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How inflation actually affects you

Inflation isn't just a number on the news. Here's what rising prices actually do to your wallet, savings, and everyday life in Canada. Canadian Money Brief   ·  Updated April 2026  ·  5 min read You've probably noticed that your groceries cost more than they did a few years ago. So does rent, a tank of gas, and a restaurant meal. But when the Bank of Canada announces that "inflation is at 2.8%," what does that actually mean for the money in your pocket? Let's cut through the economics jargon and get to what matters: the real, tangible ways inflation reshapes your financial life — whether you notice it or not. What inflation actually is Inflation is the rate at which prices across the economy rise over time. Canada's central bank tracks this using the Consumer Price Index (CPI), a basket of goods and services — think groceries, gas, rent, clothing, and internet plans — that a typical household buys. When that basket costs more than it did a year ago, we hav...
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Navigating the Canadian Tax Landscape: Key Deductions and Credits for 2023

 

As the tax season approaches, Canadians are gearing up to file their 2023 tax returns. Whether you’re a seasoned taxpayer or a first-timer, understanding the available deductions and credits can significantly impact your financial well-being. Let’s explore some of the popular tax breaks you should be aware of:

1. GST/HST Credit

  • The Goods and Services Tax/Harmonized Sales Tax Credit (GST/HST Credit) provides relief to low and modest-income families. It offsets the sales tax paid on everyday goods and services.
  • Remember to file your taxes on time to receive this quarterly credit, even if you have no income to report.

2. Ontario Trillium Benefit (OTB)

  • Ontarians can benefit from the Ontario Trillium Benefit, a refundable tax credit that combines three components: the Ontario Energy and Property Tax Credit (OEPTC), the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
  • It helps eligible individuals manage energy costs, sales tax, and property taxes.

3. Self-Employed Business Expenses

  • If you’re self-employed, track your business expenses diligently. These deductions reduce your taxable income.
  • From office supplies to travel costs, every legitimate business-related expense counts.

4. Medical Expenses

  • Claim eligible medical expenses paid during the year. This includes prescription medications, dental services, and other health-related costs.
  • Keep in mind that only expenses exceeding a certain threshold (based on your income) are eligible for deduction.

5. Charitable Donations

  • The charitable donation tax credit encourages philanthropy. You can claim donations made to registered charities.
  • Obtain official donation receipts from the charities you support.

6. RRSP Contributions

  • Contributing to your Registered Retirement Savings Plan (RRSP) not only secures your retirement but also results in tax savings.
  • Be aware of your contribution limit and the deadline to claim an RRSP deduction on your 2023 return.

Remember, tax planning is about maximizing your benefits while staying compliant with the rules. Consult the Canada Revenue Agency (CRA) guidelines or seek professional advice to make the most of these deductions and credits.

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