The Canada Pension Plan (CPP) enhancement, introduced on January 1, 2019, aims to provide greater financial security for Canadian workers and their families. By increasing contributions over time, the enhancement ensures higher retirement benefits, as well as improved disability and survivor pensions. Let’s explore the key aspects of the CPP enhancement, including the recent addition Continue reading
Canada Child Benefit Payment Dates 2025: Amount, Eligibility, and Updates
The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help eligible families manage the costs of raising children under 18. Here’s a breakdown of the payment amounts, eligibility criteria, and scheduled payment dates for 2025. CCB Payment Dates for 2025 The CCB payments are typically made on the 20th of each month Continue reading
Maximum CPP Contribution for 2025: Limits & Rates
The Canada Revenue Agency (CRA) has announced the CPP contribution rates and maximum pensionable earnings for 2025, which include increases to key thresholds and limits. These updates affect employees, employers, and the self-employed, making it important to understand the changes for better financial planning. Key Updates to CPP Contribution Limits for 2025 1. Year’s Maximum Continue reading
Ontario GAINS Program 2025: A Lifeline for Low-Income Seniors
Ontario’s Guaranteed Annual Income System (GAINS) is a vital provincial program designed to help low-income seniors maintain a basic standard of living. With tax-free monthly payments, GAINS complements federal benefits like Old Age Security (OAS) and Guaranteed Income Supplement (GIS), ensuring seniors receive additional financial support. Here’s everything you need to know about GAINS in Continue reading
Canada Carbon Rebate Payment Dates 2025: Eligibility and Key Updates
The Canada Carbon Rebate (CCR) provides direct payments to offset the costs associated with carbon pollution pricing. Formerly known as the Climate Action Incentive Payment (CAIP), the CCR underwent significant changes in 2024, including an increase in the rural supplement and adjustments to eligibility criteria based on updated census data. What’s New for 2025? CCR Continue reading
CRA Notice of Assessment: What It Means & How to Read?
A Notice of Assessment (NOA) is a document issued by the Canada Revenue Agency (CRA) after processing your tax return. It summarizes your income, deductions, credits, and tax balance. Key Information on Your Notice of Assessment Important Tips: How to Dispute a Notice of Assessment (NOA) If you disagree with the information on your NOA, Continue reading
Canada Child Benefit Boost for 2025: How Much More Will You Receive?
The Canada Revenue Agency (CRA) has announced good news for families feeling the pinch of inflation: the Canada Child Benefit (CCB) is increasing in 2025. This annual adjustment, tied to inflation, provides a welcome financial boost to households raising children across Canada. Here’s everything you need to know about the updated CCB amounts and how Continue reading
Does Everyone Get the Ontario Trillium Benefit Tax Credit in 2025? Who Qualifies for it!
The Ontario Trillium Benefit (OTB) is a refundable tax credit designed to help Ontarians manage energy costs, sales tax, and property taxes. Combining three credits into one payment, the OTB provides financial support to eligible individuals and families. Here’s a complete guide to understanding, qualifying for, and maximizing this benefit. What is the Ontario Trillium Continue reading
CRA Announces December 2024 Benefit Payments Including CCB, OTB, CPP, and OAS
As December 2024 begins, the Canada Revenue Agency (CRA) has outlined its schedule and details for upcoming benefit payments, including the Canada Child Benefit (CCB), Ontario Trillium Benefit (OTB), Canada Pension Plan (CPP), and Old Age Security (OAS). Here’s what Canadians need to know about these payments and eligibility. Canada Child Benefit (CCB) The CCB Continue reading
Federal Allowance in Canada 2025: What You Need to Know
The Allowance is a federal income support program in Canada aimed at helping low-income individuals aged 60 to 64 who meet specific eligibility criteria. It is designed to provide financial support to those who are not yet eligible for Old Age Security (OAS) or the Guaranteed Income Supplement (GIS), ensuring economic stability for older Canadians Continue reading