Harnpreet Singh 
If you work in Canada, whether you have a job or run your own business, you are required to make contributions to the Canada Pension Plan (CPP). In the same way, the Canada Revenue Agency (CRA) will deduct a portion of your earnings to be used as retirement benefits. Start Making Contributions Early To have … Read more
There’s been increasing discussion about the possibility of Canada increasing the retirement age from 65 to 67, impacting benefits like Old Age Security (OAS). These are nothing more than rumours until a statement is issued by the federal government or the Canada Revenue Agency (CRA). The retirement age is still 65, and so are the … Read more
There is a speculation that every 65-year-old resident of Canada will be issued a $5,000 tax refund this summer. However, this blanket payment has not been confirmed by neither the CRA nor the federal government. In addition, this claim looks like a product of misunderstandings mixed with a bit of speculation about how the tax … Read more
The claim that every old age pensioner in Canada is set to receive $1,433 each month from the CRA is false, as this figure is evidently the maximum retirement pension under the Canada Pension Plan (CPP). This yield is available only to those who have contributed the most to the pension throughout their working life … Read more
You may have come across alarming headlines claiming that older adults will be prohibited from driving by the middle of 2025, but that isn’t the case. There is no such ban from the federal government in Canada. Instead, there is a coordinated framework that the provinces and territories will adopt and is set to begin … Read more
The government tries to help seniors keep up with their purchasing power during the increasing costs of living. Because of this, the Canadian government will make adjustments to the old age security benefits. The benefits of old age security will increase for senior citizens in Canada starting from July 2025. The government will make an … Read more
Eligible Canadian families will be able to receive the following maximum benefits in a year for children under their care for the 2025-2026 benefit year: To illustrate, a family with children of ages 5 and 9, having a net family income of $65,000, is eligible to receive slightly above $11,000 in CCB benefits altogether. Who … Read more
Working refundable credits assist individuals and families with low income in managing their tax burdens. One such fund is the Canada Worker’s Benefit (CWB), which replaces the Working Income Tax Benefit (WITB) and combines the core amount with the disability supplement to help Canadians better cope financially. Projected Benefit Levels For 2025 For the 2024 … Read more
Refunds, tax credits, and other government payments such as pensions can be received through direct deposit from the Canada Revenue Agency (CRA). Direct deposit is a safe and effective form of payment where funds are deposited directly into the recipient’s bank account. Coupled with its safety and speed, it helps eliminate delays and other issues … Read more
The Canada Revenue Agency (CRA) has stated that the $400 Carbon Rebate (previously the Climate Action Incentive Payment) will be paid out in August 2025. This is a quarterly, non-taxable payment, intended to ease the effects of federal carbon pricing on families and assist with the management of household expenses. The CRA has also provided … Read more