Overview: Financial Calculator Update 12/31/2018
The quarterly update for 12/31/2018 is a large update, affecting every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2019 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators. Additional changes have also been made changes for continued ADA support. All standard calculators meet accessibility specification WCAG 2.0 Level AA and Section 508.
All maintenance releases are cumulative, so if you apply this update, you will have all previous calculator updates as well. For your reference you can view the previous update notes here: 9/30/2018 Update.
For more detailed information please see our frequently asked questions: FAQ: V3 Frequently Asked Questions
Update Instructions
For more detailed information please see our deployment documentation: V3 Deployment Information
- Download the latest update package for your calculators from your download site, found on your update e-mail notice.
- Execute the KJEUpdate.exe file from your download. This is a self-extracting zip file. (Or unzip the KJEUpdate.zip file if you are using a non-windows platform.) If you see a warning message, you can safely continue. 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 or staging environment. One directory will be created with no subdirectories.
- Replace all files provided in update package. The update package includes all JS files and CSS files that are required to update the content of your calculators. IMPORTANT! The update package does not contain any HTML files or the KJESiteSpecific.js or KJESiteSpecific.css files. These files are not required for an upgrade, and replacing them may result in overwriting custom changes for your website installation. If you use the full installation package and have changed the file KJESiteSpecific.js or KJESiteSpecific.css files do not replace them.
When you test the new version of the calculators, make sure that the browser you are using uses the new files instead of any it may have in its cache. You may need to clear the browser's cache manually to ensure the new versions are loaded.
Please note, if you have a Servlet or other custom deployment, installation instructions for your package will found on your download page or provided separately.
Update Changes 12/31/2018
The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided.
- Content Security Policy (CSP)The calculator update includes modification for sites that have enabled the Content Security Policy (CSP) on their sites. The primary goal of CSP is to not allow a browser to execute scripts in the browser that are from uncontrolled locations, this includes use of any inline javascript. While inline javascript is not guaranteed to be insecure, a browser can't determine the location from which it originated since it is not being loaded from a separate javascript file. To eliminate XSS attacks, CSP blocks all in-line scripting and doesn't attempt to determine its origin or its safety. If your site implements CSP this upgrade should eliminate incompatibilities.
For more information please see Mozilla CSP
- ADA requirements for WCAG 2.0 level AA and Section 508
All calculators follow the ADA guidelines to meet or exceed accessibility specification WCAG 2.0 Level AA and Section 508. We continue to refine our ADA support with this update. Over the past year all calculators have been tested and updated to include full ADA support, this includes:
- Improved keyboard access and continued review and improvement of screen reader compatibility.
- Full scan of all calculators with the following automated tools:
SortSite:
https://www.powermapper.com/products/sortsite/checks/browser-compatibility/WebAim:
http://wave.webaim.org/We will continue to monitor and update our software to maintain compliance and ensure any future compliance issues are resolved quickly. If you have a specific calculator on your site where you have a question please feel free to contact us.
- Improved Graphic Interface
Improvements to the graphical user interface continue with this update. Smoother transitions and improved layout of the Email and AutoSave menu items.
- The definition for Rate of Return has been updated to include 2019.
New definition:
The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2018, had an annual compounded rate of return of 12.1%, including reinvestment of dividends. From January 1, 1970 to December 31st 2018, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.2% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.
New definition Spanish Definition:
El por ciento de rendimiento real dependerá en gran parte del tipo de inversión que usted escoja. De enero de 1970 a enero de 2018 el por ciento de rendimiento promedio ponderado para el índice "S&P 500®", incluyendo la reinversión de dividendos, fue aproximadamente 10.2% por año. Durante estos años el rendimiento mayor para un periodo de 12 meses fue de 61% mientras el menor fue de -43%. Las cuentas de ahorro en los bancos pagan un interés tan bajo como 1% o menos.Es importante recordar que el por ciento de rendimiento futuro no se pueden predecir con certeza y que las inversiones que pagan un por ciento de rendimiento mayor están sujetos a un mayor riesgo y volatilidad. El por ciento de rendimiento real puede variar extensamente durante el su vida, especialmente en inversiones a largo plazo, incluyendo una potencial perdida de principal de su inversión.
