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.

As a proud Knowledge Bureau Designate, you've earned more than a credential—you’ve earned trust, credibility, and the distinction of being part of a nationally recognized network of leading professionals. To maintain your active status and continue enjoying the full benefits of your designation, it’s important to complete your annual re-licensing requirements by June 30. Not a Designate? Join this growing group of professional advisors in the tax, accounting and financial services. Learn more about the VIP Grad experience too!

In addition to reducing income tax through a non-refundable credit, the Disability Tax Credit (DTC) serves as a gateway to a wide range of additional tax benefits and government programs. Eligibility for the DTC can unlock enhanced credits, financial supplements, and long-term savings opportunities that go well beyond the tax return. Understanding how the DTC connects to these broader supports is essential for maximizing financial stability—both for individuals living with disabilities and the family members who support them.  Unfortunately, many taxpayers miss this credit and their tax and financial advisors can certainly help when this happens.

The tax filing profile for the self employed is coming up fast:  June 16,2025.  These proprietors file T1 returns and report net income, which is subject to tax and also Canada Pension Plan (CPP) contributions upon filing.  There can also be losses which offset other income of the year.  Regardless, their tax and financial planning needs are unique, especially because they are at greater risk of audit by CRA and also of having too many eggs in one basket. . .their business.

What are the implications of misclassifying workers as independent contractors to avoid paying statutory deductions? From a CRA point of view, plenty, and the consequences can be very expensive. At a time when terminations and layoffs due to uncertainty in the current business environment are occurring, getting these classifications right is important.  There may, in fact, also be a legal requirement to pay severance to independent contractors.

Business owners are facing unprecedented uncertainty as they approach retirement. Whether it’s fluctuating business valuations, changing tax policy, or succession challenges, today’s entrepreneurs need specialized, forward-thinking advice to navigate their financial future. That’s why the “Retirement Income Planning for Small Business Owners” session—delivered by Doug Nelson as part of the CE Savvy Summit on May 21, 2025—remains a critical learning opportunity for tax and financial advisors working with entrepreneurial clients. Missed the live event? Now it’s available on-demand! This session provides full access to the recordings, materials, and CE assessments — making it easier than ever to earn credits and sharpen your advisory edge at your own pace.

As Canada’s head office economy continues to contract, the responsibility for economic growth, innovation, and leadership is increasingly falling to small- and mid-sized businesses. This shift presents both a challenge and an opportunity. And, it’s exactly why the DMA – Small Business Services Specialist Program should be a critical part of your professional development library. Designed to equip professionals with the tools to support sustainable business growth and succession, this online designation program prepares you to develop leadership skills from the ground up as Corporate Canada is experiencing a disturbing trend.  Here’s more: