As 2025 approaches, updates to Canada’s Canada Pension Plan (CPP) and Employment Insurance (EI) have been announced. These changes include increases in contribution limits and earnings thresholds to reflect inflation and ensure better financial support for Canadians. Here’s everything you need to know about these updates. CPP Updates for 2025: What’s Changing? The Canada Pension Continue reading
TFSA Contribution Limit Rises for 2025: What You Need to Know
The Canada Revenue Agency (CRA) has confirmed that the Tax-Free Savings Account (TFSA) contribution limit will increase by $7,000 in 2025, mirroring the significant hike seen in 2024. This boost gives Canadian savers an expanded opportunity to grow their investments tax-free, making the TFSA an increasingly powerful tool for financial growth and planning. How the Continue reading
Smart Ways to Reduce or Avoid the OAS Clawback
The OAS clawback, officially known as the OAS Recovery Tax, reduces OAS payments for seniors with a net income above a specific threshold ($90,997 in 2024). For every dollar earned above this amount, 15 cents is deducted from OAS payments. While the clawback can significantly impact retirement income, several strategies can help minimize or even Continue reading
Can You Still Receive CPP While Living Outside Canada? Everything You Need to Know
Receiving CPP Outside Canada Yes, you can continue to receive your Canada Pension Plan (CPP) retirement pension even if you live outside Canada. To qualify for CPP, you must meet the following criteria: Your CPP retirement pension is not dependent on your place of residence, meaning you can receive payments wherever you live. What About Continue reading
Plan Ahead: All Statutory Holidays in Canada for 2025
As we approach the end of the year, it’s the perfect time to start planning your time off in 2025. Whether you’re thinking of a getaway or simply preparing to relax at home, knowing the statutory holidays across Canada can help you maximize your breaks. Keep in mind that not all stat holidays are observed Continue reading
Canadian Tax Season 2025: Key Deadlines, Updates, and Tips to Maximize Your Refund!
Tax season can feel overwhelming, but being informed and prepared makes all the difference. The 2025 tax season brings new opportunities, deadlines, and strategies to help Canadians file accurately and maximize their returns. Whether you’re filing on your own or hiring a professional, this comprehensive guide has you covered. Key Dates for the 2025 Tax Continue reading
CRA Mileage Rates 2025: Everything You Need to Know for Business Driving and Tax Claims
CRA Mileage Rates 2025: Awaiting Updates The Canada Revenue Agency (CRA) mileage rates for 2025 have not been announced yet. Historically, the CRA releases these rates in December for the upcoming year. Once available, these rates will apply starting January 1, 2025. 2024 Mileage Rates for Reference While we wait for the 2025 rates, here’s Continue reading
Canada Pension Indexing Rate for 2025 Announced: What Retirees Need to Know
Effective January 1, 2025, the indexing rate for public service pension plan benefits in Canada has been set at 2.7%, ensuring that retirees’ pensions maintain their purchasing power amidst inflation. Below is a detailed explanation of the process and the significance of this adjustment. Understanding Pension Indexation Pension indexation is governed by the Public Service Continue reading
OTB Payment Dates 2025: Amount and Key Details
The Ontario Trillium Benefit (OTB) provides combined financial relief through the Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and Ontario Sales Tax Credit. This benefit, legislated and funded by the Province of Ontario, is administered by the Canada Revenue Agency (CRA). Below are the key details for the 2025 OTB payments based Continue reading
TFSA Contribution Limit for 2025: Changes and Updates
The Tax-Free Savings Account (TFSA) remains one of the best tools for Canadians looking to save and invest without worrying about taxes on their earnings. With the 2025 TFSA contribution limit remaining at C$7,000, it’s crucial to understand how this savings vehicle works, how you can make the most of your contribution room, and important Continue reading