The Canada Pension Plan (CPP) ensures that Canadians’ retirement benefits keep pace with the rising cost of living. Each year, adjustments to CPP payments are based on changes in the Consumer Price Index (CPI). Let’s dive into how this works and what you can expect in 2025. CPP Rate Adjustments: Keeping Up With Inflation CPP Continue reading
Thousands of Pensioners Receive Up to £11,905 in State Pension Back Payments: Are You Affected?
The Department for Work and Pensions (DWP) has identified and corrected significant underpayments in State Pensions over the last three years. Here’s everything you need to know about these errors, the groups affected, and how to check if you’re eligible for back payments. DWP’s State Pension Underpayment Correction: An Overview Since 2020, the DWP has Continue reading
HMRC Issues Crucial Warning for Savers with £5,000 or More: Are You Aware of These Tax Rules?
Managing your savings effectively just became more critical as HM Revenue & Customs (HMRC) has issued an important tax reminder for UK savers. If you have an open savings account and a balance of £5,000 or more, it’s vital to understand how tax rules affect the interest earned on your savings. Here’s everything you need Continue reading
Will Mortgage Rate Cuts Out in 2025? UK’s January Mortgage Market Forecast
The recent decline in mortgage rates has brought a sigh of relief to borrowers, but concerns are mounting over whether this trend will last. With the Bank of England’s base rate expected to remain elevated throughout 2025, here’s what experts predict for the UK mortgage market as we step into January. Fixed-Rate Mortgages: Relief or Continue reading
Thousands of Pensioners at Risk of Missing Out on £300 Fuel Payment: What You Need to Know
The winter months are here, and as temperatures drop, many state pensioners rely on the Winter Fuel Allowance to keep their homes warm. However, thousands of eligible pensioners could face an unexpected financial gap this year due to significant changes in the Department for Work and Pensions (DWP) system. Here’s an in-depth look at what’s Continue reading
State Pensioners to Receive £150 Energy Boost in January 2025: Are You Eligible?
In January 2025, low-income state pensioners are set to benefit from a one-off £150 payment designed to ease the burden of rising winter energy costs. This support comes through the Warm Home Discount Scheme, which runs annually between October and March, targeting vulnerable households. Who Qualifies for the Payment? Eligibility for the £150 discount is Continue reading
HMRC Urges Young Adults to Claim £2,200 Christmas Cash Boost from Child Trust Funds
This Christmas, HM Revenue and Customs (HMRC) is issuing an urgent reminder to young people aged 18-21: check if you have an unclaimed Child Trust Fund (CTF) account. With an average balance of £2,000 and some accounts holding up to £2,200, these funds could provide a welcome financial boost during the holiday season. What is Continue reading
How Much Money Does the Average Canadian Save?
With the rising cost of living significantly impacting Canadians’ disposable income, saving money can feel challenging. However, the right financial tools, such as a high-interest savings account (HISA) and tax-sheltered registered accounts, can help you stay on track to meet your financial goals and grow your wealth, regardless of your life stage. Understanding Average Savings Continue reading
Canadian Dollar Declines as Benchmark Yield Rises
The Canadian dollar faced pressure on Thursday, weakening against the U.S. dollar, while benchmark government bond yields climbed. Here’s a closer look at the market movements and key indicators. Loonie Slips Against the U.S. Dollar The Canadian dollar, commonly known as the loonie, traded 0.2% lower at C$1.4395 per U.S. dollar, equivalent to 69.47 U.S. Continue reading
How Much Should You Have Saved by Age 40?
So, you’re in your 30s and feeling pretty good about life. Maybe you’ve earned a promotion or purchased your first home. But amid the wins, financial challenges like daycare fees, mortgage payments, student loans, and the rising cost of living might leave you feeling financially stretched. Add to that the social media envy from seeing Continue reading