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If you depend on monthly government payments like the Canada Pension Plan, the new year brings some welcome news: benefit amounts just went up, and your CPP payment for January is right around the corner.Starting this month, CPP payments are 2% higher across the board, thanks to an annual adjustment tied to changes in the consumer price index. That means your first payment of 2026 will reflect the new, slightly higher rate.This increase applies to all types of Canada Pension Plan benefits — retirement pensions, disability support, survivor payments and children's benefits included. Service Canada automatically applies these cost-of-living adjustments every January, so there's nothing you need to do to get the higher amount.And if you're also receiving Old Age Security, that benefit is increasing as well, giving you a boost from two sources this month.READ ALSO: Canada is increasing a bunch of benefits soon — Here's how much more you can get in 2026Here's everything you need to know about your January Canada Pension Plan payment — including the increased CPP payment amounts, who can get them and exactly when your deposit will arrive.How does the Canada Pension Plan work?The Canada Pension Plan is a federal program that provides monthly income to people who've contributed throughout their working years. If you've ever earned a paycheque in Canada (outside of Quebec), you've likely paid into CPP through automatic deductions.Those contributions add up over your working life and turn into a stream of payments when you retire or become eligible for other benefits. You can claim CPP as early as 60, though starting before 65 reduces what you'll get each month. The full benefit kicks in at 65, and if you hold off longer, your monthly payment grows — but only until you hit 70.Once you begin collecting, your payment is guaranteed for life and won't decrease. Each January, Service Canada adjusts CPP for inflation, so you'll see small increases like the one that just took effect this month.More about the CPPWho is eligible for the Canada Pension Plan?You can receive CPP retirement benefits if you're at least 60 years old and you've made at least one contribution to the plan. Most people who've worked in Canada meet this requirement without even thinking about it.In addition, if you've gone through a divorce or separation, you and your former partner can divide what you've each contributed during your time together, which could boost your monthly benefit, or even help you qualify if you didn't contribute on your own.You also don't have to stop working to collect the pension — you can earn employment income while receiving CPP between ages 60 and 70. Keep contributing during that time, and you could qualify for the post-retirement benefit, which adds a little more to your monthly total.More about CPP eligibilityCPP disability and survivor benefitsBeyond retirement payments, the Canada Pension Plan offers several other benefit types that are paid out in the same deposit.Post-Retirement Benefit: If you're working and already collecting CPP between the ages of 60 and 70, you can earn an extra monthly payment. This benefit reflects the additional CPP contributions you're making while employed.CPP Disability Benefit: This provides income to people under 65 with a severe, long-term disability that prevents any type of regular work. You'll need to show sufficient CPP contributions and provide medical documentation proving you can't work.Post-Retirement Disability Benefit: Designed for those who become disabled between 60 and 65 after they've already started receiving their CPP retirement pension. It fills the gap when you no longer qualify for the regular disability option.CPP Survivor's Pension: When someone who contributed to CPP dies, their spouse or common-law partner may be entitled to survivor payments. The monthly amount depends on the deceased person's contribution history and the survivor's age.CPP Children's Benefits: Monthly payments…

Tax season officially kicks off next month, and the Canada Revenue Agency just released its new list of updates for the 2025 tax year. If you're planning ahead — or just trying to avoid surprises — there are a few important changes to taxes in Canada that you'll want to know before you file.Announced on Tuesday, the CRA updates cover everything from adjusted tax brackets and new credits to changes in how you access your online account. READ ALSO: Here's when you can start filing your taxes for 2025 in Canada if you want your refund ASAPSome of the updates are already in effect, while others will roll out later this year and impact how much tax you owe — or how much you could get back.Here's a breakdown of everything that's new or different for 2025, and how it all might affect your tax return when you file this spring.Key dates & deadlinesThe 2025 tax season officially kicks off on Monday, February 23, 2026, when the CRA will open its NETFILE service and begin accepting tax returns for the year.After that, here are the main dates to mark on your calendar:March 2, 2026: Deadline to contribute to an RRSP, pooled registered pension plan (PRPP) or specified pension plan (SPP) for the 2025 tax yearMarch 2, 2026: Deadline for your employer to give you your T4 slip (and file their T4 summary with the CRA)April 30, 2026: Deadline to file your tax return and pay any balance owingJune 15, 2026: Filing deadline if you're self-employed (or your partner is) — but keep in mind you still have to pay any taxes owing by April 30New tax brackets & BPAAs usual, the CRA has adjusted federal tax brackets and credits to keep up with inflation. For 2025, the indexation rate is 2.7% — which means slight increases to both income thresholds and many non-refundable tax credit amounts.Here's how the federal brackets break down for 2025:14.5% on the first $57,375 of taxable income20.5% on income over $57,375 up to $114,75026% on income over $114,750 up to $177,88229% on income over $177,882 up to $253,41433% on income over $253,414The basic personal amount (BPA) — which is the amount of income all Canadians can earn completely tax-free — has also gone up:If your income is $177,882 or less, your BPA is $16,129If your income is $253,414 or more, your BPA is $14,538If your income falls in between, your BPA will be adjusted graduallyA number of other federal credits — including the amounts for a spouse, dependant, caregiver, disability, medical expenses and more — have also been increased by 2.7% for 2025.Keep in mind these only apply to the federal portion of your taxes — you'll still owe tax to your province or territory on top of these amounts, and those have their own rates and brackets. Most provinces and territories have made similar inflation adjustments for 2025.Tax rate changesOne of the biggest updates for 2025 is a change to the federal tax rate on the lowest income bracket.Starting July 1, 2025, the rate dropped from 15% to 14%. Since the change took effect halfway through the year, the CRA is applying a blended rate of 14.5% across the full 2025 tax year.There are also two provincial rate changes to know about:Alberta introduced a new 8% tax rate on the first $60,000 of taxable income — a drop from the previous 10% minimum.P.E.I. adjusted all five of its personal tax rates for 2025, lowering the first four and slightly increasing the top bracket.New top-up tax creditTo go along with the mid-year federal tax cut, the CRA also introduced a new top-up tax credit for 2025. It's designed to make sure Canadians claiming non-refundable tax credits on amounts above the first income bracket threshold don't lose out.The new top-up tax credit applies if you're claiming affected non-refundable tax credits on amounts over $57,375. It effectively maintains a 15% rate on those portions, so the rate drop doesn't reduce your credit value.Alberta brought in a similar fix to account for its new 8% bracket — a new non-refundable supplemental tax credit equal to 2%…

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