The cost-of-living adjustment (COLA) is a critical benefit that helps maintain the purchasing power of your pension. For 2025, we’re pleased to share that the COLA for Public Service Pension Plan (PSPP) retired members and their survivors is set at 2.7%. Here’s a detailed breakdown of what this means for you and how you can Continue reading
Finance
New GST Payment Scheduled for January 3, 2025
The Canada Revenue Agency (CRA) will issue its first GST/HST payment of the new year on January 3, 2025. This payment aims to assist low- and modest-income individuals and families in offsetting the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) they pay throughout the year. Here’s everything you need to know to Continue reading
B.C. Man Fined $2M for Tax Evasion After Flipping 14 Homes in 4 Years
A serial property flipper in British Columbia, Balkar Bhullar, has been convicted of tax evasion, leading to a hefty penalty. The Canada Revenue Agency (CRA) reports that Bhullar failed to report nearly $7.5 million in earnings and has been fined approximately $2.15 million. Conditional Sentence and Significant Fine On December 19, Bhullar was sentenced to Continue reading
Unlock Financial Support: How Pension Credit Opens the Door to Free TV Licences, Winter Fuel Payments, and More
The Department for Work and Pensions (DWP) has revealed that an additional 42,500 households are now benefiting from Pension Credit. This vital financial aid not only supplements income during retirement but also unlocks a host of other support measures, including free TV licences for those over 75 and the Winter Fuel Payment, worth up to Continue reading
Unlock Free or Discounted TV Licences: A Complete Guide for Eligible Individuals
Watching TV can be one of life’s simple pleasures, but did you know you might be entitled to a free or discounted TV licence? Whether you’re over 75, registered blind, or living in residential care, there are options to reduce or eliminate the cost of your TV licence. Here’s everything you need to know. Free Continue reading
5 Key Factors Driving a 10% Increase in Home Prices by 2025
The Canadian housing market is poised for a powerful comeback in 2025, driven by a confluence of factors that set the stage for significant growth in single-family detached homes. After a 1.75% decline in interest rates in 2024—slightly below my earlier prediction of 2%—the groundwork has been laid for a housing boom. Here’s why I Continue reading
8 Government Benefits Canadians Can Receive from the CRA This January
The new year is almost here, and so is a fresh wave of government payments from the Canada Revenue Agency (CRA). These benefits, available in January 2025, can provide financial relief after the holidays, helping with everything from childcare to retirement needs. From monthly staples like the Canada Child Benefit (CCB) and Canada Pension Plan Continue reading
CPP Adjustments: How Much will CPP Increase in Jan 2025
The Canada Pension Plan (CPP) ensures that Canadians’ retirement benefits keep pace with the rising cost of living. Each year, adjustments to CPP payments are based on changes in the Consumer Price Index (CPI). Let’s dive into how this works and what you can expect in 2025. CPP Rate Adjustments: Keeping Up With Inflation CPP Continue reading
Thousands of Pensioners Receive Up to £11,905 in State Pension Back Payments: Are You Affected?
The Department for Work and Pensions (DWP) has identified and corrected significant underpayments in State Pensions over the last three years. Here’s everything you need to know about these errors, the groups affected, and how to check if you’re eligible for back payments. DWP’s State Pension Underpayment Correction: An Overview Since 2020, the DWP has Continue reading
HMRC Issues Crucial Warning for Savers with £5,000 or More: Are You Aware of These Tax Rules?
Managing your savings effectively just became more critical as HM Revenue & Customs (HMRC) has issued an important tax reminder for UK savers. If you have an open savings account and a balance of £5,000 or more, it’s vital to understand how tax rules affect the interest earned on your savings. Here’s everything you need Continue reading