Status?
Currently the software is in a Free Period, no subscription or payment is required. Everyone will be assigned to the standard plan, when the Free Period trial is completed you will have to select a free/pricing tier.
Simply click SignUp/Login
Changes are happening often. Please advise us of any issues you encounter and we will look to address it.
Data and Security?
Encryption?
The MyOwnFP software uses standard HTTPS encryption for all data transferred between the user and the MyOwnFP services (on AWS(Canada)) at the backend.
Authentication via Google?
MyOwnFP uses Google as an authentication provider, so you will require a Google account to login. We do not plan on implementing our own user authentication. Google provides excellent user security and this limits our need to have to manager users. None of your data is provided to google from MyOwnFP. On authentication MyOwnFP receives your name, email, a unique subscriberID, and your avatar from Google.
Subscription via Stripe?
Subscription management and payment is all handled through Stripe. Once you login, you can subscriber to the MyOwnFP via the Profile menu. The entire subscription and payment is handled by Stripe, and no MyOwnFP software deals with your payment information. After Stripe processes your payment MyOwnFP receive a subscription creation (and other subscription updates) back from Stripe and we store that in your profile.
Data storage
All data is stored encrypted in databases provided by Amazon Web Services (AWS) in Canada.
Taxes?
What tax jurisdictions are available?
MyOwnFP has tax table support for Canadian federal and all Canadian provinces and territories.
What years are the tax data supported?
Tax years starting in 2021 up to 2024, and the application will be updated each year for new tax information.
How are tax years that are not known handled?
For future tax years the values are inflated (form the last available year) using the scenario inflation rate for each of the future years. Some values that have been stagnant for a long while are still inflated using a threshold mechanism (like the TFSA) so they will stagnate for a few years, but they will still increases over time. For example the federal Pension tax-credit of $2000 is inflated using a $1000 threshold, so after some large number of years it become $3000. MyOwnFP does this since when you plan 40-50 years into the future the value of a stagnant $2000 with no inflation becomes silly and worthless. If you run calculations before 2021 the 2021 tax year is deflated using based on the inflation rate for the scenario.
What tax credits are supported?
Federal & Provincial:
Government Benefits
CPP/QPP?
CPP and QPP deductions and benefits are calculated. Current QPP benefits are the same as CPP benefits (there are some differences wrt death benefits but these are not supported as of yet.) Basic CPP/QPP as well as Enhanced CPP/QPP are calculated. Enhanced benefits includes the First Additional Component (from 25% to 33% of Pensionable Earnings) and Second Additional Components starting in 2024 (raising the ceiling of the Pensionable Earnings). Benefits are based on the clients CPP payments. QPP benefits may be deferred to 72.
OAS?
OAS is calculated based on resident years (and agreement years) and yearly income including employment reduction.
GIS and the Allowance?
GIS and the allowance is calculated based on resident years (and agreement years) and yearly income including employment reduction.
EI and PPIP?
EI deductions are applied to income. PPIP where applicable is separated out from EI (with a reduced EI rate).