Latest news with #OldAgeSecurity
Hamilton Spectator
22-07-2025
- Business
- Hamilton Spectator
July 2025 CPP, increased OAS payments arrive soon for eligible Canadians
Canada Pension Plan (CPP) and Old Age Security (OAS) July payments come out soon. The payment dates for both CPP and OAS are set for Tuesday, July 29. If you're entitled to receive either of those benefits, the money should arrive in your bank account then. According to the Canada Revenue Agency, those who receive OAS will see a one per cent increase in benefits for the July to September 2025 quarter, reflecting a 2.3 per cent annual increase from July 2024 to July 2025, based on the Consumer Price Index. OAS is reviewed in January, April, July and October to reflect increases in the cost of living. However, your payment won't decrease if the cost of living goes down. Several provincial and federal government benefit payments come out in July. The goods and services tax/harmonized sales tax credit, Advanced Canada Workers Benefit, Ontario Trillium Benefit, Canada Child Benefit, CPP, OAS and Ontario Disability Support payment are paid this month to eligible Canadians. The new Canada Disability Benefit payments also started in July for applications received and approved by June 30. To be eligible for CPP, you must be at least 60 years old and have made at least one contribution to the plan. Contributions must have been made from work conducted in Canada, or as a result of credits from a former spouse or former common-law partner. Maximum CPP pension at age 65 as of January 2025 is $1,433 per month. The average CPP pension at age 65 as of April 2025 is $844.53 per month. The maximum and average CPP amounts isn't guaranteed. The amount of your CPP retirement pension depends on different factors, such as: You can get an estimate of your monthly CPP retirement pension payments by signing in to your My Service Canada Account . The OAS is a monthly payment you can get if you are 65 and older. In most cases, Service Canada will be able to automatically enrol you for the OAS pension if sufficient information is available. Service Canada will inform you if you have been automatically enrolled. The maximum OAS pension amounts from July to September 2025 for people aged 65 to 74 is $734.95. If you're 75 and over, the maximum monthly payment is $808.45. To receive the OAS your annual net world income in 2024 must be less than $148,541 for those aged 65 to 74, and less than $154,196 for people 75 and over. However, the CRA provides a new online OAS benefit payment estimator to give you an idea of how much your payment will be. Haven't received your payment? Wait 10 working days from the payment date to contact the Canada Revenue Agency . For information about ODSP, visit the province's information page . Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Calgary Herald
16-07-2025
- Business
- Calgary Herald
John Ivison: Carney will have to cut the uncuttable — if he has the guts
Article content 'I see storm clouds ahead on the Indigenous front,' said Michael Wernick, the Jarislowsky Chair in public sector management at the University of Ottawa, and a former clerk of the Privy Council. Article content Spending down political capital with Indigenous groups and environmentalists might seem unlikely, but the government is already doing that with C-5, the recently passed major projects bill. Prime Minister Mark Carney is meeting First Nations leaders at a summit on Thursday and he will likely be lobbied heavily to move many of those grants and contributions from the 'cuttable' column into the 'uncuttable' one. Article content In a Policy Options article Wernick wrote in 2021, and reposted this week, he said governments serious about program reviews have to 'go where the money is'; accept that any changes will be fiercely contested; and ask fundamental questions about whether certain activities should be funded at all. Article content Article content Wernick said in an interview with National Post this week that Carney's efforts at spending restraint will not be a 'one and done' exercise, but will more likely resemble then finance minister Paul Martin's multi-year efforts in the 1995 and 1996 budgets that brought runaway deficits under control. Article content François-Philippe Champagne, the finance minister, indicated just such an approach in his letter to ministers that called on them to find savings of 7.5 per cent in the current year, 10 per cent next and 15 per cent in 2028–29. Article content This goes far beyond the productivity efficiencies that were included in the Liberal election platform. Article content But the need for more ambitious savings is apparent. Article content Recent projections by the C.D. Howe Institute and by economist Trevor Tombe suggest the commitment to increase military spending to five per cent of GDP is likely to push deficits and debt to levels not seen outside the pandemic. Tombe's model sees annual deficits of over $150 billion by 2035. Article content Article content Wernick said the uncertainty surrounding the trade war with the U.S. means that fiscal forecasts are inherently unreliable. But he concedes 'the arithmetic is relentless' and has even proposed a specific defence and security tax that would see the GST increased by two points and the funds allocated directly to military spending. Article content The public is onside with more expenditure on defence. A recent Abacus Data poll suggested two-thirds of Canadians back the Carney government's announcements of more military spending. Article content But consumption-tax hikes in the current political climate are likely to prove as popular as taking a hatchet to Old Age Security payments. Article content Carney risks becoming the man who fell to earth if these cuts are miscalculated. Article content A similar sense of crisis gave Martin leeway he might not have had in less straitened circumstances. Article content Over the course of three years, he reduced