The Old Age Security (OAS) clawback, officially called the OAS Recovery Tax, is a mechanism that reduces OAS payments for Canadian retirees whose income exceeds a government-set threshold. In 2025, the threshold stands at $90,977, with a reduction of $0.15 for every dollar earned above this amount. For retirees with incomes reaching $149,000 or more, … Read more
The Canadian Government has introduced a two-month GST holiday from December 14, 2024, to February 15, 2025, offering households relief from the 5% Goods and Services Tax (GST) on a range of essential items. With an estimated tax relief of $1.6 billion, this initiative is designed to alleviate financial pressure during the holiday season and … Read more
In 2025, the Canadian government will introduce an additional $3,100 payment under the Old Age Security (OAS) program, offering much-needed financial relief to seniors aged 65 and older. This payment is part of Canada’s commitment to assist retirees in managing rising living expenses, especially amid inflation. Key Highlights of the Payment Amount: A one-time $3,100 … Read more
The Old Age Security (OAS) program is one of Canada’s most vital financial support systems for seniors. Designed to provide regular monthly payments, it ensures financial stability during retirement. Unlike the Canada Pension Plan (CPP), OAS is not contribution-based, meaning eligibility is determined by age and residency rather than employment history. As of this year, … Read more
As February 2025 approaches, the Canada Revenue Agency (CRA) is preparing significant updates to its grant programs to align with the nation’s goals of economic recovery, sustainability, and inclusivity. These changes aim to streamline processes, expand accessibility, and address critical areas such as small business growth, innovation, and Indigenous development. These updates promise to bring … Read more
The Working Canadians Rebate (WCR) was introduced on November 21, 2024, by the Liberal government as part of an economic relief package. Designed to provide financial assistance, the rebate offers a one-time payment of $250 to eligible individuals who worked in 2023 and earned up to $150,000. Key Details About the Rebate Eligibility: Canadians who … Read more
The Canada $628 Grocery Rebate program provides one-time financial assistance to low-income Canadians struggling with rising grocery costs. Initiated by the Government of Canada in 2023, this rebate was designed to offer relief from inflation’s effects. As of now, no new payment has been announced for 2025, but if approved, it would continue to aid … Read more
