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Glossary term
CRA — Canada Revenue Agency
Canada Revenue Agency — federal tax authority. Administers income tax, GST/HST, RRSP/TFSA/FHSA contribution rooms, CCB, CESG. Check your limits + NoA via CRA My Account (my.cra-arc.gc.ca).
Related terms
CCB
Canada Child Benefit — tax-free monthly payment for families with children under 18. Amount depends on family…
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…
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