How the Canada Pension Plan Works The Canada Pension Plan or CPP is a retirement pension that is paid monthly. It is a taxable benefit to replace a part of your income upon retirement. Once qualified, you’ll get payments from the CPP retirement pension for the rest of your life. Qualifying for the Canada Pension […]
Eligibility & the Process for Employment Insurance Employment Insurance or EI in Canada is a system made to provide monetary benefits to those who lose their jobs as long as there hold no fault of their own. Some examples are shortages of work, seasonal and mass lay-offs. The individuals are able to and available for […]
Bookkeeping vs Accounting & Your Business What is the difference in bookkeeping vs accounting? When it comes to finances, your business may need an accountant or a bookkeeper depending on the needs of the organization. Bookkeeping A bookkeper records day-to-day financial transactions for the business. They are generally paid less than accountants and don’t need […]
How Maternity and Parental Benefits Work In Canada, maternity and parental benefits are processed through EI or Employment Insurance. They provide financial assistance to new parents that meet the following criteria: Those who are leaving their work because of pregnancy or giving birth. They are a parent who are away from work to take care […]
Breaking Down Canada’s Tax Brackets When going through tax planning for the year, it is important to understand Canada’s Tax Brackets so you are able to budget accurately. Keep in mind that your income tax considers income from all sources that are taxable. Once you know what your total income is, it is time to […]