As the cost of living rises, financial security in retirement has become a significant concern for seniors. Many rely on a combination of government benefits, pensions, and savings to cover their expenses. In 2024, a monthly benefit of up to $1,200 will be available to retired seniors, helping them to maintain their quality of life. Continue reading
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Quebec’s 2025 Income Tax Brackets Revealed — See What You’ll Pay Next Year
The 2024 tax season may be months away, but it’s never too early to start planning for your 2025 earnings. Revenu Québec and the Canada Revenue Agency (CRA) have recently announced the income tax brackets for 2025, giving Quebec residents a clearer picture of how much income tax they’ll owe in the upcoming year. Understanding Continue reading
Average TFSA Balance for Canadians at Age 64
Did you know that the average Tax-Free Savings Account (TFSA) balance for Canadians aged 64 is around $150,000? This figure comes from a 2023 study by the Canadian Institute of Chartered Accountants (CICA). While $150,000 may not be enough to fund a retirement on its own, it can significantly boost your overall income by complementing Continue reading
2025 CRA Updates: New Tax Brackets, CPP, RRSP, and TFSA Contribution Limits
Each year, most income tax and benefit amounts in Canada are indexed to inflation. For 2025, the Canada Revenue Agency (CRA) has announced an inflation adjustment factor of 2.7%. This is a significant decrease compared to last year’s 4.7%, reflecting the lower rate of inflation. These inflation adjustments apply to various tax brackets, contributions, and Continue reading
Canada to Boost GST/HST Credit in 2025 — Find Out How Much You Could Receive
Good news, Canada! The GST/HST Credit is getting a boost in 2025, providing more cash in your pocket to help offset rising costs. If you rely on this important government payment to assist with day-to-day expenses, you’ll want to know how these changes could benefit you. What is the GST/HST Credit? The GST/HST Credit is Continue reading
Canada Grocery Rebate 2025: Everything You Need to Know
The rising cost of living has made managing household expenses a pressing concern for many Canadians. To provide relief, the Government of Canada has introduced the Canada Grocery Rebate 2025. This initiative aims to ease the financial strain for eligible households, ensuring that nutritious food remains accessible. Here’s a comprehensive guide to help you understand Continue reading
Canada Veteran Disability Benefits 2024: Eligibility, Payment Amounts, & Application Process
Canada’s Veteran Disability Benefits program is designed to provide financial support to veterans who have experienced injury or illness as a result of their service in the Canadian Armed Forces. These benefits help veterans cope with the physical, emotional, and financial challenges brought on by service-related disabilities. In this 2024 update, we’ll cover the eligibility Continue reading
Canada to Waive GST & HST on Various Items — Here’s What You Should Know
If You’ve Been Feeling the Pinch at the Checkout, There’s Some Good News Coming Your Way This holiday season, the federal government is giving Canadians an early gift by offering significant tax relief. On Thursday, the government announced that starting in December, it will waive the Goods and Services Tax (GST) and Harmonized Sales Tax Continue reading
3 Common CRA Red Flags for Large TFSA Balances: Mistakes to Watch Out For
The Tax-Free Savings Account (TFSA) offers Canadian residents a chance to grow their savings tax-free, making it an incredibly attractive option for long-term investing. However, while there are numerous benefits, there are also specific rules that must be followed, particularly concerning account balances. Some people rush to take advantage of the tax-free growth, but the Continue reading
New 2024 Living Wage Rates Across All 25 Regions in BC
The Canadian Centre for Policy Alternatives (CCPA) has released the 2024 living wage rates for British Columbia, revealing that the cost of living has increased throughout the province. The report highlights the challenges that many residents face in meeting their basic living expenses, with significant variations across different regions. These living wage figures are crucial Continue reading