Owning a home is a major milestone, but for many first-time buyers, the financial burden can be overwhelming. Fortunately, the Canada Revenue Agency (CRA) is offering an $8,000 tax benefit in March 2025 to help eligible individuals achieve their homeownership dreams. This benefit is provided through the First Home Savings Account (FHSA) and offers substantial … Read more
The delay in implementing the capital gains inclusion rate increase until January 1, 2026, has triggered a series of relief measures by the Canada Revenue Agency (CRA). These measures aim to mitigate uncertainty for taxpayers and tax professionals during this transitional period. CRA Relief Announcements Extension of Filing Deadlines and Penalty Relief On January 31, … Read more
The Canada Revenue Agency (CRA) has confirmed that eligible Canadian seniors will receive a pension payment of up to $2,166 in February 2025. This important announcement has raised several questions surrounding eligibility, application processes, and the specifics of the payment. This article will provide a comprehensive breakdown of the details, helping you navigate the system … Read more
As March 2025 approaches, many Canadians are eager to understand the anticipated $2,900 annual increase in Canada Pension Plan (CPP) benefits. This enhancement aims to provide greater financial security during retirement. This article delves into the specifics of this increase, eligibility criteria, and strategies to maximize your CPP benefits. Understanding the $2,900 CPP Increase The … Read more
As February 2025 approaches, eligible Canadian seniors can receive a direct deposit of up to $2,200 from the Canada Revenue Agency (CRA). This amount comprises payments from Old Age Security (OAS), the Guaranteed Income Supplement (GIS), and the Canada Pension Plan (CPP). Understanding eligibility criteria, payment dates, and the application process ensures that seniors receive … Read more
Significant changes are coming to the Canada Pension Plan (CPP) in 2025, with higher benefit amounts set to improve the financial security of Canadian retirees. The CPP Increase 2025 is designed to counteract the effects of inflation and rising living costs, ensuring that retirees receive greater monthly payments to better manage daily expenses. This comprehensive … Read more
Canada’s national pension plan is facing significant criticism for failing to meet its climate change commitments, while some of the country’s leading pension funds are actively working to meet their ambitious sustainability goals. According to the Shift Action for Pension Wealth and Planet Health report released on February 19, Canada’s pension fund managers are not … Read more
In 2025, millions of Canadians will benefit from various government financial programs designed to offer support and stability. These include Canada Pension Plan (CPP), Old Age Security (OAS), Canada Workers Benefit (CWB), Climate Action Incentive Payment (CAIP), and the Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit. These payments are essential in helping retirees, low-income … Read more
As living costs continue to rise, the Canadian government has implemented a one-time Extra GST Payment 2025 program designed to provide much-needed financial relief to low- and modest-income households. This supplementary benefit, administered by the Canada Revenue Agency (CRA), is intended to bolster the regular GST/HST credits and help eligible families manage everyday expenses more … Read more
Recent reforms introduced by the Canada Revenue Agency (CRA) in 2025 are set to significantly alter the landscape of retirement income for Canadian seniors. The new rules, affecting both Old Age Security (OAS) and the Canada Pension Plan (CPP), are designed to enhance the financial well-being of retired Canadians by aligning benefits with current economic … Read more