In 2025, the Canada Revenue Agency (CRA) is launching a new financial assistance program aimed at helping eligible Canadians with essential living expenses. This initiative promises up to $3,900 per month to individuals and families facing financial difficulties. The goal is to ensure Canadians can manage rising costs for essential needs such as housing, food, … Read more
As the month of March approaches, it’s time to prepare for the upcoming government benefit payments that can provide valuable financial relief. These payments, coming from the Canada Revenue Agency (CRA) and Service Canada, are designed to help you manage expenses, save for the future, and stay financially stable. This includes a variety of supports, … Read more
In 2025, Canadian retirees will experience notable changes to the Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). These adjustments aim to enhance financial support for seniors, ensuring benefits align with the rising cost of living. Enhancements to Old Age Security (OAS) Payments The OAS program provides monthly payments to … Read more
In response to rising living costs, the Canadian government has announced a 2.7% increase in the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, effective July 2025. This adjustment aims to provide financial relief to low- and modest-income individuals and families by offsetting the sales taxes they incur on essential purchases. Understanding the GST/HST Credit … Read more
In 2024, individual taxpayers reporting capital gains or losses will have an extended filing deadline, with the Canada Revenue Agency (CRA) confirming that they can submit their returns by June 2 without incurring interest or late-filing penalties. The official deadline for filing individual T1 returns is typically April 30. Extended Deadline for Trusts Trusts that … Read more
The Canada Revenue Agency (CRA) has introduced key updates to its Canada Pension Plan (CPP) and Old Age Security (OAS) benefits for 2025. These changes, designed to offer greater financial stability for retirees, include increased payments and revised eligibility criteria. Understanding these updates will help individuals optimize their retirement income and plan effectively for the … Read more
In a significant policy update, Canada has introduced stricter regulations governing the cancellation of temporary resident documents. These changes aim to enhance border security and uphold the integrity of the immigration system. The Immigration, Refugees and Citizenship Canada (IRCC) now grants officers expanded authority to revoke electronic travel authorizations (eTAs), temporary resident visas (TRVs), work … Read more
In February 2025, eligible Canadian seniors can expect a one-time $2,400 direct deposit payment from the Canada Revenue Agency (CRA). This payment is designed to provide financial relief to seniors, particularly those facing financial difficulties due to inflation and rising living costs. Whether you are a senior, a caregiver, or someone helping a loved one, … Read more
In a significant move, President Donald Trump has imposed a 25% tariff on imports from Mexico and Canada, with a 10% tariff specifically targeting Canadian energy products. This action has prompted swift retaliatory measures from both nations, signaling a potential escalation in trade tensions. Retaliatory Measures by Canada and Mexico In response to the U.S. … Read more