Starting the Projections in the Next Year
In this article:
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How to change the Start Year of the Projections
Asset amounts and debt balances entered on the Assets and Debts pages are considered to be beginning-of-the-year values for the start year of your projection. Therefore, as we near the end of the year you may wish to start the projections in the following year. Here are more details about the assumptions made regarding the timing of withdrawals and contributions.
You have 2 choices for the start year of projections; the current year or the following year. You can adjust the Start Year on the Scenario Setup -> General page.
On this page, select a year from the Start Year drop-down box.
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What happens to the projections when you open them in a new year?
When the year turns over and you open a scenario that was created the previous year with the new year as the Start Year (for example if you created a plan in 2023 with the start year of 2024, and then open the plan in 2024) the following applies:
- Rebasing the scenario is not required. Scenarios will remain editable and will be calculated using the new year’s updated government amounts for taxes and tax credits after the deployment if you rerun them. (See below for details on how government benefits are affected.)
- Assets and Debts
- The starting values for Capital Assets, Real Assets, and Debts will remain the same since they were already considered the start-of-year values for the new year.
- Values for the RRSP and TFSA Contribution Room remain the same as you previously entered, although the allowable RRSP maximum contribution amount and TFSA contribution amount for future years of the plan will change based on the updated information for the new year.
- Government Benefits
- The CPP/QPP and OAS benefit amounts that you previously entered will remain the same since they were already considered the values based on the current Start Year. This will ensure that the values for CPP/QPP and OAS will remain the same as when you ran the scenario in the previous year. If you edit any fields for CPP/QPP or OAS, the updated financial data for the new year will be referenced as opposed to the previous year's financial data.
- Base Expenses
- You will notice that the Base Expenses (in real dollars) amount will remain the same and so will the nominal dollars column. This is because Snap reflects real dollar spending based on the Start Year of the plan. Since the Start Year didn't change, the Base Expense values don't change.