If a scheduled contribution is not occurring, or the contribution amount is lower than expected, it is usually due to one of two reasons:
1. There isn't enough available cash to fund the contribution
Voyant will only make scheduled contributions when sufficient cash is available. If the household does not have enough available income or liquid assets (based on the plan's liquidation strategy) to fund the contribution after meeting higher-priority cash flow needs, the contribution may be reduced or skipped entirely.
To investigate:
- Open Year View for the affected year.
- Review the household's Inflows, Total Need, and Surplus Income.
- If Surplus Income is zero or lower than the scheduled contribution amount, the contribution may be reduced or skipped because there are insufficient funds available to make the contribution.
If there is insufficient cash available, increasing income, reducing expenses, or adjusting the funding strategy may allow the contribution to occur.
2. The contribution exceeds the account's legislated contribution limit
Many Canadian registered account types have annual or lifetime contribution limits established under Canadian tax legislation. Voyant automatically applies these limits when calculating contributions.
If you schedule a contribution that exceeds the allowable contribution limit for the account, the software will automatically reduce the contribution to the maximum amount permitted.
Examples of account types with legislated contribution limits include:
- RRSPs
- TFSAs
- FHSAs
- RESPs
- RDSPs
If the scheduled contribution is lower than expected, review the account's available contribution room to determine whether the contribution has been capped. You can check this in the Year View > Pensions section by clicking on the account and looking at the planned versus actual contribution.
Still not seeing the expected contribution?
If neither of the situations above appears to explain the result, also review:
- The contribution schedule's start and end dates.
- The account owner and contribution source.
- Any age, employment, or eligibility requirements associated with the account type.
If everything appears to be configured correctly and the contribution still isn't occurring as expected, contact Voyant Support by selecting your client's name in the top-right corner of AdviserGo and choosing Request Support from the drop-down menu.