Finance

Canada has unveiled a comprehensive suite of new benefits aimed at supporting workers and families grappling with today’s economic challenges. These initiatives reflect the nation’s commitment to inclusivity, providing relief to citizens, permanent residents, and other residents for tax purposes, including temporary workers and international students. Let’s dive into how these programs are set to Continue reading

The Canada Pension Plan (CPP) Survivor’s Pension is a vital financial support system for surviving spouses, common-law partners, and dependents of deceased CPP contributors. Understanding the eligibility criteria, payment structure, and application process can help survivors maximize their benefits during a challenging time. Eligibility Criteria for CPP Survivor’s Pension To qualify for the CPP Survivor’s Continue reading

Canada has agreed to a $1.9 billion settlement to resolve a class action lawsuit regarding the Indian Boarding Homes Program. This program, which spanned from the 1950s to the early 1990s, is accused of causing significant harm to Indigenous children placed in non-Indigenous homes for educational purposes. Background of the Indian Boarding Homes Program The Continue reading

The federal government’s upcoming Goods and Services Tax (GST) holiday is expected to cost as much as $2.7 billion, according to the Parliamentary Budget Officer (PBO). This estimate hinges on whether provinces with a harmonized sales tax (HST) choose to seek compensation for their share of the lost revenue. However, the decision of some provinces Continue reading

Canada’s job market is facing a tough period, with unemployment rising to 6.8% in November 2024. This marks the highest rate in eight years, highlighting the ongoing challenges job seekers are experiencing across the country. Unemployment Rate Reaches Highest Level in 8 Years A recent report by Statistics Canada reveals that while 51,000 Canadians found Continue reading

Yahoo has agreed to pay over $20 million to resolve a class action lawsuit stemming from multiple data breaches that occurred between 2013 and 2016. This settlement benefits Canadian residents who had a Yahoo account during this period. Overview of the Yahoo Data Breaches Yahoo, a popular online service provider offering email, news, and other Continue reading

The Old Age Security (OAS) pension is a monthly payment available to eligible seniors aged 65 and older in Canada. However, the amount received by each senior is not necessarily the same, as it depends on factors like residency in Canada, income, and eligibility for additional benefits. Basic OAS Amount As of October 2024, the Continue reading

The Canada Disability Benefit (CDB) is designed to provide financial assistance to Canadians who experience long-term disabilities, ensuring they can access support for their basic needs. Below, we outline the eligibility criteria for three core components of disability benefits: the Canada Pension Plan (CPP) Disability Benefit, the CPP Post-Retirement Disability Benefit, and the CPP Children’s Continue reading

The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a tax-free quarterly payment designed to assist individuals and families with low to modest incomes by offsetting the GST/HST they pay. Below is updated information about the payment dates, amounts, and eligibility thresholds for 2025. GST Payment Dates for 2025 Recipients can expect their GST/HST Continue reading

A recent study by Canada Pension Plan (CPP) Investments reveals a sobering statistic: 61% of Canadians fear running out of money during retirement. With financial stress mounting amid rising inflation and living costs, this anxiety affects Canadians across all age groups, particularly younger generations. Let’s explore why retirement finances are causing sleepless nights and how Continue reading