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Maintenance Update 06 20 2015

Calculator update notes for 6-30-2015.

Overview:

The June 30th update for 2015 is limited to minor fixes and enhancements (except for the 72T calculators and RRIF calculators listed below). This update is optional unless you have received instructions from us or have one of the calculators specifically mentioned below. All updates are cumulative, by skipping this limited update any changes to your package will be included in the next update release.

Update instructions:

  1. Download the latest version of your calculator update from your download site, found on your update e-mail notice.
  2. Run the update package (KJECalc.exe). This is a self-extracting zip file. (Or unzip the KJECalc.zip file if you are using a non-windows platform.)
  3. When prompted for a directory, you may use the default or enter your own. It is recommended that you extract the update to a new directory and then move the required files to your production environment. One directory will be created with no subdirectories.
  4. Copy the new files to your current deployment, replacing files with identical files names with the new ones.

If you wish, you can download the full calculator package from the same location, and refresh all files provided by KJE for your calculators. This package includes any site specific changes done for you by KJE, but will not include any customizations by you or your web-developers. Please contact us if you have questions regarding this new update package.

Master Changes (affects all V3 calculators):

  1. Numerous fine-tuning adjustments to the V3 core deployment. This includes refinements to printing, display and IE8 compatibility issues. If you have been provided a refresh of your calculator package previously in June of 2015, you will have already received these changes.
  2. Language adjustments for French Canadian Calculators
  3. Email & Auto Save Functionality Option now available for all calculators (this is an optional add-on)

Calculator specific updates:

  1. Debt Consolidation, Accelerated Debt Consolidation, Investment Debt Consolidation: (DebtConsolidate.html, DebtAccel.html, InvestmentDebt.html): The calculator would automatically change your new loan amount to match your outstanding debt. The new functionality now changes your new consolidated loan amount to match your outstanding debt amount. You are still able to overide this amount by entering an amount larger that your outstanding debt into the calculator.

  2. 72T Calculator, 72T Distribution Impact: (Retire72T.html, Retire72T2.html, Retire72Alt.html), SPRetire72T.html, SPRetire72Alt): The default "Reasonable interest rate" has been changed to 2.12% to reflect 120% of the current Federal Mid-Term rate as of July 2015.

  3. RRIF Calculators (CARrif.html,FRRrif.html): Minimum required withdrawal rates have been updated to the new factors for 2015. The new factors are as follows:
    Age as of January 1stMinimum Payment (%)
    71
    5.28%
    72
    5.40%
    73
    5.53%
    74
    5.67%
    75
    5.82%
    76
    5.98%
    77
    6.17%
    78
    6.36%
    79
    6.58%
    80
    6.82%
    81
    7.08%
    82
    7.38%
    83
    7.71%
    84
    8.08%
    85
    8.51%
    86
    8.99%
    87
    9.55%
    88
    10.21%
    89
    10.99%
    90
    11.92%
    91
    13.06%
    92
    14.49%
    93
    16.34%
    94
    18.79%
    95+
    20%

  4. Canadian Mortgage Qualifier, Canadian Mortgage Refinance: (CAMortgageQualifier.html, FRMortgageQualifier.html, CAMortgageRefinance.html), FRMortgageRefinance.html): Mortgage Insurance Premimums have been adjusted and definitions have been updated. New rate and definitions are now as follows. For more information please visit their websites at www.chmc.ca and www.genworth.ca.

    CMHC and Genworth Financial's current Mortgage Loan insurance Premium Rates*:
    Loan Size
    (% of property value)    		Rate (as a % of loan)
    Up to and including 65% (over 35% down payment)
    0.6%
    Up to and including 75% (25% to 34.99% down payment)
    0.75%
    Up to and including 80% (20% to 24.99% down payment)
    1.25%
    Up to and including 85% (15% to 19.99% down payment)
    1.80%
    Up to and including 90% (10% to 14.99% down payment)
    2.40%
    Up to and including 95% (5% to 9.99% down payment)
    3.60%
    Up to and including 95% Flex Down or Cash Back Equity Owner-Occupancy Program** (5% to 9.99% down payment)
    3.85%

    *An additional 0.25% is added for every 5 years of amortization beyond a 25 year mortgage amortization period.

    This calculator assumes that your mortgage insurance premium can be financed by your mortgage, which can greatly reduce the amount of upfront money that is required to purchase a home.

    This calculator does not include Genworth's Top-up Premiums or Blended Amortization for refinancing.

    **Not all Financial Institutions offer CMHC's Flex Down and/or Genworth Financial's Cashback Equity Owner-Occupancy Program.

    Below is a brief summary of the two programs:

      CMHC's Flex Down
      Own your own home sooner by using a wider range of sources for your down payment. If you have a proven track record of meeting your debt requirements and sufficient income to support mortgage loan payments, your lender may be able to provide you with CMHC's Flex Down product. Sources for your down payment can include: borrowed funds, gifts and lender cash back incentives. For more information please see: http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm

      Genworth Financial's Cashback Equity Owner-Occupancy Program
      Some home buyers have an excellent credit history but have not yet saved the required down payment. Others have used their savings to build assets in different ways. Genworth Financial offers mortgage default insurance to both these groups. For more information please see:http://genworth.ca/en/lenders/premium-rate-table.aspx