This affects the following 66 calculators:
- The definition for Inflation and Expected Inflation Rate has been updated to include CPI data from 2018. The CPI for 2018 was estimated by the Minneapolis Federal Reserve as 2.2% (the annualized rate), this small difference from the existing long term average was not enough change the long term average of 2.9%. The new definition now reads:
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2018 the CPI has a long-term average of 2.9% annually. Over the last 40 years highest CPI recorded was 13.5% in 1980. For 2018, the last full year available, the CPI was 2.2% annually as reported by the Minneapolis Federal Reserve.
For Spanish the definition now reads as:
Lo que espera para el índice promedio de inflación a largo plazo. Una medida común de inflación en los Estados Unidos es el Índice de Precios al Consumidor (Consumer Price Index, CPI), que tiene un promedio a largo plazo del 2.9% anual, de 1925 a 2018.
This affects the following 25 calculators:
- Health Savings Accounts (HSA)
Have been finalized for 2019 changes. The limits and amounts were increased slightly from 2019 for all HSA calculations. All calculators were updated to indicate the new 2019 amounts. Income tax brackets and rates were updated to 2019. This includes the following:
The table below shows the limits for HSA's in 2019.
Health Savings Accounts (HSA) Contribution and Limits 2019 2018 Change HSA Contribution Limit Single: $3,450
Family: $6,900Single: $3,400
Family: $6,750Single: $50+
Family: $150+HSA catch-up contributions* $1,000 $1,000 No change, not indexed to inflation HDHP minimum deductible Single: $1,350
Family: $2,700Single: $1,300
Family: $2,600Single: $50+
Family: $100+HDHP maximum out-of-pocket** Single: $6,650
Family: $13,300Single: $6,550
Family: $13,100Single: $100+
Family: $200+*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.Please note, you are no longer eligible to make HSA contributions starting in the first month that you are eligible for and enrolled in Medicare Part A or B.
For complete details on HSAs you may wish to visit the U.S. Treasury at US Treasury Health Savings Accounts
This affects the following calculators:
HTML File Changed Name HSABusiness.html Health Savings Accounts (HSA) Employer Benefit HSAContribution.html Health Savings Account (HSA) Contribution Calculator HSASavings.html Health Savings Account (HSA) Savings Calculator HSAvsTraditional.html Health Savings Account (HSA) vs. Traditional Health Plan HSAGoal.html Health Savings Account (HSA) Goal Calculator - Self-Employment Tax Calculator (TaxSelfEmployment.html): Has been finalized for the 2018. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. (Note: the 2019 version of this calculator will be released 3/31/2019 which can be used for 2019 taxes which are filed in April 2020.)
- 1040EZ Tax Form (TaxEZ1040.html), Marginal and Effective Tax Rates (TaxMargin.html): Have been finalized for the 2018. Minor changes have occurred to the definitions and the calculations. (Note: the 2019 version of this calculator will be released 3/31/2019 which can be used for 2019 taxes which are filed in April 2020.)
- 1040 Tax Estimator (Tax1040.html): Has been updated for changes in 2018. This is the final version of the 1040 tax form for 2018. Changes were made to match the new law: 2017 Tax Cuts and Jobs Act. (Note: the 2019 version of this calculator will be released 3/31/2019 which can be used for 2019 taxes which are filed in April 2020.)
- Charitable Giving Tax Savings Calculator (CharitableTaxSavings.html): Has been updated for changes in 2018. New calculator includes the impact of itemized deductions and AMT. (Note: the 2019 versions of this calculator will be released 3/31/2019).
- Long Term Care Calculator, Long-Term Care Required Savings (LongtermCare.html, LongTermCareSavings.html): The estimated costs have been updated to reflect the cost of 2018 nursing home and home health care costs.
