August 19, 2024 - Release Notes - Capital Gains Inclusion Rate Settings, and Client IDs
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- New Feature
Unique Client ID
In addition to searching for a client file based on their first or last name, you can now search for client files using a new unique Client ID. The ID can be copied from the Clients page using the icon beside the client's name and then stored in your notes or CRM for future client meetings.
This can be helpful if you prefer to use client initials in Snap while still ensuring you can quickly search and access the files you need.
- Enhancements
Please note: On March 21, 2025, the government announced that it will cancel the proposed capital gains inclusion rate increase. Snap was updated to reflect this reversal. The following article remains for historical purposes only with respect to the proposed capital gains inclusion rate changes.
CGIR changes enabled by default in new projections
The capital gains inclusion rate changes from Budget 2024 are now enabled starting in 2024 by default in new projections. You can customize and learn more about this setting from the Scenario Setup -> Settings -> Income Taxes page.
The 2024 Federal Budget released on April 16, 2024, by the Government of Canada, proposed to increase the capital gains inclusion rate. At that time we left the current inclusion rate tax settings by default and added the ability to enable the new capital gains inclusion rates as of 2024 or 2025 to allow you to discuss the impacts of these changes with your clients.
With the Notice of Ways and Means Motion (NWMM) now having been approved by the House of Commons, we've changed the default setting for the capital gains inclusion rate to start in 2024 for all new projections.
The NWMM doesn't guarantee that the changes will be implemented as currently outlined, but the new rates have been applied by default as a conservative base assumption. The new settings change the capital gains inclusion rate from one-half to two-thirds for corporations and any individual who earns more than $250,000 in capital gains in a single calendar year (the two-thirds rate applies to the capital gains earned above the $250,000 threshold in that calendar year).
For existing projections, you can change the setting to apply the new inclusion rates from the Scenario Setup -> Settings -> Income Taxes page.
Default Scenario Name update
Previously, a brand new scenario was given the name Scenario 1. Going forward, the first scenario created for a client will be named Base Scenario. No existing scenario names have been changed.
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