❓ Frequently Asked Questions

Everything Canadians want to know about mycalchub.ca and Canadian financial rules.

1 How is mortgage interest calculated in Canada?

Canadian mortgages are unique — by law, interest must be compounded semi-annually (twice per year), as required by the Interest Act of Canada. Most Canadians make monthly payments, so lenders convert the semi-annual rate to an equivalent monthly rate using this formula:

Monthly Rate = (1 + Annual Rate / 2)^(1/6) - 1

Example: A 5.5% annual rate converts to approximately 0.4532% monthly — not 0.4583%. Our Mortgage Calculator uses this exact Canadian formula so results match your bank quote.
2 What are the TFSA contribution rules for 2026?

The Tax-Free Savings Account (TFSA) allows all growth to be completely tax-free. Key rules for 2026:

  • 2026 Annual Limit: $7,000
  • Lifetime Room (eligible since 2009): $102,000 as of 2025
  • Eligibility: Canadian residents aged 18+ with a valid SIN
  • Withdrawals: Tax-free at any time, for any reason
  • Room Restored: January 1 of the following year — not immediately
Over-contributing triggers a 1% per month penalty from the CRA. Always check your room through CRA My Account before contributing.
3 What are the RRSP rules and limits for 2026?

The RRSP (Registered Retirement Savings Plan) lets you save for retirement while reducing your taxable income today. Key rules:

  • 2026 Contribution Limit: 18% of 2025 earned income, maximum $32,490
  • Deadline: Approximately March 1, 2027 for 2026 contributions
  • Unused Room: Carries forward indefinitely from previous years
  • Conversion: Must convert to a RRIF by December 31 of the year you turn 71
A $10,000 RRSP contribution for someone in Ontario's 43% tax bracket generates approximately $4,300 in tax savings — money back in your pocket at tax time.
4 Does CalcHub store my financial data?

No — absolutely not. mycalchub.ca is built with a privacy-first architecture. Here is exactly what happens when you use any calculator:

  • You type your numbers into the form on screen
  • Your browser performs the calculation instantly using JavaScript
  • The result appears on your screen
  • No data is ever sent to any server
Your mortgage amount, salary, health data, and all other inputs never leave your device. We have no database of user calculations and cannot see what you enter — even if we wanted to.
5 Why is CalcHub completely free?

mycalchub.ca is free because it is supported by non-intrusive display advertising through Google AdSense. There is no catch:

  • No account registration required
  • No subscription fees or premium tiers
  • No selling of your data to third parties
  • No paywalls on any calculator — ever

The ads you see are standard, non-intrusive banner ads served by Google. They do not affect calculator results and do not collect your financial inputs.

6 How accurate are the calculator results?

Our calculators use standard financial and scientific formulas designed to be as accurate as possible for estimation purposes:

  • Mortgage: Uses Canadian semi-annual compounding as required by the Interest Act of Canada
  • Salary After Tax: Based on the most recent federal and provincial tax brackets
  • Health calculators: Use medically recognized formulas (Mifflin-St Jeor for calories, Widmark for BAC, US Navy method for body fat)
All results are estimates for informational purposes only. Always verify with your bank, accountant, or licensed financial advisor before making major financial decisions.
7 What is the Canadian mortgage stress test?

A mandatory qualification test for all mortgages from federally regulated lenders. You must qualify at the higher of:

  • Your contract mortgage rate plus 2%, OR
  • 5.25% — the regulatory minimum floor
If your bank offers you 5.5%, you must qualify at 7.5%. This ensures you can still afford payments if rates rise at renewal time. Use our Mortgage Stress Test Calculator to find your maximum qualifying home price.
8 What is the minimum down payment in Canada?

Canada uses a sliding scale based on the purchase price:

  • Under $500,000: Minimum 5% down payment
  • $500,000 to $999,999: 5% on the first $500K + 10% on the remainder
  • $1,000,000 and above: Minimum 20% down — no CMHC insurance available
Under 20% down requires CMHC mortgage insurance: 4.00% for 5–9.99% down, 3.10% for 10–14.99%, and 2.80% for 15–19.99%. The premium is added directly to your mortgage balance.
9 How does GST/HST work across Canadian provinces?
  • Ontario, NB, NS, PEI, NL: HST 13–15%
  • British Columbia: 5% GST + 7% PST = 12% total
  • Manitoba: 5% GST + 7% PST = 12% total
  • Saskatchewan: 5% GST + 6% PST = 11% total
  • Quebec: 5% GST + 9.975% QST = 14.975% total
  • Alberta: 5% GST only — no provincial sales tax
To add tax: multiply price by (1 + rate). Example: $100 in Ontario x 1.13 = $113.
To remove tax: divide total by (1 + rate). Example: $113 / 1.13 = $100 pre-tax.
10 Can I suggest a new calculator or report an error?

Absolutely — we love hearing from our users! If you found an error in a calculation, noticed outdated tax rates, or have an idea for a new calculator, please reach out:

Email: nanayona86@gmail.com
We read every message and aim to respond within 48 hours.

Calculators we are currently considering: Ontario Land Transfer Tax, CPP benefit estimator, OSAP loan calculator, and a net worth tracker. If any of these would help you, let us know!

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