Definition for long term care costs has been updated to:
- This is your current estimated cost of long term care. This is your current estimated cost of long term care. According to the Genworth Financial 2018 Cost of Care Survey, the estimated median annual cost for a nursing home stay was $89,292 per year for a semi-private room. This is about $244 per day. The cost for a private room was $100,380 or $275 per day. Assisted living at home can cost more than $50,340 per year or $138 per day for a home healthcare aid. All of these long-term care costs can be considerably higher in larger metropolitan areas.
The default daily value was increased to $275.
- Individual 401(k) Contribution Comparison (Individual401kContribution.html): Has been updated for 2019. Contribution limits have increased to $56,000 per year. Definitions and information have been updated to reflect the calculator is current for 2019.
- Individual 401(k) Savings Calculator (RetireSolo401k.html): Has been updated for 2019, 401(k) contributions increased $500 to $19,000 and total defined benefit contribution limit has increased to $56,000.
- Retirement Contribution Effects on Your Paycheck Calculator (RetirePayrollSavings.html, Spanish: SPRetirementPayrollSavings.html, RetirementPayrollSavings2.html): The contribution limits for retirement plans on this calculator have been updated to $19,000 for 2019. The Payroll withholding information has also been updated to 2019 rules and rates.
- Payroll and withholding calculators
The Payroll withholding information has also been updated to 2019 rules and rates.
This affects the following calculators:
HTML File Changed Name Payroll.html Payroll Deductions Calculator PayrollHourly.html Payroll Hourly Paycheck Calculator Payroll125.html Payroll Flexible Spending Account (FSA) Calculator PayrollGross.html Payroll Net to Gross Calculator 457Payroll.html Payroll Deduction Calculator with 457 Contributions IncomeOneorTwo.html Should my spouse work? RetirePayrollSavings.html Retirement Contribution Effects on Your Paycheck Calculator RetirePayrollSavings2.html Retirement Contribution Effects on Your Paycheck Calculator SPPayroll.html Cheque deducciones y retenciones SPRetirePayrollSavings.html Efectos de sus Aportaciones a su Jubilación sobre su Cheque de Paga - 401(k)/403(b) limits are $19,000 under 50, $25,000 for 50 and over
- Social Security tax (2019 earned income maximum of $132,900 with employee rate 6.2%).
- FICA maximum $8,239.80 for 2019
- Allowances is $4200 in 2019
- Additional Medicare Tax withholdings of 0.9% for earned income above $200,000. No change for 2019
- Flexible Spending Account for Medical maximum is increased to $2700 for 2019 (up $50)
- Definition updates as follows:
- Year-to-date earnings
- Your current year gross earnings that were subject to FICA taxes (Social Security tax and Medicare tax). This total should not include the current payroll period or any income from other sources or employers. We use this amount to determine if you are required to have Social Security tax or additional Medicare tax withheld for the current payroll period. Typically, this is your gross earnings minus employer paid health insurance and any Flexible Spending Account (FSA) contributions. In 2019, year-to-date earnings is not required or used for incomes under $132,900 per year, or if your current year-to-date earnings plus your current payroll does not exceed $132,900.
- Social Security tax
- For 2019, Social Security tax is calculated as your gross earnings times 6.2%. For 2019, incomes over $132,900 that have already had the maximum Social Security tax of $8,239.80 withheld will not have additional withholding. Please note that if you have other wages or employers this calculator does not make any assumptions as to the total Social Security tax withheld for the current year other than the actual inputs for this calculator. This tax is also referred to as the Federal Insurance Contributions Act Old Age Survivors and Disability Insurance (FICA OASDI).
- Federal income tax withholdings
- Federal income tax withholding is calculated by:
- Multiplying taxable gross wages by the number of pay periods per year to compute your annual wage.
