If you’re 60 years or older and you’re living on a fixed income, this video provides valuable information on Federal financial support through the Guaranteed Income Supplement (GIS). Please note that the eligibility criteria for the 2020 tax year has changed since the preparation of this video. Please see cut-off
Category Archives: Financial Health
#FinancialFridays: Seniors who received the CERB and Canada Recovery Benefit may now not qualify for the GIS or may face drastic reductions to their payments.
For those seniors that received the CERB and the Canada Recovery Benefit, many now will not qualify for the Guaranteed Income Supplement (GIS) or may face drastic reductions to their payments. Like employment insurance, the guaranteed income supplement (GIS) is income-tested. That means the previous year’s taxable earnings – including
“Pay yourself first.” This is a mantra that is used to help personal finances.What does it mean? This means putting money away for emergencies. Pick an amount – any amount – and put it in a separate account every month. Make this non-negotiable. You can put it in a regular
#FinancialFridays: Parents can expect another payment of the CCB Young Child Supplement. Learn more here.
Parents and guardians receiving the Canada Child Benefit for children under 6 years old will receive an extra payment on July 30th, 2021. Those with a family net income of $120,000/year or less will receive this supplement. Another payment will occur October 29th, 2021. To find out more about the
Would you like to save for your child’s education but struggle to find space on a tight budget? The Canada Learning Bond can help. Many people have heard of the matching program, the Canada Education Savings Grant, but are not aware of the Canada Learning Bond. This program does not
If you have debt and collection agencies are calling constantly, its hard not experience anxiety and stress. Choosing to ignore debt may seem like the right thing to do at the time but left unchecked, your debt could grow and you may experience negative effects on your mental and physical
Did you know…… you can make income tax payments in installments!? If you owe taxes to the government, the Canada Revenue Agency (CRA) will work with you to make a payment plan that works for you. Because of the financial hardships people are dealing with because of COVID-19, the CRA
It’s that time of year when many anticipate the arrival of their tax return? Are you receiving funds this year? If so, why not pause and consider the best use of your money. After all, the funds you will be receiving are not part of your monthly income, so they
Are you feeling like debt is weighing you down? Unable to pay the debts you owe? Struggling and not sure where to turn? The latest MNP Consumer Debt Index found that as much as 53% of Canadians were $200 or less away from not being able to pay their monthly
What is a nest egg you ask? A nest egg is a sum of money that has been saved for a specific purpose. This savings is generally designated for longer-term goals. This is a good time to think about your goals and what it will take to reach them. Before