Savings and financial planning calculators
Use our TFSA, education savings, RRIF and foreign exchange calculators to explore your options. See how your savings may grow, estimate retirement income or compare currency values in a few simple steps.
These calculators provide estimates for planning purposes, not financial or tax advice. Results depend on the information and assumptions used and are not guaranteed. Actual returns, education costs, grant eligibility, RRIF payments and exchange amounts may differ. Please confirm your results with YNCU before making a decision. See Legal stuff below for details.
About these calculators
These calculators are provided by Your Neighbourhood Credit Union Limited (“YNCU”) for general information and illustrative planning purposes. They do not provide personalized financial, investment, tax or legal advice, recommend a particular product, or constitute an offer or commitment by YNCU.
Results are estimates based on the information you enter and the calculator’s assumptions, default values and calculation methods. They may not reflect your complete financial circumstances. Actual outcomes may differ, sometimes significantly. Review the inputs and assumptions carefully and speak with a qualified professional before making financial decisions.
Assumptions and projected returns
Interest rates, investment returns, inflation rates, contribution amounts and withdrawal schedules used in projections are assumptions unless expressly identified otherwise. An assumed return is not a current YNCU rate, a promised return or a guarantee of future performance.
Projections may assume consistent returns and regular contributions or withdrawals throughout the selected period. Actual investment returns can fluctuate, and some investments may lose value. Unless expressly included, results do not account for all applicable fees, taxes, inflation, changes in legislation or changes in your circumstances. Rounding and calculation methods may also affect results.
TFSA calculator
Projected TFSA balances do not confirm your eligibility to open or contribute to a TFSA or establish your available contribution room. Contribution room applies across all your TFSAs, including those held at other financial institutions. You are responsible for confirming your available room using your records and Canada Revenue Agency information before contributing.
TFSA withdrawals generally become available contribution room on January 1 of the following calendar year. Replacing a withdrawal in the same year requires sufficient existing contribution room. Excess contributions and certain other transactions may result in tax. Projected growth does not create additional contribution room.
Education savings calculator
Estimated education costs and RESP balances are illustrative. Actual tuition, living expenses, inflation and investment returns may differ from the assumptions used. A result indicating that you are “on track” reflects the selected assumptions only and does not guarantee that your savings will cover future education costs.
Government grants and incentives shown are estimates, not confirmation of entitlement. Eligibility and amounts depend on applicable program rules, including the beneficiary’s age and residency, relevant family income, contributions, previous grants received and available grant room. Not all grants or incentives may be included.
RESP contribution limits apply across all RESPs for the same beneficiary. Withdrawal conditions, taxes and repayment of grants or incentives may apply, depending on how funds are used and the beneficiary’s circumstances. Confirm contribution room and grant eligibility before contributing.
RRIF calculator
Estimated RRIF payments, minimum withdrawals and the length of time funds may last depend on the information and assumptions used. They are not guaranteed income amounts or confirmation that your funds will last for your lifetime.
The required annual minimum is determined under applicable tax rules using the RRIF’s value at the beginning of the year and the relevant age, including a spouse’s or common-law partner’s age where a valid election applies. Minimum withdrawals generally begin in the calendar year after the RRIF is established.
RRIF withdrawals are generally taxable. Unless expressly stated otherwise, displayed payments are before applicable taxes and withholding. Withholding tax may not equal your final tax liability. Confirm your required minimum and payment instructions with your RRIF provider.
Foreign exchange calculator
Displayed exchange rates and converted amounts are indicative estimates, not guaranteed transaction quotes. Rates are subject to change without notice. The rate applicable to an actual transaction may differ depending on the currency, transaction type, amount and time of processing. Buying and selling rates may differ.
Applicable fees, charges, rounding and currency availability may affect the amount you receive. Confirm the exchange rate, any applicable charges and the final amount with YNCU before completing a transaction.
Confirming your results
Calculator results do not establish account eligibility, contribution room, grant entitlement, product availability or contractual rights. Applicable laws, program rules and account or investment agreements govern actual transactions.
YNCU may update these calculators and their assumptions as rates, rules and products change. Please confirm relevant information with YNCU and consult a qualified financial, tax or legal professional where appropriate.