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Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn.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 […]

Ontario Individual Health Premiums

Ontario residents pay the health premium through the income tax system. The money collected through the tax funds Ontario’s health services. Taxable Income 2005 and later tax years $0.00 – $20,000 no premium $20,001 – $25,000 (taxable income – $20,000) x 6% $25,000 – $36,000 $300 $36,001 – $38,500 $300 + (taxable income – $36,000) x 6%[…..]

Canada Pension Plan (CPP)

The CPP provides retirement benefits to people who have worked and contributed to the plan. The CPP supplements your retirement savings plan. Contributions towards CPP are deducted from the individual’s pay. This chart specifies annual contribution limits for individuals based on the Canada Revenue Agency (CRA) guidelines. Benefits – CPP 2018 Max. Amount 2019 Max. Amount Retirement[…..]

Credit Card Travel Insurance

Will My Card Cover My Travel’s? If you decline travel insurance because you already have coverage through your credit card or employee group benefits, you don’t have the level of coverage that you think you do: Does the coverage meet your trip needs? What’s the maximum amount of travel insurance coverage? Do you need to book your[…..]

Provincial Health Plan Coverage While Traveling

Does Your Provincial Health Plan Cover You? Often, people assume their provincial health plan covers them for accidents or medical emergencies while traveling out of country. Little do they know that provincial health plans regularly cover less than 10% of all costs!   Did you know… A one-night stay in a US hospital costs an average of[…..]

Ontario Human Rights Tribunal

Ontario Human Rights Tribunal interim decision rules that it is discriminatory to deny group benefits to employees 65 and older. A case between an employee and employer was recently brought before the Ontario Human Rights Tribunal. The case related to the termination of health, dental and life insurance group benefits at age 65. In an interim decision[…..]