Account Details

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Planning Objectives :: Procedures :: Screen Notes :: Related Information

Planning Objectives

ClosedWhat can I do on this page?
  • Use this page to enter detailed account information.

Procedures

The procedures below are organized by tab. Depending on the type of account you are working with, you may not see all the tabs listed below.

ClosedSavings Strategy tab

How do I setup a savings strategy?

  1. Select Add Savings Strategy.
  2. In the newly-created row, enter basic information for the saving strategy including the Owner, Frequency, Start Date, and End Date.
    • Use the Infl and +/- Add'l fields to index the savings strategy for inflation and/or any other value.
  3. When entering a savings strategy for a registered account, you can enter the keyword MAX into the Owner field. Doing so will cause NaviPlan to contribute the maximum federal allowable limit.
    • If you entered MAX in the Owner field, the Constrained by Cash Flow option appears. Use this option to indicate that the savings contributed to the account should occur only when the clients' cash flow allows for it.
  4. When you are satisfied with these options, click OK.
ClosedRedemptions tab

How do I completely redeem an account?

  1. Select the Redeem All check box.
  2. If applicable, select the Waive Early Withdrawal Penalties check box to exclude penalties if the asset is withdrawn early.
  3. If applicable, select the Tax-Free Withdrawal check box to exclude any taxes on redemption.
  4. In the Start Date field, enter the date of redemption.
  5. When you are satisfied with these options, click OK.

How do I setup a redemption strategy for an account?

  1. Click Add Redemption Strategy.
  2. Select the source account from the Redeem from menu.
  3. Enter the dollar value for the redemption and how often redemptions will occur in the Amount and Frequency fields.
  4. If applicable, select the Waive Early Withdrawal Penalties check box to exclude penalties if the asset is withdrawn early.
  5. If applicable, select the Tax-Free Withdrawal check box to exclude any taxes on redemption.
  6. In the Start Date field, enter the date on which the redemption will start. In the End Date field, enter the date on which redemptions will end.
  7. When you are satisfied with these options, click OK.
ClosedReturn Rates tab

How do I enter new values for an account's rate of return?

  1. Select Override.
  2. Enter new values for each category, the Total fields update automatically as you work.
    Note: You can enter different values for the Retirement and Pre-Retirement periods.
  3. When you are satisfied with these options, click OK.

How do I change for my account reinvestment strategies?

  1. In a non-registered, you may adjust reinvestment strategies to:
    • Reinvest After-Tax: Taxes are paid on investment growth, the remainder are then placed back into the account.
    • Reinvest All: Reinvests all investment proceeds into the account, taxes will be paid by cash flow.
    • Reinvest None: Reinvests no investment proceeds back into the account, goes directly into cash flow.

Note: You can enter different strategies for the Retirement and Pre-Retirement periods.

ClosedRegistered Account Setup
ClosedHow do I setup registered accounts?
  1. Click Details for the associated account.
  2. Go to the Registered Account Setup subtab.
  3. From here, your steps will vary based on the account type you select. Select one of the following workflows from the list below:
    Registered ConversionsRegistered Setups
    ClosedConvert a deferred profit sharing plan (DPSP) or a registeredretirement savings plan (RRSP or spousal RRSP) to a registeredretirement income fund (RRIF)ClosedSet up a registeredretirement income fund (RRIF)
    ClosedConvert the plan to an annuity (applies to all registered plan types except registered education savings plans (RESPs))ClosedSet up a life income fund (LIF)
    ClosedConvert a registered pension plan (RPP - money purchase), or locked-in retirement account (LRRSP) to a life income fund (LIF), locked-in retirement income fund (LRIF), or prescribed registered retirement income fund (PRIF) 

    continued steps for Convert a DPSP or RRSP to a RRIF...

