Filing your income tax return doesn’t have to be complicated. Whether you use free certified tax software or prefer a printed tax package, being prepared can make the process smooth and stress-free. In 2025, you can claim a variety of expenses like tuition, medical costs, child care, and more. These deductions can help you lower Continue reading
Finance
Should You Take Extra RRIF Withdrawals to Increase Your Assets
Registered Retirement Income Funds (RRIFs) are a common source of income for Canadian retirees. However, the question of how to manage withdrawals—especially with an eye toward minimizing taxes for your estate—can be complex. Anne’s situation raises an important question: Should you take more than the minimum required withdrawals from your RRIF to reduce taxes on Continue reading
Ontario Minimum Wage Increase 2024: New Amount & Future Trends
The Canadian government has taken significant steps to enhance the living standards of its workforce through the establishment of minimum hourly pay. Beneficiaries living in Ontario can anticipate the upcoming Ontario Minimum Wage Increase 2024, which aims to ensure fair compensation for all workers. Ontario Minimum Wage Increase 2024: What to Expect As part of Continue reading
Canada GST Free Tax Holiday is Coming: Will the Savings Really Add Up?
The federal government’s GST tax holiday, set to begin on December 14, 2024, has sparked excitement among Canadians looking to save on essentials and gifts during the holiday season. While the program promises a 5% discount on various items, financial experts caution consumers to evaluate the true impact of these savings on their budgets. What Continue reading
Maximize Your Retirement: Qualify for Up to $1,072.93 in Guaranteed Income Supplement Benefits
The Guaranteed Income Supplement (GIS) is a lifeline for low-income Canadian seniors, offering up to $1,072.93 per month in 2024. This program works alongside the Old Age Security (OAS) pension to ensure financial stability in retirement. Here’s a comprehensive guide to qualifying for GIS and securing your financial future. 1. Key Eligibility Criteria Age Residency Continue reading
Canada Announces Temporary GST/HST Holiday Exemption and $250 Working Canadians Rebate for 2025
The Canadian government has unveiled a series of measures to alleviate financial pressure on households, providing meaningful tax relief during the winter months and direct support to working Canadians. GST/HST Exemption Starting December 14, 2024 From December 14, 2024, to February 15, 2025, Canadians can enjoy tax-free purchases on a range of essential and everyday Continue reading
How Much does a Surviving Spouse Get from OAS?
When a spouse or common-law partner passes away, understanding the financial implications of Old Age Security (OAS) and Canada Pension Plan (CPP) survivor benefits is essential. Here’s an overview of these programs and what survivors should expect. Old Age Security (OAS) and Survivor Benefits The OAS program does not provide a survivor benefit. If a Continue reading
Can You Receive Both QPP and CPP ? Key to a Secure Retirement
As Canadians approach retirement, many are curious about the various pension programs available to them. Among the most prominent are the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). This article will provide a detailed overview of both plans, clarify whether individuals can receive benefits from both, and discuss the implications for retirees. Continue reading
QPP vs CPP: Which is more secure Retirement Option?
As Canadians approach retirement, understanding the various pension plans available is crucial for effective financial planning. Two of the most significant pension programs in Canada are the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). While both plans serve similar purposes, they have distinct features, benefits, and eligibility requirements. This article provides an Continue reading
CPP vs OAS & GIS: Which is Better for Canadian Retirees?
As Canadians approach retirement, understanding the different government benefits available is crucial for effective financial planning. The Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS) are three key programs designed to provide income support to seniors. But which one is better? Let’s explore the differences between CPP, OAS, and GIS Continue reading