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As the year comes to a close, many Canadians can look forward to additional financial support from the Canada Revenue Agency (CRA) in December 2024. These benefits are designed to assist families, seniors, and low-income individuals with their everyday expenses, especially during the holiday season. Here’s a detailed look at the key CRA benefit payments…
The Tax-Free Savings Account (TFSA) is one of the best ways to save and grow your money in Canada. For 2025, the annual contribution limit will stay at $7,000, making it a fantastic opportunity to save more without worrying about taxes on the growth or withdrawals. Why Is the TFSA Limit $7,000 for 2025? The…
What is an RRIF?When you retire in Canada, many people convert their RRSP (Registered Retirement Savings Plan) into a RRIF (Registered Retirement Income Fund). An RRIF is a special account that allows you to withdraw money from your retirement savings, but there’s a catch: once you turn 71, you must start withdrawing a minimum amount…