Finance

If you’re an athlete residing in Yukon and aspiring for funding or support, it’s crucial to understand the eligibility criteria that could impact your application. Whether you’re an individual athlete or part of a team, meeting these criteria ensures you are in good standing and can benefit from the available resources. Residency and Citizenship Requirements Continue reading

In June 2024, Social Security payments averaged $1,918.28 per month for over 51.1 million retired workers, translating to an annual amount of approximately $23,000. While this sum is a vital source of income for many seniors, it is unlikely to significantly enhance their wealth. Social Security remains an essential support system, though it often only Continue reading

Withholding tax is an essential component of Canada’s tax system, impacting both your paycheck and retirement withdrawals. For working Canadians, this tax is deducted from each paycheque and remitted directly to the Canada Revenue Agency (CRA). However, retirement doesn’t exempt you from this obligation. In this article, we’ll explore the intricacies of withholding tax, especially Continue reading

Families with children who meet the requirements for the Internal Revenue Service (IRS) Child Tax Credit (CTC) are eligible for financial assistance from the federal government. This refundable tax credit can either reduce the amount of tax you owe or provide a refund, making it a valuable resource for managing the rising costs of raising Continue reading

The Canadian federal government is set to announce the official website and details regarding the $500 One-Time Housing Payment Date for 2024. This financial assistance is aimed at providing support to low-income individuals and families who struggle with rising housing costs. If you’re eligible, the payment will be made available in September 2024. Here’s what Continue reading

When planning for retirement, Canadians frequently turn to Registered Retirement Savings Plans (RRSPs) due to their tax-advantaged benefits. RRSPs are designed to help you build wealth for retirement by allowing your investments to grow tax-deferred. As you approach retirement, converting your RRSP into a Registered Retirement Income Fund (RRIF) becomes crucial for ensuring a steady Continue reading

With Canadian housing prices reaching unprecedented levels, entering the market has become increasingly challenging for first-time buyers. As home prices climb, the amount required for a down payment has also surged, adding financial pressure to the process of buying a home. Thankfully, the Home Buyers’ Plan (HBP) provides a valuable option for easing this burden. Continue reading

If you’re lucky enough to work for a company that offers a group RRSP (Registered Retirement Savings Plan) program, you’re part of a select group of employees. In Canada, only 40% of employers offer such plans, making you a part of a minority. Furthermore, 85% of these companies provide some form of matching contributions, amplifying Continue reading

The IRS consistently provides crucial updates to help U.S. citizens manage their tax responsibilities effectively. As we approach the end of 2024, it’s important to address some recent advice related to tax returns and natural disasters. Given the current hurricane seasons in both the Pacific and Atlantic, taxpayers need to be particularly vigilant about their Continue reading

In the United States, the change from daylight saving time to winter time occurs every year on the first Sunday in November. At that time, the clocks are set back one hour, which means that at 2:00 a.m. the clocks return to 1:00 a.m. This adjustment, known as the “end of daylight saving time,” is intended to make better Continue reading