Québec résident

Post questions about how to use the planner and how the planner works as well as comments and suggestions. (If in doubt, post here.)
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tomdes
Posts: 2
Joined: Fri Aug 09, 2019 4:53 pm

Québec résident

Post by tomdes » Fri Aug 09, 2019 4:57 pm

Hi, can we use your program if i stay in Quebec Canada?

thnxs

jimr
Posts: 524
Joined: Thu Feb 28, 2008 6:48 pm

Re: Québec résident

Post by jimr » Fri Aug 09, 2019 5:24 pm

The program was made with the US tax system in mind, however I've heard from several Canadians who have successfully used the program. The key thing is to make adjustments for differences between Canadian tax laws and US laws.

One definite consideration is to understand how the program handles taxes on the taxable, tax deferred, and tax free portfolios and also to understand Required Minimum Distributions (RMDs) on tax deferred accounts. I believe Canada has similar account types with relatively similar rules, but the program doesn't know about the rules in Canada. The program feature that automatically calculates and deducts RMDs on retirement accounts can be turned off in the program settings if that's not a thing in Canada.

The other consideration is that the program has two inputs for tax rates, one rate for taxes on general income and another for taxes on investment gains. These are effective or average tax rates and should be set high enough to account for taxes levied federally, at the province level, and at the local level.

tomdes
Posts: 2
Joined: Fri Aug 09, 2019 4:53 pm

Re: Québec résident

Post by tomdes » Fri Aug 09, 2019 6:38 pm

Thank you very much for your quick response.

Tommy

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