Emma

The Old Age Security (OAS) program continues to be a cornerstone of financial support for seniors in Canada. Payments are adjusted periodically to keep up with the rising cost of living, ensuring that seniors receive adequate support. Here’s what you need to know about OAS changes for January 2025 and beyond. Old Age Security: How Continue reading

Old Age Security (OAS) benefits provide vital financial support to eligible seniors in Canada, with payment amounts periodically adjusted to reflect changes in the cost of living. Here’s a comprehensive guide to what’s changing in January 2025, based on updates tied to the Consumer Price Index (CPI). Understanding Your OAS Pension The Old Age Security Continue reading

Income taxes in Canada, especially in Québec, can be a hefty burden, but there are several rebates and tax credits that can help reduce your tax obligations. One of the most beneficial for Québec residents is the Solidarity Tax Credit (STC), a refundable tax credit designed to help low-to-moderate income households. In this article, we’ll Continue reading

The Old Age Security (OAS) program is a cornerstone of Canada’s support system for seniors, offering a vital income stream for those aged 65 and older. As we enter 2025, here’s a comprehensive guide to understanding OAS, including payment amounts, eligibility criteria, recent adjustments, and what’s on the horizon for the coming year. What is Continue reading

The Canada Disability Benefits Act, enacted on June 22, 2023, introduces a groundbreaking federal disability benefit. Beginning in July 2025, this program aims to provide financial assistance to working-age Canadians with disabilities. If you meet the eligibility criteria, you could receive up to $2,400 annually, without affecting provincial disability benefits like BC’s PWD. Here’s an Continue reading

Canadian retirees relying on the Canada Pension Plan (CPP) have a reason to celebrate—a 2.7% increase in their CPP payments is set to begin in January 2025. This annual inflation adjustment ensures that the purchasing power of retirees remains stable, a crucial feature in safeguarding retirement income against the rising cost of living. While the Continue reading

The Guaranteed Income Supplement (GIS) is a vital non-taxable financial aid provided by the Government of Canada. It is designed to support low-income seniors who rely on the Old Age Security (OAS) pension. Here are seven key details about this essential program: 1. Eligibility Requirements 2. Benefit Amounts 3. Income Considerations 4. Allowance for Spouses Continue reading

Paying taxes can be daunting, especially if you’re already struggling with a low income. But the good news is, there are plenty of tax credits and deductions available to reduce the amount you owe and potentially boost your refund. Here’s how you can make the most out of your tax situation in 2025 and beyond. Continue reading

Low income in Canada is measured using the Low Income Measure (LIM), which helps define the financial threshold below which individuals or families are considered to be in low-income situations. These cut-offs are based on community size, and the thresholds vary across rural areas, census agglomerations (CA), and census metropolitan areas (CMA). Here’s an updated Continue reading