  1. Under Convert to RRIF, define when the account will be converted. If you select At Age, specify the age when the RRSP will be converted.
    Note: Conversion must take place by age 71 at the latest.
  2. To use the younger client’s age to calculate RRIF minimum payments, select the Use younger partner’s age for minimums option.
  3. To ensure a payout in the first year, select the Elect payout in first year option.
  4. To specify the market value used when calculating the minimum (and maximum for LIFs) payout from the account in the first year of the plan, select the End-of-Year Market Value as of <year prior to plan year> option, and then enter a market value in the associated field.

    continued steps for Convert the plan to an annuity...

  1. Select the Convert to Annuity option.
  2. Specify the age when the plan is to be converted.
    Note: Annuity legislation is constantly changing. In some legislative jurisdictions, conversion is mandatory at age 80, while in other areas, 90 is the mandatory age. Some jurisdictions have removed this restriction altogether and leave it to the plan owner to decide when best to convert to an annuity. It is up to you to ensure that the applicable legislation is followed.
  3. Enter the assumed return rate.

    continued steps for Convert a RPP or LRRSP to a LIF, LRIF, or PRIF...

  1. Under Convert to, select the type of fund you want to convert to: LIF, LRIF, or PRIF.
    Note: LRIFs or PRIF are only available in some provinces.
  2. Under Conversion Preference, define when the plan is to be converted. The options are:
    • Automatic – The conversion will occur at the first instance of a deficit during retirement but not before the age specified in the associated field.
    • At Retirement – The conversion will occur at retirement.
    • At Age– The conversion will occur at the age specified in the associated field.
  3. To ensure a payout in the first year, select Elect payout in first year.
  4. To use the younger client’s age to calculate minimum payments, select the Use younger partner’s age for minimums option.
  5. To specify the market value used when calculating the minimum (and maximum for LIFs) payout from the account in the first year of the plan, select the End-of-Year Market Value as of <year prior to plan year> option, and then enter a market value in the associated field.
  6. To use the maximum payout amount, select the Use maximum payout amount option, and then enter the rate for determining the maximum withdrawal percentage.
  7. Select the governing legislative area.

    continued steps for Set up an RRIF...

  1. To ensure a payout in the first year, select Elect payout in first year.
  2. To use the younger partner’s age to calculate minimum payout, select Use younger partner’s age for minimums.
  3. To specify the market value used when calculating the minimum (and maximum for LIFs) payout from the account in the first year of the plan, select End-of-Year Market Value as of <year prior to plan year>, and then enter a market value in the associated field.

    continued steps for Set up a LIF...

  1. To ensure a payout in the first year, select Elect payout in first year.
  2. To use the younger partner’s age to calculate minimum payout, select Use younger partner’s age for minimums.
  3. To specify the market value used when calculating the minimum (and maximum for LIFs) payout from the account in the first year of the plan, select End-of-Year Market Value as of <year prior to plan year>, and then enter a market value in the associated field.
  4. To use the maximum payout amount, select Use maximum payout amount, and then enter the rate for determining the maximum payout.
  5. Select the governing legislative area.
    Note: If you selected Ontario, the Old LIF option appears.
  6. To indicate that you are describing an old LIF plan, select Old LIF.
ClosedAccount Fee Setup

How do I define an annual fee for an account?

  1. Select Override.
  2. Enter basic information for the annual fee including the Annual Fee Amount, Frequency, where to Pay Fees From, and whether or not the fee is Tax Deductible.
  3. When you are satisfied with these options, click OK.

Screen Details

ClosedOverride
  • NaviPlan sets certain data fields by default. In some cases, these defaults are based on system calculations; in others, they are simply good working assumptions. Select Override to make these fields editable so that you can replace any data that is inappropriate for your clients' plan.
ClosedAccount Details container

Decedent’s Date of Death

  • Date of death of the account’s original owner.

    Note: This field only appears if RRSP or Roth RRSP is selected as the account type.
ClosedReturn Rates tab

Reinvestment Strategy

  • Indicate whether after-tax income should be reinvested or sent to cash flow for the pre-retirement and retirement periods.

Related Information




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