- Subtracting the value of Withholding Allowances claimed (for 2019, this is $4,200 multiplied by Withholding Allowances claimed on the employee's W-4: Employee's Withholding Allowance Certificate).
- Determining your annual tax by using the tables below (single and married rates, respectively).
- Dividing the amount of tax by the number of pay periods per year to arrive at the amount of Federal tax withholding to be deducted per pay period.
Single Withholding Rates 2019* Annual taxable income between these amounts Annual withholding Withhold additional % of income over this amount *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2019 $0 - $3,800 $0.00 $3,800 - $13,500 $0.00 plus 10% of income over $3,800 $13,500 - $43,275 $970.00 plus 12% of income over $13,500 $43,275 - $88,000 $4,543.00 plus 22% of income over $43,275 $88,000 - $164,525 $14,382.50 plus 24% of income over $88,000 $164,525 - $207,900 $32,748.50 plus 32% of income over $164,525 $207,900 - $514,100 $46,628.50 plus 35% of income over $207,900 $514,100 - (no limit) $153,798.50 plus 37% of income over $514,100 Married Withholding Rates 2019* Annual taxable income between these amounts Annual withholding Withhold additional % of income over this amount *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2019 $0 - $11,800 $0.00 $11,800 - $31,200 $0.00 plus 10% of income over $11,800 $31,200 - $90,750 $1,940.00 plus 12% of income over $31,200 $90,750 - $180,200 $9,086.00 plus 22% of income over $90,750 $180,200 - $333,250 $28,765.00 plus 24% of income over $180,200 $333,250 - $420,000 $65,497.00 plus 32% of income over $333,250 $420,000 - $624,150 $93,257.00 plus 35% of income over $420,000 $624,150 - (no limit) $164,709.50 plus 37% of income over $624,150
- College Savings (CollegeSavings.html, SPCollegeSavings.html (Spanish): The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2018-19 school year. The defaults have also been changed to reflect the new average cost for the 2018-19 school year and the average cost increases for tuition and room and board. The new information is show below:
U.S. Undergraduate College Costs for 2018-19 School Year College Type Tuition & Fees Room & Board Total Change from 2017-18 Public 4-Year (in-state tuition) $10,230 $11,140 $21,370 2.8% Public 4-Year (out-state tuition) $26,290 $11,140 $37,430 2.6% Private 4-Year $35,830 $12,680 $48,510 3.2% - 401(k) Calculator (Retire401k.html), 401(k) Savings With Profit Sharing (Retire401kProfitShare.html): The definitions and the calculation module have been updated to reflect the 2019 maximum contribution limits of $19,000 annually for those under 50 and $25,000 annually for those 50 and older ($500 change from 2018). The limitation used in the definition of highly compensated employee increased to $125,000 for 2019.
- 457 Savings Calculator (Retire457.html): The definitions and the calculation module have been updated to reflect 2019 maximum contribution limits of $19,000 annually for those under 50 and $25,000 annually for those 50 and older.
- 403(b) SavingsCalculator (Retire403b.html): The definitions and the calculation module have been updated to reflect 2019 maximum contribution limits of $19,000 annually for those under 50 and $25,000 annually for those 50 and older.
- Roth (after-tax) Account or Pre-Tax Account? (RothvsPreTaxAccount.html): The definitions and the calculation module have been updated to reflect 2019 maximum contribution limits of $19,000 annually for those under 50 and $25,000 annually for those 50 and older.
- 72(t) Calculator (Retire72T.html), 72(t) Distributions Impact (Retire72TAlt.html): The Federal Mid-Term rate has been updated for January 2019. This change affects the calculators default values and the definition of Reasonable Interest Rate For January 2019. For January 2019, 120% of the Federal Mid-Term rate is 3.47%.
- Roth IRA Calculator (RothIRA.html), Traditional IRA Calculator (RegularIRA.html), Roth IRA vs. Traditional IRA Calculator (RothvsRegular.html): These calculators have been updated to 2019 phase out ranges. The maximum annual contribution of $6,000 per individual under 50 and $7,000 per individual over 50 remains unchanged from 2019. These changes include updates to the calculation module as well as the definitions and the report.
