Emma

Working in retirement can provide financial flexibility, but it may also impact your Old Age Security (OAS) benefits through the OAS recovery tax, commonly referred to as the OAS clawback. Here’s a detailed guide on understanding and minimizing OAS clawbacks, along with strategies for managing your income in retirement. Understanding the OAS Clawback The OAS Continue reading

The Old Age Security (OAS) pension is a cornerstone of retirement income for Canadians, providing financial support regardless of your employment history. Here’s a comprehensive guide to understanding eligibility, including special cases and additional benefits. Can You Receive OAS If You Have Never Worked? Yes, you can! Your employment history does not affect your eligibility Continue reading

The Ontario Trillium Benefit (OTB) is designed to assist low- to moderate-income Ontario residents with essential expenses such as energy costs and property and sales taxes. This financial support is issued monthly and combines three provincial tax credits: The Canada Revenue Agency (CRA) administers the payments on behalf of the Ontario government. Eligibility Requirements To Continue reading

The Liberal government’s announcement of a $250 inflation-relief rebate—dubbed the “Working Canadians Rebate”—has sparked criticism from Canadian seniors, who are ineligible for the payment. This measure, aimed at alleviating financial stress, applies exclusively to individuals who worked in 2023 and earned $150,000 or less. However, retirees and those on fixed incomes, such as seniors receiving Continue reading

The Trudeau government has announced a $250 rebate for eligible Canadian workers to provide relief from rising living costs. Here’s a breakdown of eligibility criteria, timelines, and delivery details for this tax-free benefit. Eligibility Criteria To qualify for the $250 rebate, you must meet the following conditions: CPP Payment Dates 2025: Increases & Amounts OAS Continue reading

Can You Claim Gas on Your Taxes? Yes, if you use your vehicle for work-related purposes, you can claim gas expenses on your income tax return. But did you know gas is just one of many deductible vehicle-related costs? From maintenance to insurance, there are multiple ways to maximize your tax savings. How to Claim Continue reading

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

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

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