Updated:
Glossary term
CCB — Canada Child Benefit
Canada Child Benefit — tax-free monthly payment for families with children under 18. Amount depends on family income (up to $7,787/yr per child 0-5, $6,570 per child 6-17 in 2026). Auto-calculated from tax return.
Related terms
OAS
Old Age Security — federal pension benefit for residents 65+. Max $727/mo (2026) depends on years of Canadian…
CPP
Canada Pension Plan — contributory pension. Employee + employer each pay 5.95% of earned income up to YMPE $7…
RRIF
Registered Retirement Income Fund — conversion of RRSP to a retirement income vehicle. Must be done by end of…
LIF
Life Income Fund — locked-in RRIF converted from locked-in pension funds (LIRA). Has minimum AND maximum annu…
T1135
Foreign Income Verification Statement — CRA reporting requirement if your combined foreign assets exceed $100…
NoA fields
Key NoA fields to review: RRSP Deduction Limit (next year), Unused TFSA Contribution Room, HBP Repayments Out…
Want this explained for your situation?
30-minute discovery call, no fee — we'll show how this term applies to your specific case.
Free discovery call