Under the Hood
What We Do
Retirement
For contributions mygoals can optimize and prioritize all account level decisions. For withdrawals mygoals calculates a user’s maximum post-retirement, after tax income, maximum legacy, or combinations of both.
CCPC
mygoals considers all sources of active and passive income. It will pay business owners in the most tax-efficient sources possible during the accumulation and decumulation phases. It tracks all notional account balances. It connects to all other sources of income and government entitlements.
Education
We calculate a student’s maximum post-tax income while in school which includes all sources of income.
Real Estate
mygoals calculates after-tax income, CCA, UCC, and other taxable elements of investing in real estate and related mortgages. It connects income earned with all other sources of income and government entitlements.
Why We Are Different
We simplify complex mathematics to determine the best tailored solution for our users using mathematical optimization. Rules of thumb don’t apply.
Optimization
Something that is optimal is the best or most favorable outcome for a given situation. We answer questions like: When should I take CPP and OAS? Hint: it isn’t always at the same time. What accounts (RRSP, TFSA, non-registered, etc…) should I prioritize for contributions? Withdrawals? Hint: rules of thumb almost never apply, so why do we all use rules of thumb? How should I prioritize saving for retirement versus my other financial goals?
We offer two separate optimization engines. They each work on a stand-alone basis, or together. The first optimizes contributions and prioritizes the order of accounts that your situation warrants. The second engine optimizes your withdrawals. This means you prioritize withdrawals to maximize your post-retirement, after-tax income. We consider the following accounts: RRSP, group RRSP, defined benefit plans, TFSA, nonregistered savings, CPP, OAS.
What We Don’t Do
We don’t make investment decisions for you. Rather, we advise which accounts and government benefits to prioritize, based on your unique situation. We don’t sell financial products, and we are not paid to sell products. We do not use “rules of thumb” to advise you. In other words, we specialize in account allocation.