The tables and text below has been updated:
2019 Traditional IRA Deduction Phase-Out Ranges Tax Filing Status Income Phase-Out Range Married filing jointly $103,000 - $123,000 Single, Head of Household or Married Filing Separately (and have not lived with spouse for last year)* $64,000 - $74,000 Married filing separately* $0 - $10,000 Married filing jointly (spouse has employer plan, IRA owner does not)** $193,000 - $203,000 Roth IRA contributions are limited for higher incomes. If your income falls in a 'phase-out' range you are allowed only a prorated Roth IRA contribution. If your income exceeds the phase-out range, you do not qualify for any Roth IRA contribution. The table below summarizes the income 'phase-out' ranges for Roth IRAs.
This calculator automatically determines if your tax deduction is limited by your income. However, there are two unusual situations not automatically accounted for where additional tax phase-outs are applied. First, if your spouse has an employer sponsored retirement plan but you do not, your tax deduction is phased out from $193,000 to $203,000. Second, if you are married filing separately and have an employer sponsored retirement plan, the income phase-out is from $0 to $10,000.Roth IRA 2019 Contribution Phaseout Tax Filing Status Income Phase-Out Range Married filing jointly or head of household $193,000 to $203,000 Single $122,000 - $137,000 Married filing separately $0 - $10,000 - Roth 401(k) vs. Traditional 401(k) Calculator (RothvsTraditional401k.html), Roth vs. Traditional 401(k) and your Paycheck (Compare401k2.html): Contribution limit notes updated for 2019. The definitions and the calculation module have been updated to reflect the 2019 maximum contribution limits of $19,000 annually for those under 50 and $25,000 annually for those 50 and older.
- Retirement Planner Calculator (RetirementPlan.html), Retirement Pension Planner Calculator (RetirementPlan3.html), Retirement Planner with Retirement Earnings Calculator (RetirementPlan4.html): Calculations and definitions for Social Security updated. (See Social Security calculator update for details).
- 2019 Federal Tax Rate table has been added to the following calculators (replacing the 2019 Federal Tax Table)
Use the ‘Filing Status and Income Tax Rates Table’ to assist you in estimating your federal tax rate.
Filing Status and Income Tax Rates 2019* Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately *Caution: Do not use these tax rate schedules to figure 2018 taxes. Use only to figure 2019 estimates. Source: Rev. Proc. 2018-57 10% $0 - $19,400 $0 - $9,700 $0 - $13,850 $0 - $9,700 12% $19,400 - $78,950 $9,700 - $39,475 $13,850 - $52,850 $9,700 - $39,475 22% $78,950 - $168,400 $39,475 - $84,200 $52,850 - $84,200 $39,475 - $84,200 24% $168,400 - $321,450 $84,200 - $160,725 $84,200 - $160,700 $84,200 - $160,725 32% $321,450 - $408,200 $160,725 - $204,100 $160,700 - $204,100 $160,725 - $204,100 35% $408,200 - $612,350 $204,100 - $510,300 $204,100 - $510,300 $204,100 - $306,175 37% Over $612,350 Over $510,300 Over $510,300 Over $306,175 NOTE: The actual tax calculators will be updated at the end of the tax season, in the 3/31/2018 update.
- Social Security Calculations
Calculations and definitions updated for 2019. The calculations use the 2019 FICA income limit of $132,900 with an annual maximum Social Security benefit of $34,332 per year ($2,861 per month) for a single person and 1.5 times this amount for a married couple. Please see https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf for more information.
