The Canada Pension Plan (CPP) is one of the major financial support programs run by the federal government of Canada and the Canada Revenue Agency (CRA). As of 2024, over 5.9 million Canadians receive the CPP with a total payment of $46.5 billion paid to the eligible beneficiaries. The CPP accounts for retirement, post-retirement, and … Read more
The Guaranteed Income Supplement (GIS) Allowance is a non-taxable benefit from the Canadian government aimed at supporting low-income individuals aged 60 to 64 whose spouses or common-law partners receive the GIS. This financial aid helps ease economic hardships by providing monthly payments and is essential for ensuring financial stability and improving the quality of life … Read more
Recent data shared by Canada Statistics states the inflation rate in the country came in at 2.7% as of June 2024 which is down from 2.9% from the previous month. As a result, the prime rate in Canada is expected to rise in 2024. The Prime Rate which is also known by the name Prime … Read more
The Canada Child Benefit (CCB) is a tax-free monthly payment to help families with child-rearing costs. From July 2024 to June 2025, families can now receive up to $648.91 per month for each child under six. This support covers essential needs and growth opportunities for children. This program aims to reduce child poverty and promote … Read more