Covid Travel Updates

What the new government announcements mean for you. COVID-19 measures at the border are being eased. So what does that mean for you? Here’s what you need to know.  On February 28th the global avoid “non-essential travel” advisory will be lifted. Please keep in mind coverage is not provided in destinations that the Federal Government has issued an […]

Changes to the GAINS Benefit Rate Tables

Benefit period: April 1, 2019 to June 30, 2019 The GAINS rate tables have been updated to provide a ready reference of OAS/GIS/GAINS payments at specified levels of private income, depending on a senior’s status e.g., single or couple. Guaranteed Income Supplement Single pensioners: $1,582.77 monthly ($18,993.24 annually) Qualified couples, per person: $1,225.22 monthly ($14,702.64 annually) Read all about GAINS[…..]

Registered Pension / Savings Plan

Individual contributions to Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn. For RRSP and RPP plans, there is a maximum amount for what you can deposit in a given year. Tax-Free Savings Accounts (TFSA) are a government-regulated tax-free savings plan. Similar to the RRSP[…..]

Group benefit taxation

Each benefit, depending on what your employer provides, plus the percentage you pay versus the percentage your employer pays – makes it a taxable or a non-taxable benefit. Taxable Income Premium is a tax deductible expense (Employer) Employer contributions?1 Benefit payments to employee Group Life yes Taxable Benefit Non-Taxable Dependent Life yes Taxable Benefit Non-Taxable Wage-Loss Replacement[…..]