Canada needs to expand its economic reach and enhance its global competitiveness in light of potential U.S. tariffs, according to the country’s largest pension fund. If the 25% tariffs proposed by U.S. President Donald Trump come into effect, Canada must adopt proactive strategies to mitigate the impact. The Need for Economic Diversification Speaking at the … Read more
In response to the ongoing conflict in Ukraine, Canada has reaffirmed its commitment to supporting displaced Ukrainians and their families. The government has announced extensions to certain temporary measures, allowing those who arrived under the Canada-Ukraine Authorization for Emergency Travel (CUAET) to continue their stay with valid work and study permits. Extended Deadlines for … Read more
Canada’s social security system continues to evolve with regular adjustments to pension benefits. For 2025, the maximum benefit amounts and related figures for the Canada Pension Plan (CPP) and Old Age Security (OAS) have been updated to reflect economic changes and the ongoing enhancement initiatives. This detailed overview provides essential information on the new CPP … Read more
Immigration has long been a cornerstone of Canada’s economic development, serving as a vital mechanism to address evolving labor market needs. In a strategic move to align immigration with specific sectoral demands, the Honorable Marc Miller, Minister of Immigration, Refugees, and Citizenship, announced significant updates to the Express Entry system for 2025. These changes introduce … Read more
In 2025, significant updates are coming to Canada Pension Plan (CPP) and Old Age Security (OAS) that will impact both current retirees and working Canadians. These changes affect contribution amounts, eligibility age, and benefit increases, making it crucial for all Canadians to stay informed. Below, we delve into the three key modifications expected in 2025. … Read more
In a welcome financial relief for Canadian families, the Canada Child Benefit (CCB) is set to increase starting July 2025, coinciding with the 2025-2026 benefit year. This adjustment aims to support households facing rising costs and inflation. The revised CCB payments will see a 2.7% increase, aligning with inflation trends. This means families can now … Read more
Canada’s government is rolling out the $1,306 Cost of Living Payment in 2025 as part of its effort to help low- and modest-income families cope with rising living expenses. This one-time payment is designed to supplement existing benefits and provide much-needed financial relief amid inflation and increasing costs of essential goods and services. This article … Read more
Speculation is mounting as economic pressures prompt discussions about a possible increase in Canada’s Goods and Services Tax (GST) in 2025. With the current federal GST rate set at 5%, any potential hike could have a direct impact on household expenses, especially for essential goods and services. This article outlines the context behind the proposed … Read more
Staying informed about your government benefit payment dates is crucial to managing your finances. In March, eligible Canadians will receive payments for various federal and provincial benefits, including the Ontario Trillium Benefit (OTB), Canada Child Benefit (CCB), Canada Pension Plan (CPP), Old Age Security (OAS), Ontario Disability Support Program (ODSP), and the Veteran Disability Pension. … Read more
Since February 5, 2024, more than 33 million tax returns have been filed by Canadians. Among them, a small percentage opted for a quick and simple method—filing by phone. This process, which takes approximately 10 minutes, is facilitated through the Canada Revenue Agency (CRA)’s SimpleFile by Phone (SFP) service. Despite being a lesser-used method, 51,555 … Read more