government spending by 19 per cent and reduced the federal headcount by 50,000 people. The budget was balanced within three years, the government's popularity rarely dipped below 50 per cent and the Liberals won the 1997 election. Article content The public accepted the need for action and sensed the Liberals would enjoy cutting spending far less than the opposition Reform party would. Article content The same logic applies for Carney. Article content But in the mid-1990s, the government of prime minister Jean Chrétien was able to demonstrate progress each year in the form of reduced deficits. Article content It is less clear how Carney will be able to claim victory. He has said the answer is faster growth and a balanced operating budget within three years. Article content Article content Yet, growth will be hard to achieve if trade with the United States falls (it has dropped for four consecutive months this year), while GDP growth will result in increases to defence spending and fiscal transfers, which are linked to the size of the economy. Article content In addition, the definition of what constitutes 'operating,' as opposed to 'capital' spending (which Carney has tried to distinguish) is likely to muddy the picture. Article content Voters likely don't need to see balanced budgets, if the Carney government can demonstrate it is making progress on its other priorities, such as using the public balance sheet to bring in investment for major projects, and, crucially, is able to convey that the public finances are under control. Article content One way to do that would be to shrink the public service. Article content A new report from the Parliamentary Budget Office shows that the federal public service increased by 30 per cent between 2015–16 and the last fiscal year. It has topped out at 445,000 full-time equivalent positions, with a slight reduction expected over the next few years due to attrition. Article content Article content Carney could chop a similar number that Martin did and still be left with a federal bureaucracy bigger than it was before the pandemic. Article content The problem for the government is not that bending the curve on program spending will lead to a rusting, hollowed-out public sector. Program spending reached 16 per cent of GDP in the last fiscal year, compared to 13 per cent in 2014–15 ($480 billion versus $329 billion in 2025 dollars).
Yahoo
15-07-2025
- Business
- Yahoo
5 Warning Signs Your GIS Payments Are at Risk
Written by Aditya Raghunath at The Motley Fool Canada The Guaranteed Income Supplement (GIS) provides financial support for low-income Canadian seniors. The maximum monthly GIS payment in the third quarter (Q3) of 2025 is $1,097.75 for single, divorced, or widowed seniors earning below $22,272 annually. Canadian couples who both receive Old Age Security (OAS) get up to $660.78 each month if the combined income is under $29,424. Notably, most recipients receive less than maximum amounts, as GIS is reduced by 50 cents for every dollar of other income received. It's crucial to note that certain situations can jeopardize your monthly GIS payout. Here are five critical warning signs to watch for: 1. Missing tax-filing deadlines: Failing to file your annual income tax return is the most common reason GIS payments are suspended. Even with minimal income, you must file taxes with the Canada Revenue Agency every year to maintain eligibility. 2. Exceeding income thresholds: GIS is income-tested, with strict annual limits. For 2025, single recipients face a $22,272 threshold, while couples have varying limits from $29,424 to $53,376. Additional government benefits like CERB (Canada Emergency Response Benefit) or employment insurance can temporarily push you over these limits. 3. Extended absence from Canada: Leaving Canada for more than six consecutive months automatically stops GIS payments, as the benefit requires Canadian residency with no international protection agreements. 4. Loss of Old Age Security: Since GIS eligibility depends on receiving OAS, any interruption to your OAS pension immediately affects your GIS payments. 5. Unreported marital status changes: Marriage, divorce, or spousal death impacts GIS calculations. Failing to notify Service Canada of these changes promptly can result in overpayments requiring repayment or sudden payment reductions. We can see that the monthly GIS payout may not be enough to cover your expenses. So, it's essential to supplement these payouts with other income streams. One low-cost strategy to create a passive-income stream is to invest in blue-chip dividend stocks such as Bank of Nova Scotia (TSX:BNS) that offers a yield of almost 6%. Bank of Nova Scotia reported fiscal Q2 adjusted earnings of $2.1 billion, or $1.52 per share, amid a challenging macroeconomic environment marked by trade tensions and tariff uncertainty. CEO Scott Thomson emphasized the bank's focus on controllable factors, including the strengthening of its balance sheet and disciplined capital allocation. Scotiabank announced a quarterly dividend of $1.10, up from $1.06 per share. BNS also launched a 20 million share buyback program, which showcases confidence in its capital generation capabilities. The Canadian big bank ended Q2 with a common equity tier-one ratio of 13.2%, up from 12.9% in Q1. The bank took a conservative approach to credit provisioning, building nearly $200 million in allowances this quarter for a cumulative $1.8 billion build since late 2022. This provision reflects management's cautious stance regarding potential tariff impacts on trade-sensitive sectors like automotive, agriculture, and manufacturing. Its Global Wealth Management delivered strong 17% earnings growth, while Global Banking and Markets generated fee income growth of 26% in underwriting and advisory services. Canadian Banking faced headwinds from deposit margin compression due to rate cuts, though the bank maintained strong mortgage renewal rates exceeding 90%. International