Personal Finance Canada

Personal Finance Canada: Wealth, Savings, and Smart Investments, Taxes

Personal Finance Canada: Unlock the Secrets to Financial Success in Canada 🇨🇦 | Your Ultimate Guide to Wealth, Savings, and Smart Investments, Taxes 🤑 | Dive into the World of Personal Finance Today

All Stories Related Personal Finance Canada

  • Pension Income Amount: What is Pension Income Amount Tax Credit in Canada & Who is Eligible to Claim?

    Pension Income Amount: What is Pension Income Amount Tax Credit in Canada & Who is Eligible to Claim?

    The Pension Income Amount is a tax benefit allowing taxpayers to claim up to $2000 if they report eligible pension income in their tax return. This includes superannuation, annuity payments, and other qualifying pensions. However, certain incomes, like old age security and Quebec pension plan benefits, are excluded from this benefit. Eligibility for $2000 Pension…


  • CPP Survivor Benefit: What Happens To CPP Survivor Pension at Age 65? If His or Her Spouse Dies?

    CPP Survivor Benefit: What Happens To CPP Survivor Pension at Age 65? If His or Her Spouse Dies?

    Understanding what happens to your Canada Pension Plan (CPP) benefits if your spouse or partner passes away is important to avoid financial challenges. It might not be the first thing on your mind, but knowing the implications is crucial. Misunderstanding CPP survivor benefits could lead to unwarranted assumptions about their generosity. Here’s a detailed overview…


  • CPP Enhancement 2024: What Changes Took Place & Type of Impact on Employees

    CPP Enhancement 2024: What Changes Took Place & Type of Impact on Employees

    The Canada Pension Plan (CPP) underwent enhancements and modifications in 2019, with the objective of providing Canadians with increased benefits and improved financial stability through a marginal rise in their CPP contributions. This post delves into the CPP enhancements slated for 2024, shedding light on their implications for businesses, payroll, CRA compliance, and employee pension…


  • GST Increase 2023-2024: When is the GST Increase Coming Out this Year? GST Increase Forecast

    GST Increase 2023-2024: When is the GST Increase Coming Out this Year? GST Increase Forecast

    Explore details about the anticipated GST increase in Canada for 2023-2024 in this article. It covers essential information on the potential timing of the GST adjustment in Canada and related details. GST Increase 2023-2024 Overview The Goods and Services Tax (GST) in Canada is applicable to a wide range of goods and services, including retail…


  • Reverse Mortgage Canada: What is Reverse Mortgage in Canada, Advantages & Disadvantages, How it Works & Who Qualifies?

    Reverse Mortgage Canada: What is Reverse Mortgage in Canada, Advantages & Disadvantages, How it Works & Who Qualifies?

    Reverse mortgages have become a popular avenue for Canadians aged 55 and older to unlock the equity accumulated in their homes. HomeEquity Bank, the largest reverse mortgage provider in the country, reported a significant increase in activity, originating $1 billion in new loans in 2022, marking a 30% rise from the previous year. How Does…


  • Age Amount Tax Credit Canada: Who is Eligible for Age Amount Tax Credit in Canada & How Much You Can Claim?

    Age Amount Tax Credit Canada: Who is Eligible for Age Amount Tax Credit in Canada & How Much You Can Claim?

    Delve into the intricacies of the Age Amount Tax Credit Canada and discover how seniors aged 65 and older can optimize their tax liabilities. This article provides detailed insights into the $8,396 federal age amount tax credit for the year 2023, eligibility criteria, calculation methods, and the option to transfer the credit to a spouse.…


  • Foreign Tax Credit Canada: What is Foreign Tax Credit in Canada, How to & Who Can Claim?

    Foreign Tax Credit Canada: What is Foreign Tax Credit in Canada, How to & Who Can Claim?

    Explore the intricacies of claiming the Foreign Tax Credit in Canada with this article. Discover how to navigate the process, calculate credits, and ensure a smooth tax return. Understanding Foreign Tax Credit Canada The Foreign Tax Credit in Canada serves as a mechanism for taxpayers to reduce taxes on income earned from foreign sources. Designed…


  • OAS Payment Dates For December 2023: Latest Upcoming OAS Payment Dates 2023

    OAS Payment Dates For December 2023: Latest Upcoming OAS Payment Dates 2023

    The Upcoming OAS payment dates for December 2023. The Upcoming OAS Payment Date for December 2023 is scheduled to come out on December 20, 2023. On these specified dates, qualifying elderly individuals can review their accounts to verify the receipt of payments. When are the OAS Cheques Deposited in December? In December 2023, the OAS…


  • Alberta Works Reporting: What is Alberta Works Reporting, How it Works & Who is Eligible for Benefits?

    Alberta Works Reporting: What is Alberta Works Reporting, How it Works & Who is Eligible for Benefits?

    Alberta Works Reporting is a government initiative designed to benefit both workers and employers. This program provides employers with specific advantages to assess employees based on their eligibility. Individuals who are currently unemployed and engage in daily work will have the opportunity to secure job placements through this government initiative. Alberta Works Reporting Overview The…


  • CPP And EI Max 2022 Rates & Contribution

    CPP And EI Max 2022 Rates & Contribution

    Unlock Your Wealth Potential! Learn all about CPP and EI Max 2022 Contributions & Rates. Don’t miss out on maximizing your benefits. Stay informed and secure your financial future. 💰📈 CPP Max 2022 Rates & Contribution CPP Max Amount (CAD) Maximum pensionable earnings $64,900.00 Basic annual exemption -$3,500.00 Maximum contributory earnings $61,400.00 Contribution rate 5.70%…