USD Account  
              Total
Currency Conversions   Baseline  Target   
Total CAD  
Total USD        
You can convert via your brokerage or consider using  Norbit's Gambit     Cash Left After Rebalancing  
  CAD  
  USD  
Total Currency Conversion   CAD  
              USD  
                   
Canadian All Cap Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
VCN VCN
VCN VCN
Account Holding Initial Target Need To Buy (Sell) Final        
HXCN HXCN
HXCN HXCN
US Total Market Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
VUN VUN
VUN VUN
Account Holding Initial Target (in CAD) Need To Buy (Sell) Final        
ITOT ITOT
  in $USD
ITOT ITOT
  in $USD
Account Holding Initial Target Need To Buy (Sell) Final
HULC HULC  $                     -  
HULC HULC  $                     -  
Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
ZNQ ZNQ
ZNQ ZNQ
HXQ HXQ  $                     -  
HXQ HXQ  $                     -  
Account Holding Initial Target (in CAD) Need To Buy (Sell) Final        
QQQ QQQ
  in $USD  
QQQ QQQ
  in $USD  
Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target (in CAD) Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
AVUV AVUV
  in $USD  
AVUV AVUV
  in $USD  
Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
XEF XEF
XEF XEF
HXDM HXDM
HXDM HXDM
Account Holding Initial Target (in CAD) Need To Buy (Sell) Final        
IEFA IEFA
  in $USD  
IEFA IEFA
  in $USD  
Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
XEC XEC
XEC XEC
HXEM HXEM
HXEM HXEM
Account Holding Initial Target (in CAD) Need To Buy (Sell) Final        
IEMG IEMG
  in $USD  
IEMG IEMG
  in $USD  
Initial Target   Final  
    After-Tax Dividend or  Fee & Tax
Account Holding Initial Target Need To Buy (Sell) Final    Value (CAD) Interest Income Drag
ZAG ZAG
ZAG ZAG
Account Holding Initial Target Need To Buy (Sell) Final        
HBB HBB
HBB HBB
RESP Rebalancing Worksheet          
                     
      Initial Balance (in $CAD) Total   After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
    Holdings Cash    
    CAD Account    
   
              Cash Left    
Initial Target   Final    
    After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
Account Holding Initial Target Need To Buy (Sell) Final    
  VCN VCN  
  HXCN HXCN  
Initial Target   Final    
    After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
Account Holding Initial Target Need To Buy (Sell) Final    
  VUN VUN  
  HULC HULC  $                     -    
Initial Target   Final    
    After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
Account Holding Initial Target Need To Buy (Sell) Final    
  ZNQ ZNQ  
  HXQ HXQ  $                     -    
Initial Target   Final    
    After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
Account Holding Initial Target Need To Buy (Sell) Final    
  XEF XEF  
  HXDM HXDM  
Initial Target   Final    
    After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
Account Holding Initial Target Need To Buy (Sell) Final    
  XEC XEC  
  HXEM HXEM  
Initial Target   Final    
    After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag  
Account Holding Initial Target Need To Buy (Sell) Final    
  ZAG ZAG  
           
                   
CAD to USD Exchange Rate   Initial Balance (in $CAD) Total (in $CAD) Total Value (in CAD)   After-Tax Value (CAD) Dividend or Interest Income Fee & Tax Drag
Holdings Cash  
CAD Account  
  USD Account  
CAD Account  
  USD Account  
              Total
Currency Conversions   Baseline  Target   
Total CAD  
Total USD        
You can convert via your brokerage or consider using  Norbit's Gambit     Cash Left After Rebalancing