Banking demonstrated the benefits of geographic diversification, with solid performance in Chile, Peru, and the Caribbean offsetting concerns in Mexico. The bank remains committed to its 5-7% earnings per share growth target for fiscal 2025, including the impact of recent provisions and KeyCorp contributions. Management maintains confidence in achieving a +14% return on equity over the medium term, supported by strategic investments in client primacy, operational efficiency improvements, and strong capital positioning to navigate ongoing uncertainty. A widening earnings base should support consistent dividend hikes, which will enhance the yield at cost. Analysts expect the TSX stock to raise its annual dividend from $4.32 per share in 2024 to $4.87 per share in 2029. The post 5 Warning Signs Your GIS Payments Are at Risk appeared first on The Motley Fool Canada. Before you buy stock in Bank of Nova Scotia, consider this: The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Bank of Nova Scotia wasn't one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the 'eBay of Latin America' at the time of our recommendation, you'd have $24,927.94!* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading 10 Stocks Every Canadian Should Own in 2025 [PREMIUM PICKS] Market Volatility Toolkit A Commonsense Cash Back Credit Card We Love Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- General
- Yahoo
'Overwhelmed' Toronto senior nearly evicted as a result of Service Canada error with old age benefit
A Toronto senior is speaking out after she was left without her Old Age Security benefit for months because of a simple error by Service Canada that left her in a dire situation: the wrong year was allegedly entered into its system. Debbie Westfall says she applied for OAS in January, well before she turned 65 in March, because she knew she would be relying on it to get by. But many months and phone calls later, she was still without her benefit. Now, after CBC Toronto reached out to the agency, Westfall's wait is over and she says her money was deposited Friday. Still, Westfall and her case manager are speaking out because they say for someone like her, a delay in getting the benefit could be the difference between keeping a roof over her head and losing it. "I was so overwhelmed, I could never have done this on my own. I am so relieved to have money for rent and food," her case manager at the Parkdale Activity Recreation Centre told CBC News Westfall said. Getting a hold of someone at Service Canada to solve the problem wasn't easy, she says. "We phoned and phoned, and I was crying every day," she said. Service Canada says there are a number of measures in place to ensure that seniors have support through the process, but one researcher who's studied issues with OAS says the system can often be difficult to navigate. More than a dozen phone calls and hours on hold Max Kelly, an intensive case manager at Parkdale Activity Recreation Centre, worked with Westfall through the process. He says he made more than a dozen phone calls to reach Service Canada and spent hours on hold. As Westfall neared the possibility of eviction, Kelly says he managed to access an emergency bridging program with the province of Ontario. But he's extremely frustrated about how much time and effort it took to solve the problem. "It seems to highlight a basic problem-solving issue within the federal government," he said. During one of his calls, Kelly says, one agent told him someone at Service Canada had entered the year 2035 instead of 2025. And while many of the agents were sympathetic and said the situation was marked as urgent, Kelly says it wasn't rectified urgently enough. Service Canada responds After CBC News reached out to Service Canada, Kelly said he received his first call from the government agency. He says he was told Westfall's money would be put in her account within 10 business days. Westfall confirmed she received the payments she's been fighting for on Friday. Service Canada confirmed to CBC News that her application was processed on a high-priority basis. It did not respond to questions about the error Kelly was told was made on the agency's end or about the lengthy hold times they experienced in the process. It also said it's committed to ensuring that all seniors receive the benefits to which they are entitled, and a number of measures are in place to identify and assist clients in accessing them. "These measures include automatic enrolment to OAS for some clients, a dedicated Pensions Call Centre, direct outreach initiatives through partnerships with various community support organizations, a number of promotion and awareness initiatives including mail-out campaigns, and support in obtaining information or to apply for benefits at over 300 Service Canada Centres located across Canada," the agency said in a statement. John Stapleton with the National Institute on Aging has researched issues with OAS and says Westfall's case points to a larger problem. "The Old Age Security benefits are extremely complicated," he said. Stapleton says he has advocated for around 100 people who struggle with the system by reaching out to their members of Parliament or advising them to do so. He says people originally from other countries sometimes struggle with missing acceptable documentation, especially if a country has broken infrastructure. People can have difficulty engaging with the system because they struggle with technology as older adults. "This is a program that's had many Band-Aids put on it over the years. It's generally a very generous program, and it's a program that is looked up to by a lot of Canadians, but at the same time it has complexities that have been added on over the years," he said. Kelly is relieved to know that Westfall will get her benefits soon, but hopes highlighting this issue provokes change. "What's at stake is someone's well-being, health and dignity. It couldn't be more important."
