Pension income splitting can be a powerful tool for retirees to optimize their tax burden, increase government benefits, and achieve financial equilibrium in retirement. By transferring income from one spouse to another, couples can lower their combined tax bill and take advantage of income tax credits. Here’s a comprehensive guide to the types of pensions Continue reading
How to Cancel CPP and OAS Benefits After a Death: A Complete Guide
When a loved one receiving CPP or OAS passes away, it’s essential to act promptly to notify Service Canada and cancel their benefits. Here’s a comprehensive guide on what you need to do, including notifying the authorities, providing proof of death, and managing repayment of benefits. Why Benefits Must Be Cancelled After a Death OAS Continue reading
CRA Federal Benefit Payment Schedule 2025: Official Key Dates Announced
The Government of Canada administers a variety of financial benefits designed to support citizens at various life stages and circumstances, including retirement, parenting, or coping with disabilities. These payments are distributed on specific dates throughout the year. Here’s a detailed breakdown of the payment schedules for 2025. 1. Canada Pension Plan (CPP) The Canada Pension Continue reading
COLA 2025: How Canada Cost-of-Living Adjustment Affects Your Pension
The cost-of-living adjustment (COLA) for Canadian Public Service Pension Plan (PSPP) retirees and their survivors in 2025 is set at 2.7%, providing essential inflation protection. Meanwhile, retired members of other plans, such as the TVO Plan and Ontario Northland Plan, will receive different COLA adjustments based on their respective plan rules. What is COLA and Continue reading
CPP at 60 vs. 65 in 2025: What You Need to Know About Starting Your Canada Pension Plan
The Canada Pension Plan (CPP) is a key pillar of retirement income for Canadians. Deciding when to start receiving your CPP payments is one of the most significant financial decisions you’ll make for your retirement. This decision impacts how much you’ll receive monthly for the rest of your life. Should you start at age 60, Continue reading
Real Truth About OAS Deferral Enhancement: Why Delaying Could Be a Bigger Win Than CPP
When it comes to retirement benefits in Canada, many retirees wonder: Is the deferral enhancement for Old Age Security (OAS) higher, lower, or the same as the Canada Pension Plan (CPP)? The answer is more complex than it seems, and it depends on critical factors, including your income level and the OAS clawback mechanism. Let’s Continue reading
Should High-Income Earners Apply for OAS? Key Considerations for Deferral and Clawbacks
Old Age Security (OAS) offers an essential source of retirement income for Canadians aged 65 and older. However, for high-income earners, the decision to apply for OAS isn’t straightforward due to clawbacks and potential financial strategies like deferral. This article explores whether applying for OAS is the right choice if you’re earning a substantial income. Continue reading
CPP Payment Dates 2025: Increases & Amounts
The Canada Pension Plan (CPP) is a cornerstone of retirement income for many Canadians, providing monthly benefits based on contributions made throughout an individual’s working life. Here’s an overview of the scheduled payment dates, anticipated increases, and benefit amounts for 2025. CPP Payment Dates for 2025 The CPP payments are made on a predictable schedule, Continue reading
What Seniors Need to Know About OAS Increases for 2025?
The Old Age Security (OAS) pension remains a cornerstone of financial stability for Canadian seniors, and understanding how it evolves is crucial for effective retirement planning. Here’s a detailed look at OAS payment structures, eligibility, and the factors affecting increases. Who Qualifies for an OAS Increase? OAS payments are adjusted quarterly (January, April, July, and Continue reading
Government Benefit Cheques Coming in January & February 2025: Key Dates and Amounts You Should Know
As we approach the new year, many Canadians can expect to receive government benefit cheques in January and February 2025. These payments aim to provide financial relief, especially with the holiday season in full swing and rising costs affecting many households. Here is an overview of key benefits, payment dates, and maximum amounts for eligible Continue reading