According to the Canadian government website, Old Age Security is the largest pension program in Canada. OAS pays a monthly income to seniors who are age 65 and over. The amount of the payment is not based on past income but rather how long you resided in Canada after the age of 18. If you have turned 65 you are eligible for the maximum OAS income if you have resided in Canada for at least 40 years after turning 18 AND have resided in Canada for at least 10 years prior to receiving approval for your OAS pension. There are some exceptions for those who don’t fully qualify based on temporary absences during that requisite 10-year period.
For the last quarter of 2018, the maximum monthly OAS payment regardless of marital status is $600.85. Don’t get too excited as, as the title suggests, the government can clawback part or all of your OAS benefit depending on your taxable income. As of 2018, you can earn up to $75,950 in annual taxable income (up from $74,788 in 2017) without affecting your payment. For every dollar earned over this threshold amount however, you will be taxed (referred to as an OAS recovery tax) at a rate of 15%. Once you reach taxable income in the amount of $ 123,386 the government will have fully recovered or clawed back the entire amount of your Old Age Security. Read more
By Helen Burnett-Nichols
Expecting your first baby? By all means get the nursery ready — but make sure you put your financial house in order, too.
Preparing for a baby is a time full of celebration, showers and shopping, but the arrival of a little one brings not only added expense for your family but also a noticeable drop in income for many new families. Read more
By Melissa Cassar, VISA Canada
If you’ve got teenagers heading off to University or College in the Fall, I hope you’ve done a good job educating them about the importance of personal financial responsibility and how to build a strong credit history. If not, better do it now.
First year students and young adults entering the workforce encounter many unfamiliar expenses – and temptations – so it’s important to help them avoid early financial missteps that could damage their credit for years to come.
Probably the most fundamental tool for helping students manage their finances is a chequing account with a debit card. A few tips: Read more
To date, the benefit has rolled out in 22 countries, including in the United States last week. The company will extend the benefit to the remaining countries where it operates, including Canada, over the coming months.
The family caregiver leave allows an employee to take up to four week of fully paid leave to care for an immediate family member with a serious health condition, wrote Kathleen Hogan, executive vice-president of human resources at Microsoft, on her LinkedIn page. Read more
The decision of 72-year-old railway executive Hunter Harrison to pursue a challenging new gig instead of retirement is emblematic of the changing shape of the workforce
For all Hunter Harrison’s unquestionable talents, he is really bad at one thing: not working. The celebrated railway executive officially retired from Canadian National Railway Company (CN) in 2009, after a long career running railways. A little more than two years later, at the encouragement of activist investor Bill Ackman, Harrison came out of retirement to become president and CEO of Canadian Pacific Railway (CP). Read more
Have you found yourself wondering if you really need that life insurance policy you pay for every month? You are not alone.
As time goes on we often forget the reasons behind purchasing the amount and type of coverage we did. For this reason it is advisable to have regular reviews to make sure you are adequately protected.
Perhaps you are having trouble making ends meet and are looking to trim expenses. Maybe you simply don’t think you need it because the kids are getting older and your obligations to them have diminished. Some may feel that they have enough assets accumulated that insurance is no longer necessary and even a waste of money. Before you make the decision to cancel your life insurance policy, consider these compelling reasons to keep it. Read more