ABF-9069 2025 Tax-Ca Yearly Update (#517)

* LIF udpate 2025 * RRIF update (test) * First batch of changes for 2025. Some amounts are not yet published for 2025. * with latest updates for 2024. * Fix lint errors and PPP increase factor * Fix build error * Added ppp increase factor source
kronostechnologies · Dec 30, 2024 · 6cfe724 · 6cfe724
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diff --git a/src/investments/life-income-fund.ts b/src/investments/life-income-fund.ts
@@ -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
 
@@ -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,
 };
 

diff --git a/src/investments/non-registered-savings-plan.ts b/src/investments/non-registered-savings-plan.ts
@@ -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[] = [

diff --git a/src/investments/registered-retirement-income-fund.ts b/src/investments/registered-retirement-income-fund.ts
@@ -6,7 +6,7 @@ Conversion
     None
 
 Revised
-    2023-12-27
+    2024-01-18
 */
 
 export interface RegisteredRetirementIncomeFund {

diff --git a/src/investments/registered-retirement-savings-plan.ts b/src/investments/registered-retirement-savings-plan.ts
@@ -6,7 +6,7 @@ Note
     Must use RRSP dollar limit and not DB limit
 
 Revised
-    2023-12-28
+    2024-12-23
 */
 
 export interface ConversionAge {
@@ -24,5 +24,5 @@ export const RRSP: RegisteredRetirementSavingsPlan = {
         MIN: 0,
         MAX: 71,
     },
-    MAX_CONTRIBUTION: 31560,
+    MAX_CONTRIBUTION: 32490,
 };
diff --git a/src/investments/tax-free-savings-account.ts b/src/investments/tax-free-savings-account.ts
@@ -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 {
@@ -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,
 };
-Original file line number
+Diff line change
@@ Expand Up / @@ -6,7 +6,7 @@ Conversion @@
         None
     Revised
--12-27
+-01-18
     */
     export interface RegisteredRetirementIncomeFund {
@@ Expand Down @@