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
Next GST Payment 2024-2025: Amount, Payment Dates, and Eligibility
The Goods and Services Tax (GST) credit is a tax-free quarterly benefit provided to low- and middle-income Canadians to offset the GST/HST they pay on goods and services. The GST credit plays a vital role in helping Canadians manage their expenses. With the next set of payments approaching, here’s a detailed look at the GST 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
Maximize Your Savings Top 3 CRA Benefits to Claim in 2024
With December right around the corner, it’s the perfect time to start preparing for your 2024 tax return. While taxes aren’t due until April 2025, Canadians should begin tracking eligible expenses and benefits that can help lower their tax liability for 2024. Below, we’ll highlight three tax breaks offered by the Canada Revenue Agency (CRA) Continue reading
$1,200 + $1,200 Extra OAS Deposit for Seniors: Eligibility & Payment Dates
As of 2024, Canadian seniors may see a significant increase in their Old Age Security (OAS) payments due to additional government support. This extra deposit is part of the government’s ongoing efforts to provide financial relief to seniors amidst rising living costs. Let’s break down what this $1,200 bonus means, who qualifies, and when seniors Continue reading
Canada to Invest Billions in Expanding Domestic AI Compute Infrastructure
Compute is the backbone of artificial intelligence (AI). It powers the vast data processing and complex algorithms that drive AI advancements. In Canada, the need for cutting-edge AI infrastructure is critical to maintaining its leadership in the global AI ecosystem. The Canadian government is committed to ensuring that businesses, researchers, and innovators have access to Continue reading
4 New Pathways to Permanent Residency in Canada Set to Launch in 2025
Canada is preparing to introduce four new permanent residency (PR) pathways in 2025, despite the reduction in annual immigration targets. These programs, designed to address labor shortages, promote linguistic diversity, and meet the caregiving and economic needs of local communities, mark a significant shift in Canada’s immigration strategy. In this article, we’ll explore these new Continue reading
Toronto Housing Market Sees Turning Point After October Rate Cut, Experts Say
the Greater Toronto Area (GTA) experienced a significant jump in home sales, continuing a trend seen across major cities like Vancouver. According to the Toronto Regional Real Estate Board (TRREB), 5,875 homes were sold in November, a 40.1% increase from 4,194 in the same month the previous year. This surge in sales comes as buyers Continue reading