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5 Things to Know Today: Your Canadian Money Brief

  Wednesday, April 29, 2026 | moneysavings.ca/canadian-money-brief 1. The Bank of Canada Is Watching — And So Should You Markets are closely parsing every signal from the Bank of Canada ahead of its next rate announcement. With inflation holding stubbornly above target in key categories like shelter and groceries, economists are split on whether another cut is on the table or a longer hold is in store. If you're carrying variable-rate debt or sitting on a GIC renewal, now is the time to model both scenarios. What to do: Don't lock into a long-term rate product until after the next announcement. A few days of patience could save you thousands. 2. Spring Housing Market: More Listings, Less Panic After years of near-empty inventory, more Canadian sellers are finally listing — particularly in the Greater Toronto Area and Greater Vancouver. The uptick in supply is giving buyers breathing room they haven't seen since pre-pandemic times. That said, prices haven't mean...
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Maximizing Savings: A Guide to 2023 CRA Tax Breaks for Canadians

 



As we welcome the new year, it’s crucial to stay informed about the various tax deductions and credits available to Canadians. These financial incentives can significantly reduce your tax bill and potentially result in a substantial refund. Here’s a brief overview of six key tax breaks offered by the Canada Revenue Agency (CRA) for the 2023 tax year:

  • Dividend Tax Credit: Investors can benefit from this credit, which applies to dividends received from stocks like Fortis Inc. The credit is calculated based on a “grossed up” amount of the dividends, leading to a reduced tax bill.

  • RRSP Contributions: Contributions to a Registered Retirement Savings Plan (RRSP) are deductible, lowering your taxable income and, consequently, your tax bill.

  • Work-from-Home Deductions: Self-employed individuals can claim their entire workspace, while conventionally employed workers can deduct work-related expenses.

  • Disability Tax Credit: This credit provides relief for costs incurred due to a severe disability, offering a significant deduction for both oneself and eligible dependents.

  • Tuition Fees: Educational expenses, including tuition and textbooks, are eligible for a tax credit, easing the financial burden of higher education.

  • GST/HST Tax Credit: A direct payment is made to individuals with incomes below a certain threshold, helping to offset the Goods and Services Tax/Harmonized Sales Tax paid throughout the year.

By taking advantage of these tax breaks, Canadians can effectively manage their finances and save money as they navigate the complexities of the tax system. Remember, every deduction counts when it comes to maximizing your savings.

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