Mid-Summer Reviews: When to Collect OAS and CPP

Did you know that 61% of Canadians are afraid of running out of money during retirement? According to a new CPP Investments survey, that fear is widespread. Yet surprisingly few people understand even the basics of public pension planning. For example, Canadians are not obliged to begin OAS or CPP at age 65. By delaying, they can significantly boost after-tax income and improve retirement security.

The June 16 tax filing deadline for self-employed proprietors is just around the corner.  Be sure to do a thorough review of business expenses allowable – it’s essential to be accurate for tax purposes and keep all receipts and documentation for audit purposes. Misinterpretation or misclassification of expenses can result in either an understatement or overstatement—both of which can impact income reporting, Canada Pension Plan (CPP) contributions, and income tax obligations.

The Notice of Ways and Means Motion was released on May 27, but the 1% tax rate cut going into effect on July 1, didn’t cut it with Knowledge Bureau Report readers who responded to our May Poll.  A decisive 90% of respondents said “No” when asked: does the new government’s promise to cut the lowest personal income tax rate by 1% to 14%, (14.5% in 2025) go far enough to help Canadians impacted by high costs?  Here were their comments and suggested alternatives based on real life experiences with the after-tax income their struggling clients are left with:

Most of the personal tax returns have been filed for 2024 but we need to continue to be aware of important dates related to tax filing and investment planning. Many tax filers moan at tax time and wish they had made other decisions throughout the year but the incentive to change often disappears once the tax returns are filed. Tax and investment planning is a year-round process and we need to be mindful of important dates.

It’s a windfall worth billions!  From time to time, we hear of a lottery ticket worth millions of dollars which has gone unclaimed. But CRA says it is sitting on some 10.2 million cheques, some of them dating back years. The total value amount is a staggering $1.7 billion, Blog TO reports. So why hasn’t the government been more proactive about getting this money in the hands of Canadians?  Turns out an attempt was made.  But there is more: a big opportunity for tax and financial advisors to help Canadians recover what is rightfully theirs and reinvest it for their future.  Read on:

Today’s tax professionals are being asked to do more than file year-end returns—they’re being called on to interpret financial data, support decision-making, and advise business owners throughout the year. The DMA™ – Accounting Services Specialist Program from Knowledge Bureau responds to this need by providing the advanced skills and knowledge required to deliver practical, high-value accounting services to small business clients.

As the pace of change accelerates across tax, finance, and wealth management, it’s never been more important for professionals to stay ahead with meaningful, flexible, and forward-thinking continuing education. That’s why Knowledge Bureau is proud to introduce the Mastery Programs Division — a new curriculum stream that delivers both depth and specialization for practitioners ready to lead with purpose. Whether you are earning CE/CPD credits, looking to customize your learning journey, or aiming to achieve designation-level expertise, the Mastery Programs Division offers powerful options tailored to your goals.