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 […]

Cost Plus coverage provides designated plan members and their dependents with additional benefits for expense items that aren’t covered and for items that exceed current coverage amounts identified in the benefits program. Under a Cost Plus program, a Cost Plus claim is an expense that is an eligible drug, dental or extended health claim under the Canadian […]

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Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn.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

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 […]

Workers compensation (WCIB) is a percentage of earnings that you are required to pay out of your paycheck if you ever need to draw on it. Maximum assessable earnings subject to premiums. Taxable Income 2018 2019 British Columbia $82,700 $84,800 Alberta $98,700 $98,700 Saskatchewan $82,627 $88,314 Manitoba $127,000 $127,000 Ontario $90,300 $92,600 Quebec $74,000 $76,500 New Brunswick […]

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% […]

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 […]

Student Tax Credit  The Canadian government offers two tax credits for businesses employing students. With these, small businesses like yours can claim 30% of eligible expenditures! Co-operative Education Tax Credit   Apprenticeship Training Tax Credit

As of April 1, 2019, Ontarians under age 25 with private drug coverage will no longer be eligible for OHIP+ In January 2018, the Ontario government launched OHIP+, a provincial drug program that provides coverage for over 4,400 drugs for all Ontarians under 25. The program is changing. Effective April 1, 2019, OHIP+ will only be available […]