February 27, 2025 - Release Notes - Taxable Income Details and Calculation Improvements
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- Enhancements
Taxable Income Details Update
The Taxable Income Details table accessible from the Planning pages has been updated to improve clarity. Several columns have been retitled and some values included in each category have been adjusted to better align with tax forms and schedules.
New Taxable Income Details table
Previous Taxable Income Details table
The Registered Withdrawals column has been removed. Contributions to RRSPs and FHSAs are now shown as part of the Deductions column. RRSP and non-qualifying FHSA withdrawals are now shown under Other and withdrawals from RRIF and LIF accounts are now shown under Pensions.
Government Benefits have been moved from Other Income to Pensions.
All column titles display the included values through the "?" icon.
Calculation Improvements
As part of our ongoing improvement efforts, we occasionally update and refine our calculations in Snap. We manage the frequency of these updates to balance the impact they have on existing projections with the benefits provided moving forward.
We've released a series of calculation improvements that may change your existing projections when you rerun them. We've analyzed a set of projections to identify the frequency and magnitude of differences and found:
- some cases with changes up to $10,000 (real dollars) in the Tax on Estate value.
- rare cases with differences up to $10,000 (nominal dollars) in other parts of the projection.
- In addition, Quebec residency scenarios had changes up to a few hundred dollars (real dollars) per year.
As a result of these enhancements, changes to your projections may occur when you rerun your scenarios for the first time after February 27, 2025. If you'd like to save your current projection for reference, you will need to copy the scenario before making any changes or export the Planning pages to Excel.
If you'd like to ensure your scenario reflects the latest calculations and values, please click Run Scenario on the Planning page.
If you have any questions about a scenario you're working on, please reach out to our customer success team by email at [email protected] or by phone at 1-888-758-7977 ext 1, Monday to Friday from 9 am to 6 pm ET.
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