Optional Deductions
The mandatory deductions are what you do not have control over. There are some small exceptions like a DC plan contribution match, but those deductions are largely mandatory. Optional deductions are choices that you have made that reduce the amount of money available for spending on a day-to-day basis. These are primarily items that are going towards future goals like education, retiremeOptional Deductions
The mandatory deductions are what you do not have control over. There are some small exceptions like a DC plan contribution match, but those deductions are largely mandatory. Optional deductions are choices that you have made that reduce the amount of money available for spending on a day-to-day basis. These are primarily items that are going towards future goals like education, retirement, or saving for a large asset purchase. Examples are contributions to RESP plans, RRSP contributions, TFSA contributions, profit sharing plans, employer option purchase plans, or automated savings account and investment purchases. These examples are meant to be ongoing, but there are cases when these choices can be changed. This information is available from the institutions where the accounts are held in the case of the RRSP, TFSA, or RESP accounts. Any pension decisions, stock option plans, or profit-sharing plans would be going through your employer. If you have an automatic savings plan, this would be co-ordinated through the institution where your bank account is and where the deposits are being made.
