Canadian seniors aged 65 years or older are set to see an increase in Old Age Security (OAS) benefits. Payments for October rolled out on schedule, with a boost aimed at addressing cost-of-living increases. The Liberal government, however, is facing mounting pressure to extend additional benefits to those under 75. Quarterly Adjustments Based on CPI Continue reading
“Auditor General Flags Uncertainty Over Adequacy of Old Age Security Payments for Seniors”
A recent report by Canada’s Auditor General highlights significant gaps in the federal government’s approach to supporting seniors through programs like Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). The findings reveal that Employment and Social Development Canada (ESDC), the department responsible for these benefits, lacks a clear understanding of whether its programs Continue reading
Canada Child Benefit: Direct Deposits Arrive Tomorrow, Mailed Cheques Delayed Due to Canada Post Strike – Payment Details and How to Sign Up
If you are eligible for the Canada Child Benefit (CCB), December is a crucial month to keep track of your payments. The Canada Revenue Agency (CRA) has scheduled direct deposits for December 13, 2024, while cheques will arrive by mail on December 20, 2024, despite ongoing labour disruptions at Canada Post. This early issuance has Continue reading
Variable vs. Fixed Mortgage Rates in 2025: FOMO or JOMO — Which Strategy Wins?
As the Canadian mortgage market continues to adjust following significant interest rate shifts, homeowners and buyers are faced with a tough question for 2025: Should you choose the potentially budget-friendly variable rate or play it safe with a fixed rate? Variable rates, which have declined by 1.75% since mid-2024, remain higher than fixed rates for Continue reading
EI Benefit Increase 2025: New Amount, Rates & Premiums
Starting January 1, 2025, Employment Insurance (EI) benefits in Canada will see significant updates, including changes to the maximum insurable earnings (MIE), weekly benefit rates, and premiums. Here’s a detailed guide to help you understand the updates and how they could impact your finances. What Is the Maximum Insurable Earnings (MIE) for 2025? The Maximum Continue reading
Will CPP & EI Increase in 2025? Updated Contributions and Earnings Limits Explained
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