30-06-2025
- General
She says Service Canada made an error on her Old Age benefit application — the delay almost got her evicted
Début du widget Widget. Passer le widget ? Fin du widget Widget. Retourner au début du widget ? A Toronto senior is speaking out after she was left without her Old Age Security benefit for months because of a simple error by Service Canada that left her in a dire situation: the wrong year was allegedly entered into its system. Debbie Westfall says she applied for OAS in January, well before she turned 65 in March, because she knew she would be relying on it to get by. But many months and phone calls later, she was still without her benefit. Now, after CBC Toronto reached out to the agency, Westfall's wait is over and she says her money was deposited Friday. Still, Westfall and her case manager are speaking out because they say for someone like her, a delay in getting the benefit could be the difference between keeping a roof over her head and losing it. I was so overwhelmed, I could never have done this on my own. I am so relieved to have money for rent and food, her case manager at the Parkdale Activity Recreation Centre told CBC News Westfall said. Getting a hold of someone at Service Canada to solve the problem wasn't easy, she says. We phoned and phoned, and I was crying every day, she said. Service Canada says there are a number of measures in place to ensure that seniors have support through the process, but one researcher who's studied issues with OAS says the system can often be difficult to navigate. More than a dozen phone calls and hours on hold Max Kelly, an intensive case manager at Parkdale Activity Recreation Centre, worked with Westfall through the process. He says he made more than a dozen phone calls to reach Service Canada and spent hours on hold. As Westfall neared the possibility of eviction, Kelly says he managed to access an emergency bridging program with the province of Ontario. But he's extremely frustrated about how much time and effort it took to solve the problem. It seems to highlight a basic problem-solving issue within the federal government, he said. During one of his calls, Kelly says, one agent told him someone at Service Canada had entered the year 2035 instead of 2025. And while many of the agents were sympathetic and said the situation was marked as urgent, Kelly says it wasn't rectified urgently enough. Service Canada responds After CBC News reached out to Service Canada, Kelly said he received his first call from the government agency. He says he was told Westfall's money would be put in her account within 10 business days. Westfall confirmed she received the payments she's been fighting for on Friday. Service Canada confirmed to CBC News that her application was processed on a high-priority basis. It did not respond to questions about the error Kelly was told was made on the agency's end or about the lengthy hold times they experienced in the process. It also said it's committed to ensuring that all seniors receive the benefits to which they are entitled, and a number of measures are in place to identify and assist clients in accessing them. These measures include automatic enrolment to OAS for some clients, a dedicated Pensions Call Centre, direct outreach initiatives through partnerships with various community support organizations, a number of promotion and awareness initiatives including mail-out campaigns, and support in obtaining information or to apply for benefits at over 300 Service Canada Centres located across Canada, the agency said in a statement. John Stapleton with the National Institute on Aging has researched issues with OAS and says Westfall's case points to a larger problem. The Old Age Security benefits are extremely complicated, he said. Stapleton says he has advocated for around 100 people who struggle with the system by reaching out to their members of Parliament or advising them to do so. He says people originally from other countries sometimes struggle with missing acceptable documentation, especially if a country has broken infrastructure. People can have difficulty engaging with the system because they struggle with technology as older adults. This is a program that's had many Band-Aids put on it over the years. It's generally a very generous program, and it's a program that is looked up to by a lot of Canadians, but at the same time it has complexities that have been added on over the years, he said. Kelly is relieved to know that Westfall will get her benefits soon, but hopes highlighting this issue provokes change. What's at stake is someone's well-being, health and dignity. It couldn't be more important. Talia Ricci (new window) · CBC News
