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Maintenance Update 06 30 2017

Calculator update notes for 6-30-2017.

Overview:

The June 30th update for 2017 is limited to fixes and enhancements (except for the 72T calculators). 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. To view the previous update package please see Calculator Update 3/31/2017.

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 accessibilty, display and mobile device compatibility issues. If you have been provided a refresh of your calculator package previously in June of 2017, you will have already received these changes.

  2. Minor updates to Spanish calculator definitions and text for typographical errors are included in this update.

  3. Minor updates to French calculator definitions and text for typographical errors are included in this update.

  4. ADA and Screen Readers: Continued improvement ADA and screen reader functionality are included in this update to meet or exceed accessibility specification WCAG 2.0 Level AA and Section 508.

Calculator specific updates:

  1. Education Savings for Canada (CACollegeSavings.html, FRCollegeSavings.html): Registered Education Savings Plan (RESP) links on the calculator have been update to go to the RESP information at Canada.ca.

  2. HSA Calculators: (HSABusiness.html, HSAContribution.html, HSAGoal.html, HSASavings, HSAvsTraditional.html) HSA calculators have been updated to correct the reported 2016 maximum shown in the definitions for single filers. Thid did not affect any calculations or results displayed on the report. The corrected table now reads
    Health Savings Accounts (HSA) Contribution and Limits
     20172016Change
    HSA Contribution LimitSingle: $3,400
    Family: $6,750    		Single: $3,350
    Family: $6,750    		Single: $50+
    Family: no change
    HSA catch-up contributions$1,000$1,000No change, not indexed to inflation
    HDHP mimimum deductible*Single: $1,300
    Family: $2,600    		Single: $1,300
    Family: $2,600    		Single: no change
    Family: no change
    HDHP maximum out-of-pocket**Single: $6,550
    Family: $13,100    		Single: $6,550
    Family: $13,100    		Single: no change
    Family: no change
    *Catch-up contributions can be made anytime during the year in which the participant turns 55.
    **This includes deductible amount, co-payments and other non-premium payments.

  3. Alternativas para Jubilación del Plan de Pensiones (SPPensionOptions.html - Pension Plan Retirement Options): Spanish translation has been updated.

  4. Disability Insurance Calculator now available in Spanish (SPDisability.html): Spanish translation has been completed for Calculadora de seguro por discapacidad.

  5. HSA Contribution Calculator now available in Spanish (SPHSAContribution.html): Spanish translation has been completed for Calculadora de contribuir a Cuentas de ahorros de salud (HSA).

  6. Alternativas para Jubilación del Plan de Pensiones (SPPensionOptions.html - Pension Plan Retirement Options): Spanish translation has been updated.

  7. Tax Free Savings Account (TFSA) Comparison Calculator (Canadian) (CATFSACompare.html, FRTFSACompare): Definitions of TFSA and RRSP have been udpated to include new links for additional information. The new defintions are now:
    Taxable Savings
    This is an ordinary, taxable, savings account. There are no restrictions for deposits or withdrawals, but all earnings and capital gains are taxable. In addition, there is no tax deduction to any deposits to an ordinary taxable account.
    Tax Free Savings Account (TFSA)
    This is a flexible savings account that allows Canadians 18 and older to save for any purpose and withdrawals are tax free. The contribution limit for 2017 is $5,500, not including any catchup contributions for previous withdrawals or years where you didn't contribute the maximum. In recognition of the fact that people are likely to have multiple savings objectives at various stages of their lives - e.g. vacation, wedding, car, home or cottage - the full amount of withdrawals may be re-contributed to a TFSA starting the following year, to ensure that there is no loss in a person's total savings. For complete details of how a TFSA works please visit http://www.cra-arc.gc.ca/tfsa/.
    Registered Retirement Savings Plan (RRSP)
    This is a savings account set up primarily for retirement savings. Contributions to a RRSP are generally tax deductible but withdrawals are taxed at your normal income tax rates. There are additional restrictions to how you can withdraw funds from this type of account. For complete details of the how a RRSP compares to a TFSA, please see http://www.cra-arc.gc.ca/rrsp/.

  8. ADA and Screen Readers: Updates to improve ADA and screen reader functionality are included in this update.

  9. 72(t) Calculator: Early withdrawals from retirement accounts (Retire72T.html, Retire72T2.html), 72(t) Distributions: Impact on retirement fund balances (Retire72TAlt.html): The Federal Mid-Term rate has been updated for July 2017. This change affects the calculators default values and the definition of Reasonable Interest Rate For July 2017. For July 2017, 120% of the Federal Mid-Term rate has changed to 2.27%.