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2025 Tax-Ca Yearly Update #517

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merged 7 commits into from
Dec 30, 2024
Merged

2025 Tax-Ca Yearly Update #517

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586cc78
LIF udpate 2025
kdoucet-kronos Dec 23, 2024
c487c37
RRIF update (test)
kdoucet-kronos Dec 23, 2024
6553504
First batch of changes for 2025. Some amounts are not yet published f…
kdoucet-kronos Dec 24, 2024
3797789
with latest updates for 2024.
kdoucet-kronos Dec 30, 2024
a90acdc
Fix lint errors and PPP increase factor
kdoucet-kronos Dec 30, 2024
caab638
Fix build error
kdoucet-kronos Dec 30, 2024
550ca54
Added ppp increase factor source
kdoucet-kronos Dec 30, 2024
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282 changes: 141 additions & 141 deletions src/investments/life-income-fund.ts
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -1,17 +1,17 @@
// tslint:disable:max-line-length
/*
Sources
Provincial: https://www.empire.ca/sites/default/files/2023-02/INV-996A-LIFMinMaxWithdrawalPercentages-EN-web.pdf
Provincial: https://www.empire.ca/sites/default/files/2024-02/INV-996A-LIFMinMaxWithdrawalPercentages-EN-web.pdf
https://ca.rbcwealthmanagement.com/documents/1647873/2467026/2023+-+Registered+Plan+Minimums+%26+Maximums.pdf/f26cb471-e962-47cd-9033-fc1d9c34663e
Federal: http://www.osfi-bsif.gc.ca/Eng/pp-rr/faq/Pages/lif-frv.aspx
Federal & Territories & PEI : http://www.osfi-bsif.gc.ca/Eng/pp-rr/faq/Pages/lif-frv.aspx

Conversion for Federal, Territories and PEI
Because the age of reference is at the end of the previous year, we must shift the reference rate
by one year to reflect the calculation engine which uses the age at the end of the current year.
i.e. : Gov has a rate for age 60 but we use it for age 61.

Revised
2023-12-27
2024-12-23
*/
// tslint:enable:max-line-length

Expand Down Expand Up @@ -113,149 +113,149 @@ export const province2MaxWithdrawalPct: MaxWithdrawalPctByAge = {

// Others: Northwest Territories (NT), Nunavut (NU), Prince Edward Island (PE), Yukon (YT)
export const othersMaxWithdrawalPct: MaxWithdrawalPctByAge = {
20: 0.04488,
21: 0.044933,
22: 0.044989,
23: 0.045048,
24: 0.045111,
25: 0.045178,
26: 0.04525,
27: 0.045326,
28: 0.045406,
29: 0.045492,
30: 0.045584,
31: 0.045681,
32: 0.045784,
33: 0.045895,
34: 0.046012,
35: 0.046137,
36: 0.046271,
37: 0.046413,
38: 0.046565,
39: 0.046727,
40: 0.0469,
41: 0.047084,
42: 0.047282,
43: 0.047493,
44: 0.047718,
45: 0.04796,
46: 0.048219,
47: 0.048496,
48: 0.048794,
49: 0.049114,
50: 0.049457,
51: 0.049826,
52: 0.050223,
53: 0.050651,
54: 0.051113,
55: 0.051612,
56: 0.052152,
57: 0.052736,
58: 0.05337,
59: 0.054059,
60: 0.054809,
61: 0.055626,
62: 0.05652,
63: 0.0575,
64: 0.058576,
65: 0.059762,
66: 0.061072,
67: 0.062525,
68: 0.064142,
69: 0.065951,
70: 0.067983,
71: 0.070278,
72: 0.072886,
73: 0.075871,
74: 0.079315,
75: 0.083323,
76: 0.087916,
77: 0.09323,
78: 0.099444,
79: 0.106804,
80: 0.115655,
81: 0.126492,
82: 0.140061,
83: 0.157533,
84: 0.18086,
85: 0.213552,
86: 0.262637,
87: 0.344506,
88: 0.508334,
20: 0.044298,
21: 0.04435,
22: 0.044406,
23: 0.044465,
24: 0.044528,
25: 0.044594,
26: 0.044665,
27: 0.04474,
28: 0.044821,
29: 0.044906,
30: 0.044996,
31: 0.045093,
32: 0.045196,
33: 0.045305,
34: 0.045422,
35: 0.045546,
36: 0.045679,
37: 0.04582,
38: 0.045971,
39: 0.046132,
40: 0.046304,
41: 0.046487,
42: 0.046683,
43: 0.046893,
44: 0.047117,
45: 0.047357,
46: 0.047614,
47: 0.04789,
48: 0.048186,
49: 0.048503,
50: 0.048844,
51: 0.049211,
52: 0.049606,
53: 0.050032,
54: 0.050491,
55: 0.050987,
56: 0.051524,
57: 0.052105,
58: 0.052736,
59: 0.053421,
60: 0.054168,
61: 0.054982,
62: 0.055872,
63: 0.056848,
64: 0.05792,
65: 0.059101,
66: 0.060407,
67: 0.061856,
68: 0.063469,
69: 0.065275,
70: 0.067303,
71: 0.069597,
72: 0.072204,
73: 0.07519,
74: 0.078638,
75: 0.082655,
76: 0.087258,
77: 0.092582,
78: 0.098807,
79: 0.106178,
80: 0.115041,
81: 0.125892,
82: 0.139476,
83: 0.156966,
84: 0.180313,
85: 0.213033,
86: 0.262155,
87: 0.344082,
88: 0.508019,
89: 1,
};

