Finance

Receiving CPP Outside Canada Yes, you can continue to receive your Canada Pension Plan (CPP) retirement pension even if you live outside Canada. To qualify for CPP, you must meet the following criteria: Your CPP retirement pension is not dependent on your place of residence, meaning you can receive payments wherever you live. What About Continue reading

Tax season can feel overwhelming, but being informed and prepared makes all the difference. The 2025 tax season brings new opportunities, deadlines, and strategies to help Canadians file accurately and maximize their returns. Whether you’re filing on your own or hiring a professional, this comprehensive guide has you covered. Key Dates for the 2025 Tax Continue reading

CRA Mileage Rates 2025: Awaiting Updates The Canada Revenue Agency (CRA) mileage rates for 2025 have not been announced yet. Historically, the CRA releases these rates in December for the upcoming year. Once available, these rates will apply starting January 1, 2025. 2024 Mileage Rates for Reference While we wait for the 2025 rates, here’s Continue reading

Effective January 1, 2025, the indexing rate for public service pension plan benefits in Canada has been set at 2.7%, ensuring that retirees’ pensions maintain their purchasing power amidst inflation. Below is a detailed explanation of the process and the significance of this adjustment. Understanding Pension Indexation Pension indexation is governed by the Public Service Continue reading

The Ontario Trillium Benefit (OTB) provides combined financial relief through the Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and Ontario Sales Tax Credit. This benefit, legislated and funded by the Province of Ontario, is administered by the Canada Revenue Agency (CRA). Below are the key details for the 2025 OTB payments based Continue reading

The Tax-Free Savings Account (TFSA) remains one of the best tools for Canadians looking to save and invest without worrying about taxes on their earnings. With the 2025 TFSA contribution limit remaining at C$7,000, it’s crucial to understand how this savings vehicle works, how you can make the most of your contribution room, and important Continue reading

The Guaranteed Income Supplement (GIS) is a vital financial aid for low-income seniors in Canada who are already receiving the Old Age Security (OAS) pension. Here’s an in-depth guide to eligibility criteria, income thresholds, and additional benefits for spouses or survivors. Who Qualifies for the Guaranteed Income Supplement (GIS)? You may qualify for GIS if Continue reading

The Canada Revenue Agency (CRA) adjusts federal tax brackets annually to account for inflation, ensuring a fair taxation system. The tax brackets for 2025 are based on taxable income thresholds, with corresponding marginal tax rates applied progressively. Here are the expected tax brackets for 2025. Federal Tax Brackets for 2025 These brackets apply to all Continue reading

The Employment Insurance (EI) program has announced an increase in the Maximum Insurable Earnings (MIE) for 2025. These changes, effective January 1, 2025, will impact both employees and employers in Canada. The MIE sets the income threshold for EI premiums and determines the maximum weekly benefits available under the program. Here’s everything you need to Continue reading

The Canada Pension Plan (CPP) enhancement, introduced on January 1, 2019, aims to provide greater financial security for Canadian workers and their families. By increasing contributions over time, the enhancement ensures higher retirement benefits, as well as improved disability and survivor pensions. Let’s explore the key aspects of the CPP enhancement, including the recent addition Continue reading