Income
Please consider the following when completing the Income section:
Net salary
The net amount you receive from your paycheque. This amount will be net of withholding tax and any deductions (CPP, EI, pension plan contributions and RRSP contributions) you make through payroll deduction. Use a recent pay stub to determine this amount. You may need to annualize the figure. For example, if you are paid bi-weekly then multiply your net salary by 26 as an approximation of the annual figure (and then divide by 12 if inputting on a monthly basis). Please note: If your net salary already reflects deductions for savings, such as pension plan contributions, employee savings plans or RRSPs, then do not include them in the Savings category.
Self-employment income
The pre-tax amount received from self-employment, net of any related expenses. If you cannot estimate the anticipated amount for the upcoming year, use the figure you reported on last year's tax return as "Net Self-Employment Income" (divide by 12 if inputting on a monthly basis) if you believe this is a good approximation.
Investment income
The pre-tax amount you anticipate to receive from investments, such as interest, dividends and capital gains.
Rental income
The pre-tax amount you anticipate to receive from rent, net of any related expenses. If you cannot estimate the anticipated amount for the upcoming year, use the figure you reported on last year's tax return as "Net Rental Income" (or divide by 12 if inputting on a monthly basis) if you believe this is a good approximation for the upcoming year.
Retirement income
The pre-tax amount you anticipate to receive from various retirement plans such as CPP, OAS, company pension plans and RRIFs.
Other income
This includes income from all other sources, such as alimony and child support.
Tax refund
The amount you expect to receive (refund) upon filing your annual tax return. If you cannot estimate this amount, use the figure on last year's tax return as an approximation of the annual figure (or divide by 12 if inputting on a monthly basis) if it represents a typical year.
Expenses
The following categories are the Expenses in the Cash Flow Worksheet. Items to consider including in each category are as follows:
Note: If your "Net Salary" already reflects deductions for savings and other expenses (RRSPs, charitable donations, insurance premiums etc.) then do not include them in the 'Expenses' categories.
Savings
Items to consider including in this category should include all uses of cash, such as RRSP, RESP and non-registered contributions and other committed savings. These are amounts you transfer or allocate in the month or year in question.
Housing
Mortgage, rent, property taxes, heat, electricity, telephone, cable, Internet, condominium fees, repairs, other housing expenses
Necessities
Food, clothing, medical, dental
Dependant care
Tuition, room & board, alimony, child care, child support
Transportation
Car payments, gas, maintenance, insurance, parking, public transit, other vehicle expenses
Debt payments
RRSP Home Buyers Plan, loans, line of credit, credit cards, other debt
Insurance premiums
Life, health, dental, disability, debt, property
Personal activities
Entertainment, dining out, vacation, sports, lessons, continuing education
Other expenses
Charitable donations, political donations, pet care expenses
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