December 31, 2024 - Release Notes - Financial Data Updates and Life Insurance Input Pages

Financial Data Update for 2025

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 2025. Some of the highlights are the following:

• The RRSP maximum contribution limit is $32,490.
• The TFSA maximum contribution limit is $7,000 and the maximum cumulative limit for a client who has never contributed to a TFSA is as high as $102,000.
• The CPP Maximum Pensionable Earnings is $71,300.
• The Additional Maximum Pensionable Earnings is $81,200.
• The CPP/QPP Maximum Annual Benefit is $17,196.84.
• The OAS Maximum Annual Benefit is $8,732.04.
• The OAS Clawback Threshold is $93,454.
• The EI Maximum Insurable Earnings is $65,700.
• EI premium rates and maximums (the maximum annual employee premium outside of Quebec is $1,077.48).
• Quebec LIF maximums are adjusted to 6% before age 55 and removed starting at age 55.
• 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 2024 and earlier have not been recalculated. Rebasing allows you to take any older scenario and create an updated copy for 2025. 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 2024.

Scenarios that you created in 2024 with the starting year of 2025 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?

Life Insurance Input Pages

As we continue to build new insurance capabilities (with disability, critical illness, and additional needs analyses to come soon) we've updated the Scenario Setup input pages for life insurance.

You can now toggle between clients in a joint scenario to input their policies. This aligns the Insurance section with the Incomes, Expenses, Assets, Debts, Gov't Benefits, and Settings pages.

The Insured individual for the policy will default to the Client or Spouse depending on the selected individual in the top-left corner. For the time being, you can continue to enter joint policies with the Insured as either the Client or Spouse depending on the projection.

If both spouses' projections end in the same year, you can select either as the Insured party. 

If it's a joint last-to-die policy, set the Insured to the longest-living spouse in your projection.

If it's a joint first-to-die policy, set the Insured to the spouse whose projection ends first.

You can find more information on entering and customizing insurance policies available here.