These changes affect the following calculators:
Name HTML File Changed Social Security Benefit Calculator SocialSecurity.html How important is Social Security? NoSocial.html Retirement Planner Calculator RetirementPlan.html Retirement Pension Planner Calculator RetirementPlan3.html Retirement Nestegg Calculator RetirementNestegg.html Retirement Income Calculator RetirementNumber.html Retirement Planner with Retirement Earnings Calculator RetirementPlan4.html The definitions of Social Security in each of these calculators has been updated to the following: Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice – once for each spouse and their respective income. This calculator provides only an estimate of your benefits.
The calculations use the 2019 FICA income limit of $132,900 with an annual maximum Social Security benefit of $34,332 ($2,861 per month) for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). This calculator rounds your age of full Social Security benefits to the next highest full year. If your birthdate is between 1955 and 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1954. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
For Spanish versions:
El Seguro Social está basado en una escala móvil en base a sus ingresos, a cuánto tiempo trabaja y a qué edad se jubila. Los beneficios del Seguro Social aumentan automáticamente todos los años en base a los aumentos del Índice de Precios al Consumidor. El incluir a un cónyuge aumenta sus beneficios del Seguro Social en 1.5 veces el cálculo de su beneficio individual. Note que esta calculadora asume que sólo uno de los cónyuges trabaja. Los beneficios podrían ser diferentes si su cónyuge ha trabajado y ganado un beneficio que es más de la mitad de su beneficio. En el caso de un matrimonio en el que ambos cónyuges trabajan, podría tener que hacer el cálculo dos veces - una por cada cónyuge con su respectivo ingreso. Esta calculadora sólo provee un cálculo aproximado de sus beneficios.
En las calculaciones se utiliza el límite de ingreso FICA (Ley de la Contribución Federal al Seguro Social) de $132,900 con un beneficio anual máximo del Seguro Social de $34,332 ($2,861 por mes) para una persona soltera, y esa cantidad multiplicada por 1.5 para un matrimonio. Para recibir el beneficio máximo, usted tendría que haber ganado el salario máximo FICA por casi toda su carrera. También tendría que comenzar a recibir beneficios a su plena edad de jubilación de 66 ó 67 años (dependiendo de su fecha de nacimiento). Esta calculadora redondea su plena edad de jubilación para recibir beneficios del Seguro Social al siguiente año completo. Si su fecha de nacimiento es entre 1955 y 1959, el Seguro Social considera que su plena edad de jubilación es 66 más dos meses por cada año después de 1954. Su beneficio real podría ser menor o mayor, dependiendo de su historial de trabajo y las reglas completas de compensación que usa el Seguro Social.
- Estate Tax Planning Calculator (EstatePlan.html, SPEstatePlan.html): The exemption amount has been increased to $11,400,000. This is $220,000 more 2019's $11,180,000. There was no change in the estate tax rate. The annual gift exclusion remained at $15,000.
- Inflation Calculators: Have been updated to include CPI information for 2018. The CPI for 2018 was 2.2.
These changes affect the following calculators:
Category Name HTML File Changed Investment Inflationary Millionaires InflationMillionaire.html Inflation and Consumer Prices Calculator InflationPrice.html Inflation - Historic Impact on Investments InflationHistory.html - Tax Free Savings Account (TFSA) Comparison (Canadian and French Canadian) (CATFSACompare.html,FRTFSACompare.html ): The definitions and description has been updated for 2019, with the maximum set at $6,000 per year. There is $500 increase to the maximum for 2019. The new description reads:
How taxes are applied to an investment can make an incredible difference. Starting in 2009 all Canadians 18 and older have a new option to save where all earnings and withdrawals are tax free. As of January 2019 you are able to contribute up to $6,000 per year to a Tax Free Savings Account (TFSA) and make tax free withdrawals at any time for any purpose. This calculator is designed to help compare a normal taxable investment to a TFSA and a RRSP.
- Retirement Planner (Canadian and French Canadian) (CARetirementPlan.html,FRRetirementPlan.html ): OAS, CPP and QPP defaults have been increased for the 2019 maximums. This is $601.45 OAS per month (Jan. - Mar. 2019) and $1,154.58 per month for CPP and QPP in 2019. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html and https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html