Southern Ontario Smart Computing Innovation Platform (SOSCIP)

The Guaranteed Income Supplement (GIS) is a vital financial aid for low-income seniors in Canada who are already receiving the Old Age Security (OAS) pension. Here’s an in-depth guide to eligibility criteria, income thresholds, and additional benefits for spouses or survivors. Who Qualifies for the Guaranteed Income Supplement (GIS)? You may qualify for GIS if Continue reading

The Canada Revenue Agency (CRA) adjusts federal tax brackets annually to account for inflation, ensuring a fair taxation system. The tax brackets for 2025 are based on taxable income thresholds, with corresponding marginal tax rates applied progressively. Here are the expected tax brackets for 2025. Federal Tax Brackets for 2025 These brackets apply to all Continue reading

The Employment Insurance (EI) program has announced an increase in the Maximum Insurable Earnings (MIE) for 2025. These changes, effective January 1, 2025, will impact both employees and employers in Canada. The MIE sets the income threshold for EI premiums and determines the maximum weekly benefits available under the program. Here’s everything you need to Continue reading

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

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

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’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

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

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