MoneyLens FAQ — Everything You Need to Know

Questions and answers

• What is MoneyLens? MoneyLens is an AI-powered personal finance platform built for Canadians. Connect your bank accounts via Plaid, upload financial documents, track budgets and goals, assess financing eligibility, manage your investment portfolio, plan for Canadian taxes (RRSP/TFSA), project your lifetime net worth, and get personalized AI insights — all from a single, unified dashboard.
• How does MoneyLens protect my data? We use AES-256-GCM encryption for all data at rest, per-user key derivation via HKDF, 256-bit SSL/TLS for data in transit, and row-level database security to isolate every user's data. Every sign-in requires email-based MFA, and high-risk actions (password changes, data exports, bank management) require additional verification with brute-force protection.
• How does bank connection work? MoneyLens connects to your Canadian banks securely through Plaid — the same provider used by major fintech apps. Your bank credentials are never stored on our servers. Transactions sync automatically in real time, and you can connect multiple accounts across different institutions.
• What can the AI Agent do? Our AI Agent goes beyond answering questions — it can take actions on your behalf. Ask it to create a budget, set a savings goal, recategorize transactions, or forecast your spending, all via natural language. It analyzes up to 6 months of financial history, detects forgotten subscriptions, provides merchant-level spending breakdowns, and remembers your preferences across sessions with persistent memory.
• What AI features are included? AI-powered transaction categorization, smart income/expense type correction (recognizing bank flow patterns by account type), merchant classification (detecting CC payments as transfers to prevent double-counting), AI receipt scanning with confidence scoring, an agentic financial assistant that can manage budgets and goals via chat, smart subscription detection, document data extraction, and personalized spending insights.
• What types of documents can I upload? MoneyLens supports bank statements, tax forms (T4, T5, etc.), receipts, invoices, and investment statements. Our AI automatically extracts amounts, dates, and categories with confidence scoring, and links extracted data to your transaction history. You can also scan receipts directly using your camera.
• How does budget tracking work? Create budgets by category with monthly, quarterly, or custom periods. MoneyLens tracks spending in real-time against your limits, sends proactive alerts when you're approaching or exceeding budgets, and supports rollover budgets so unused amounts carry forward. You can scope budgets to specific accounts, merchants, or tags.
• Can I track financial goals? Yes! Set savings or debt payoff goals with target amounts and dates. MoneyLens uses AI to project your completion date based on current trends, shows whether you're on track or behind, and lets you scope goals to specific accounts or categories.
• What is the Financing & Eligibility feature? MoneyLens provides financing readiness insights for both personal and business use. Personal mode estimates your credit score, Debt-to-Income (DTI) ratio, personal loan eligibility, and mortgage affordability using Canadian GDS/TDS rules with the 5.25% stress test. Business mode calculates Debt Service Coverage Ratio (DSCR), commercial loan eligibility, working capital ratio, and cash runway.
• Can I track my investment portfolio? Yes. MoneyLens includes a Portfolio page where you can view your holdings, asset allocation charts, sector breakdowns, and account-level performance. You can add holdings manually or link investment accounts to keep everything in one place.
• Does MoneyLens help with Canadian taxes? Absolutely. The Tax Planning page tracks your RRSP and TFSA contributions against CRA limits, extracts data from uploaded T4/T5 forms, estimates your marginal tax bracket by province, and provides AI-powered tax optimization suggestions tailored to your financial profile.
• Can I project my net worth over time? Yes. The Lifetime Projections feature models your net worth trajectory based on adjustable parameters like current age, retirement age, savings rate, expected returns, and inflation. It helps you visualize whether you're on track for your long-term financial goals.
• Does MoneyLens support both personal and business finances? Yes. MoneyLens features a Personal/Business context switcher that completely isolates your data between contexts. Business users get revenue/expense tracking, cash runway forecasting, DSCR analysis, and fiscal year support. Switch between contexts instantly without mixing data.
• Can I customize transaction categories? Yes. Create custom categories with custom icons and colors, manually override AI-assigned categories, and even bulk-recategorize transactions. Every edit is logged in a versioned audit trail, and you can revert any change to its original AI classification at any time.
• Is there an audit trail for my changes? Yes. MoneyLens maintains a full versioned audit trail for every transaction edit — including category changes, type corrections, and manual overrides. You can view the complete history of changes and revert any edit back to its original value at any time.
• How much does MoneyLens cost? Three plans, all in Canadian dollars: Private at $7/mo ($63/yr), Connected at $15/mo ($135/yr) and Business at $30/mo ($270/yr). Every plan includes the full AI agent and the full retirement planner. Annual billing saves you 3 months (pay for 9, get 12). Every plan starts with a 7-day free trial with no credit card, backed by a 30-day money-back guarantee.
• What currencies are supported? MoneyLens is built for Canadians with CAD as the primary currency. Multi-currency transactions from connected accounts are automatically converted to CAD using real-time exchange rates, with full conversion history preserved.
• Is MoneyLens available on mobile? Yes! MoneyLens is fully optimized for iPhone and Android with touch-optimized interfaces, safe area support for notched devices, and native-like performance. Native iOS and Android apps are coming soon via our Capacitor integration.
• Does MoneyLens have a blog? Yes! Our blog is accessible from the top navigation under the Company menu. We publish financial tips, product updates, and guides to help you get the most out of MoneyLens and your personal finances.
• Does MoneyLens support WhatsApp notifications? Yes. You can opt in to receive daily and weekly financial summaries via WhatsApp, including spending highlights, budget alerts, and goal progress updates — so you stay informed without opening the app.
• Can I export my data? Yes, you can export all financial data at any time from Settings in CSV or PDF formats. Data export is a high-risk action protected by MFA verification to ensure only you can access your records.
• How do I contact support? Reach our support team at support@moneylens.ai. We typically respond within 24 hours on business days. Premium plan users receive priority support with faster response times.