// Federal
export const federalMaxWithdrawalPct: MaxWithdrawalPctByAge = {
20: 0.04488,
21: 0.044933,
22: 0.044989,
23: 0.045048,
24: 0.045111,
25: 0.045178,
26: 0.04525,
27: 0.045326,
28: 0.045406,
29: 0.045492,
30: 0.045584,
31: 0.045681,
32: 0.045784,
33: 0.045895,
34: 0.046012,
35: 0.046137,
36: 0.046271,
37: 0.046413,
38: 0.046565,
39: 0.046727,
40: 0.0469,
41: 0.047084,
42: 0.047282,
43: 0.047493,
44: 0.047718,
45: 0.04796,
46: 0.048219,
47: 0.048496,
48: 0.048794,
49: 0.049114,
50: 0.049457,
51: 0.049826,
52: 0.050223,
53: 0.050651,
54: 0.051113,
55: 0.051612,
56: 0.052152,
57: 0.052736,
58: 0.05337,
59: 0.054059,
60: 0.054809,
61: 0.055626,
62: 0.05652,
63: 0.0575,
64: 0.058576,
65: 0.059762,
66: 0.061072,
67: 0.062525,
68: 0.064142,
69: 0.065951,
70: 0.067983,
71: 0.070278,
72: 0.072886,
73: 0.075871,
74: 0.079315,
75: 0.083323,
76: 0.087916,
77: 0.09323,
78: 0.099444,
79: 0.106804,
80: 0.115655,
81: 0.126492,
82: 0.140061,
83: 0.157533,
84: 0.18086,
85: 0.213552,
86: 0.262637,
87: 0.344506,
88: 0.508334,
20: 0.044298,
21: 0.04435,
22: 0.044406,
23: 0.044465,
24: 0.044528,
25: 0.044594,
26: 0.044665,
27: 0.04474,
28: 0.044821,
29: 0.044906,
30: 0.044996,
31: 0.045093,
32: 0.045196,
33: 0.045305,
34: 0.045422,
35: 0.045546,
36: 0.045679,
37: 0.04582,
38: 0.045971,
39: 0.046132,
40: 0.046304,
41: 0.046487,
42: 0.046683,
43: 0.046893,
44: 0.047117,
45: 0.047357,
46: 0.047614,
47: 0.04789,
48: 0.048186,
49: 0.048503,
50: 0.048844,
51: 0.049211,
52: 0.049606,
53: 0.050032,
54: 0.050491,
55: 0.050987,
56: 0.051524,
57: 0.052105,
58: 0.052736,
59: 0.053421,
60: 0.054168,
61: 0.054982,
62: 0.055872,
63: 0.056848,
64: 0.05792,
65: 0.059101,
66: 0.060407,
67: 0.061856,
68: 0.063469,
69: 0.065275,
70: 0.067303,
71: 0.069597,
72: 0.072204,
73: 0.07519,
74: 0.078638,
75: 0.082655,
76: 0.087258,
77: 0.092582,
78: 0.098807,
79: 0.106178,
80: 0.115041,
81: 0.125892,
82: 0.139476,
83: 0.156966,
84: 0.180313,
85: 0.213033,
86: 0.262155,
87: 0.344082,
88: 0.508019,
89: 1,
};

Expand Down
11 changes: 11 additions & 0 deletions src/investments/non-registered-savings-plan.ts
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -1,3 +1,14 @@
// tslint:disable:max-line-length
/*
Sources
https://www.canada.ca/en/department-finance/news/2024/06/capital-gains-inclusion-rate.html
https://www.revenuquebec.ca/en/press-room/tax-news/details/2024-06-19/capital-gains-inclusion-rate-increase-1/

Revised
2024-12-30
*/
// tslint:enable:max-line-length

import { Rate } from '../taxes';

export const CAPITAL_GAINS_BRACKETS: Rate[] = [
Expand Down
2 changes: 1 addition & 1 deletion src/investments/registered-retirement-income-fund.ts
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -6,7 +6,7 @@ Conversion
None

Revised
2023-12-27
2024-01-18
*/

export interface RegisteredRetirementIncomeFund {
Expand Down
4 changes: 2 additions & 2 deletions src/investments/registered-retirement-savings-plan.ts
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -6,7 +6,7 @@ Note
Must use RRSP dollar limit and not DB limit

Revised
2023-12-28
2024-12-23
*/

export interface ConversionAge {
Expand All @@ -24,5 +24,5 @@ export const RRSP: RegisteredRetirementSavingsPlan = {
MIN: 0,
MAX: 71,
},
MAX_CONTRIBUTION: 31560,
MAX_CONTRIBUTION: 32490,
};
4 changes: 2 additions & 2 deletions src/investments/tax-free-savings-account.ts
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Original file line number Diff line number Diff line change
Expand Up @@ -4,7 +4,7 @@ Sources
https://www.taxtips.ca/tfsa/tfsa-contribution-rules-and-limits.htm

Revised
2024-01-12
2024-12-23
*/

export interface TaxFreeSavingsAccount {
Expand All @@ -20,7 +20,7 @@ export const TFSA: TaxFreeSavingsAccount = {
* Latest unrounded contribution change that changed rounded factor bracket
* (6751 -> 7000, but 2025 will be ~6893 -> 7000)
*/
UNROUNDED_MAX_CONTRIBUTION: 6751,
UNROUNDED_MAX_CONTRIBUTION: 6893,
ROUNDING_FACTOR: 500,
UPDATE_YEAR: 2024,
};
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