Update Tfsa and Fhsa calculators to work in 2026

src/_components/calculator-component/fhsa/fhsa-calculator-component.tsx

@@ -7,6 +7,8 @@ import React from 'react';
 import FHSAvars from './fhsa-interface';
 import FhsaResultComponent from './fhsa-result-component';
 
+const currentYear = new Date().getFullYear();
+
 export default function FhsaCalculatorComponent() {
   const [AgeChecked, setAgeChecked] = React.useState(false);
   const [HouseChecked, setHouseChecked] = React.useState(false);
@@ -92,7 +94,7 @@ export default function FhsaCalculatorComponent() {
     const element = document.getElementById('openedError')!;
     if (input.opened.textInput.current) {
       if (
-        Number(input.opened.textInput.current.value) <= 2025 &&
+        Number(input.opened.textInput.current.value) <= currentYear &&
         Number(input.opened.textInput.current.value) >= 2023
       ) {
         setOpenedInputFlag(false);
@@ -101,8 +103,7 @@ export default function FhsaCalculatorComponent() {
         return;
       }
     }
-    element.textContent =
-      'Error: your FHSA must be opened on a valid date. Please enter a valid date (2023-2025).';
+    element.textContent = `Error: your FHSA must be opened on a valid date. Please enter a valid date (2023-${currentYear}).`;
     setOpenedInputFlag(true);
     resetContributed();
   };
@@ -168,7 +169,7 @@ export default function FhsaCalculatorComponent() {
     }
     if (!AccountChecked) {
       errorMsg.textContent = null;
-      FhsaResultComponent([2025, 0]);
+      FhsaResultComponent([currentYear, 0]);
       setShowCalculation(true);
       return;
     }
@@ -271,9 +272,7 @@ export default function FhsaCalculatorComponent() {
                 Your contribution limit for this year is:
               </div>
               <div id="contributionRoom"></div>
-              <div>
-                Your total lifetime contribution room after this year is:
-              </div>
+              <div>Your total lifetime contribution room left is:</div>
               <div id="totalRemaining"></div>
             </div>{' '}
           </div>

src/_components/calculator-component/fhsa/fhsa-result-component.tsx

@@ -1,16 +1,18 @@
-"use client"
+'use client';
 
+// FHSA Calculator Example https://fhsacalculator.ca/fhsa-calculator/contribution-limit
 
-const NEXT_YEAR = 2026
+const NEXT_YEAR = new Date().getFullYear() + 1;
 
 export default function FhsaResultComponent(values: number[]) {
-    const opened = NEXT_YEAR - values[0];
-    const contributed = values[1];
-    const contributionRoom = (opened * 8000) - contributed;
-    const totalRemaining = 40000 - contributionRoom - contributed;
-    document.getElementById("contributionRoom").textContent = contributionRoom.toString();
-    document.getElementById("totalRemaining").textContent = totalRemaining.toString();
-    return [contributionRoom, totalRemaining];
+  const opened = NEXT_YEAR - values[0];
+  const contributed = values[1];
+  const contributionRoom = Math.min(opened * 8000 - contributed, 16000);
 
-
-}
+  const totalRemaining = 40000 - contributed;
+  document.getElementById('contributionRoom').textContent =
+    contributionRoom.toString();
+  document.getElementById('totalRemaining').textContent =
+    totalRemaining.toString();
+  return [contributionRoom, totalRemaining];
+}

src/_components/calculator-component/tfsa/tfsa-calculator-component.tsx

@@ -6,6 +6,8 @@ import React from 'react';
 import TFSAvars from './tfsa-interface';
 import tfsaMath from './tfsa-math';
 
+const currentYear = new Date().getFullYear();
+
 function TfsaCalculatorComponent() {
   const input = new TFSAvars();
   const [checked, setChecked] = React.useState(false);
@@ -59,9 +61,9 @@ function TfsaCalculatorComponent() {
       input.contributed.textInput.current
     ) {
       const temp = Number(input.born.textInput.current.value);
-      if (temp >= 1900 && temp < 2026) {
+      if (temp >= 1900 && temp <= currentYear) {
         element.textContent = null;
-        if (temp == 2007) {
+        if (temp == currentYear - 18) {
           setShowSwitch(true);
         } else setShowSwitch(false);
         setBornInputFlag(false);
@@ -71,7 +73,7 @@ function TfsaCalculatorComponent() {
       }
       setBornInputFlag(true);
     }
-    element.textContent = 'Oops! Please enter a number between 1900-2025';
+    element.textContent = `Oops! Please enter a number between 1900-${currentYear}`;
   }
 
   const handleResidentChange = () => {
@@ -84,7 +86,10 @@ function TfsaCalculatorComponent() {
         return;
       }
       const temp = Number(input.resident.textInput.current.value);
-      if (temp >= Number(input.born.textInput.current.value) && temp < 2026) {
+      if (
+        temp >= Number(input.born.textInput.current.value) &&
+        temp <= currentYear
+      ) {
         setResidentInputFlag(false);
         element.textContent = null;
 

src/_components/calculator-component/tfsa/tfsa-math.tsx

@@ -1,36 +1,39 @@
 'use client';
 
+// TFSA Calculation Sources
+// Previous tax years https://www.empire.ca/how-use-canadian-tax-free-savings-account-tfsa/
+// Example of a working calculator https://www.theglobeandmail.com/investing/personal-finance/tools/tfsa-limit/
+
 export default function tfsaMath(inputArray: string[]) {
   if (inputArray[0] == 'keyword') return 0;
-  // eslint-disable-next-line prefer-const
-  let inputs = [
+
+  const currentYear = new Date().getFullYear();
+
+  const inputs = [
     Math.floor(Number(inputArray[0])),
     Math.floor(Number(inputArray[1])),
     Math.floor(Number(inputArray[2])),
     Math.floor(Number(inputArray[3])),
     Math.floor(Number(inputArray[4])),
   ];
-  // eslint-disable-next-line prefer-const
-  let yearlyRate = [
-    7000, 7000, 6500, 6000, 6000, 6000, 6000, 5500, 5500, 5500, 10000, 5500,
-    5500, 5000, 5000, 5000, 5000,
+  const yearlyRate = [
+    7000, 7000, 7000, 6500, 6000, 6000, 6000, 6000, 5500, 5500, 5500, 10000,
+    5500, 5500, 5000, 5000, 5000, 5000,
   ];
+
+  if (inputs[1] > currentYear - 18) return 0;
+
   let total = 0;
-  if (inputs[1] > 2007) {
-    return 0;
-  }
-  // eslint-disable-next-line prefer-const
-  let ageAbove18 = 2025 - (inputs[1] + 18);
-  // eslint-disable-next-line prefer-const
-  let yearsAsResident = 2025 - inputs[0];
+  const ageAbove18 = currentYear - (inputs[1] + 18);
+  const yearsAsResident = currentYear - inputs[0];
+
   let counter = ageAbove18 < yearsAsResident ? ageAbove18 : yearsAsResident;
   if (counter + 1 > yearlyRate.length) {
-    total = 102000;
-  } else {
-    while (counter >= 0) {
-      total = total + yearlyRate[counter];
-      counter--;
-    }
+    counter = yearlyRate.length - 1;
+  }
+  while (counter >= 0) {
+    total = total + yearlyRate[counter];
+    counter--;
   }
   total = total - inputs[2] + inputs[3] - inputs[4];
   if (total < 0) total = 0;