As retirement approaches, the Old Age Security (OAS) clawback 2025 becomes an important consideration for Canadian seniors planning their financial future. This recovery tax can significantly impact your retirement income if your earnings exceed the government’s set thresholds. Let’s explore how the OAS clawback 2025 works, what changes to expect, and actionable strategies to reduce Continue reading
Month: January 2025
Secondary Suite Forgivable Loan Program 2025: A Boost for Housing Solutions
The Secondary Suite Loan Program is set to undergo a significant upgrade in early 2025, doubling its loan limit from $40,000 to $80,000. This initiative is designed to help Canadian homeowners create rental units like basement suites or laneway homes on their properties, providing an accessible financing option to address the country’s growing housing crisis. Continue reading
Can you Get Both OAS and GIS? A Complete Guide to OAS and GIS Benefits
For Canadian seniors, navigating the financial aspects of retirement is essential. Two key programs, the Old Age Security (OAS) and the Guaranteed Income Supplement (GIS), provide vital support to ensure a stable income. Here’s everything you need to know about OAS and GIS, including eligibility, application tips, and maximizing your benefits. OAS Pension Benefits Are Continue reading
HOOPP Pension Increase 2025: How it Works & HealthCare Benefits
As a retired member of the HOOPP Pension Plan (Healthcare of Ontario Pension Plan), you can enjoy peace of mind knowing your pension will last a lifetime. Offering a secure monthly income, the HOOPP Pension Plan also provides optional inflation protection through Cost of Living Adjustments (COLA) to help preserve the purchasing power of your Continue reading
Are CPP Contribution Limit Going up in 2025? Key Updates to Maximize Your Retirement Savings
The Canada Revenue Agency (CRA) has announced significant changes to the Canada Pension Plan (CPP) for 2025, aimed at enhancing retirement benefits for Canadians. With increases in both the Year’s Maximum Pensionable Earnings (YMPE) and the Year’s Additional Maximum Pensionable Earnings (YAMPE), the updates will affect CPP contributions in 2025 for employees, employers, and self-employed Continue reading
OMERS Pension Increase 2025: What Retirees Need to Know
Inflation protection is a cornerstone of the OMERS (Ontario Municipal Employees Retirement System) pension plan, ensuring that retirement, disability, and survivor pensions maintain their value against rising costs. For 2025, OMERS has announced a 2.61% pension increase effective January 1. Here’s a detailed look at how the OMERS Pension Increase 2025 works, what influences the Continue reading
Canada Carbon Rebate 2025: Increases, Amount & Payment Dates
The Canada Carbon Rebate (CCR), formerly known as the Climate Action Incentive Payment, is returning in 2025 to help Canadians offset rising costs associated with federal pollution pricing. Designed to return a portion of carbon tax revenues directly to households, the CCR is a key tool in Canada’s fight against climate change. Here’s everything you Continue reading
Can Canadians receive up to $2400 from this New federal benefit?
The Canada Disability Benefit (CDB), a groundbreaking federal initiative designed to provide financial relief to low-income Canadians with disabilities, is set to roll out in July 2025. The program, announced with a $6.1 billion allocation in the 2024 federal budget, offers up to $2,400 annually to eligible recipients. Canada Disability Benefit: New Rule Exempts Payments Continue reading
Government Benefits Coming in January 2025 Ontario Trillium Benefit, Canada Child Benefit, CPP, ODSP, and More
January 2025 is a busy month for benefit payments in Canada. Here’s a breakdown of what to expect and when the money should arrive in your bank account or by mail. Ontario Trillium Benefit (OTB) The Ontario Trillium Benefit (OTB) is scheduled for issuance on January 10, 2025. If you’re eligible, the funds will likely Continue reading
Canadian Mortgage and Real Estate Market Forecast for 2025
I hope everyone had a restful and joyful holiday season. As is tradition on this blog, the new year begins with a review of past predictions and a forward-looking analysis of what 2025 may bring in the mortgage and real estate markets. 2024 Prediction #1: The Bank of Canada (BoC) Will Substantially Reduce Its Policy Continue reading