Our very own Cannon Fodder has generously offered to share his Excel based calculators to the CMF community. You can download them by clicking the links below.
You're better than me... I can't even get the thing to open! I don't understand why it is in the form it is rather than the xls file I have.Thanks!
The last 2 will be very handy to me but the Borrowing to Invest one doesn't seem to fully work. I don't get a solution for the nonregistered option is it just me?
steve41,Remember.... these appear to be discrete spreadsheets, so use them understanding that our finances are integrated. Looking at a loan, or your RESP, or TFSA as a free standing entity (in a vacuum) can be problematic. Ideally, the optimum model should incorporate all financial entities as one spreadsheet.
Also.... income tax is a major constituent of our planning universe. Many modellers approximate the effect of income tax as a simple marginal or average tax rate, whereas in reality, the marginal tax rate is a meaningless concept. Income tax is a complex computation with multiple tax rates and thresholds (indexed to inflation), credits (age/dividend/interest deductibility), OAS & GIS clawbacks, not to forget each province has it's own independent progressive tax algorithm.
Questions such as "TFSA or RRSP?", "pay down loan or pay into RRSP?", "borrow for investment?", "Dividend/capgains implications?", "do I sell the family cottage in 10 years or pass it on to the estate?"..... All of these questions are intimately linked to income tax, and if tax is not incorporated to significant detail and instead is approximated with a single average tax rate or MTR... you will get erroneous results.
Tax, and the complex way it interacts with the various forms of capital (reg/nonreg/tfsa/capgains/dividends) as they come in and out of play over time should be a major part of a comprehensive financial plan, IMHO.
xlsx extensions are for excel 2007.You're better than me... I can't even get the thing to open! I don't understand why it is in the form it is rather than the xls file I have.
Looks like the last one, on leveraging, is still in excel 2007 format.Fixed!
The model is not flawed. It is what it is - an estimation tool. What can be flawed is how people use such tools.Thus, ALL models (including your comprehensive tool) are inherently flawed from that perspective - how many of us in 2007 knew about the TFSA? Or the 2009 Federal (and Provincial) Budget changes which affected tax rates?
Thanks, OntFA - what I don't understand is how I have sent an Excel 2007 file and when the owners of the site post it, it is now a zipped package somewhat deconstructed into XML files. The process seems to only affect Excel 2007 files for some reason. I've forwarded an Excel 2003 version hoping this fixes it.xlsx extensions are for excel 2007.
Looks like the last one, on leveraging, is still in excel 2007 format.
The model is not flawed. It is what it is - an estimation tool. What can be flawed is how people use such tools.