The amalgamated payment program called the Ontario Trillium Benefit is given out to those who receive tax credits from OSTC, OEPTC, and NOEC. These credits are meant to provide some relief to low- and middle-income earners with sales tax, energy tax, and property taxes. Who Is Eligible? You only need to be eligible for one … Read more
Beginning in July 2025, low- and mid-income taxpayers will receive an extra GST/HST payment from the CRA amounting to 2.7% of their GST/HST payment. The payment is a one-time payment and is designed to provide financial relief to taxpayers. The payment will be estimated based on the 2024 tax returns. Eligibility criteria Applicants should: Credit … Read more
The GST/HST credit is a non-taxable benefit that is paid out four times a year. Its purpose is to help Canadians with low to moderate incomes to offset the GST/HST that they have paid. The credit is paid out by the Canada Revenue Agency, or CRA. There is no need to apply for such benefits … Read more
The Advanced Canada Workers Benefit (ACWB) is a type of pre-paid support for low-income working individuals, and is a part of the overall Canada Workers Benefit (CWB). Individuals and families that qualify can obtain up to 50% of their CWB (and their disability supplement, if it applies) in advance, which works to cover urgent financial … Read more
An article published recently says that the federal government and CRA will issue a $3,500 one-time Old Age Security (OAS) payment to all Canadians 65 and older in September 2025. The article says that seniors would receive the amount automatically regardless of their work status, provided they completed the required paperwork. However, there is no … Read more
There is a false claim in circulation that Canadian seniors will encounter a $2,200 rise in their CPP and OAS benefits by September 2025. The figure is not a new payment or a lump-sum bonus. It is, in fact, the sum of CPI-based cost-of-living increases accrued over the quarters. The Actual Process Behind OAS And … Read more
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
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