January 1, 2024 - Release Notes - Financial Data Update for 2024

Financial Data Update for 2024

We have just updated Snap Projections with all available and relevant financial figures and tax data so you can create up-to-date, accurate projections for your clients in 2024. Some of the highlights are the following:

• The RRSP maximum contribution limit is $31,560.
• The TFSA maximum contribution limit is $7,000, however, the maximum cumulative limit for a client who has never contributed to a TFSA is as high as $95,000.
• The CPP Maximum Pensionable Earnings is $68,500.
• The Additional Maximum Pensionable Earnings is $73,200.
• The CPP/QPP Maximum Annual Benefit is $16,156.32.
• The OAS Maximum Annual Benefit is $8,560.08.
• The OAS Clawback Threshold is $90,997.
• The EI Maximum Insurable Earnings is $63,200.
• EI premium rates and maximums (the maximum annual employee premium outside of Quebec is $1,049.12).
• The Maximum QPP Start Age is now 72.
• The addition of the Ontario Health Premium.
• Federal and Provincial Tax data for all provinces including Quebec. This includes tax credits, tax brackets, tax rates, and other relevant figures.
• The continuous phase-in of the Enhanced CPP deductions and benefits.

While all your new scenarios will be created using the new values going forward, your old scenarios created with the starting year of 2023 and earlier have not been recalculated. Rebasing allows you to take any older scenario and create an updated copy for 2024. When you rebase a scenario, the original is kept intact so it can be available indefinitely (unless you delete it) for historical, compliance, or other purposes. Here is more information about scenario re-basing for 2023.

Scenarios that you created in 2023 with the starting year of 2024 will not require you to rebase them. These scenarios will have the new financial data for 2024 applied to them when you click the Run Scenario button. More detail can be found here: What happens to the projections when you open them in a new year?

Customizable Indexation for Additional Tax Credits, Deductions. and Benefits

You can now customize the Indexing Rate for the Additional Tax Credits, Deductions, and Benefits on the Scenario Setup -> Settings -> Income Taxes page.

Previously, these values were automatically indexed at the General Inflation rate throughout the projection. You can now change this by entering a percentage value in the Indexing Rate field.

You can learn more about these settings and common use cases here: Taxable Benefits, Tax Credits and Deductions.