Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
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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