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Canada's Inflation Just Hit a 3-Year High—Here's What That Actually Means for Your Money

May's Consumer Price Index report reveals inflation is accelerating again, driven by global oil shocks and rising food costs. We break down the impact on mortgages, savings, and your household budget. Last week, Canada's inflation story took a sharp turn. The May Consumer Price Index report showed inflation climbing to its highest level in three years—a wake-up call for households already struggling with rising costs and a signal that the Bank of Canada's long hold on interest rates may not ease anytime soon. If you've been hoping for relief at the grocery store or relief on your mortgage renewal, this news probably stings. But understanding what's driving inflation—and what it means for your financial decisions—is critical right now. What Pushed Inflation Up This Time? The spike wasn't random. Inflation jumped primarily due to energy and food prices—two categories that hit everyday Canadian wallets hard. Energy prices surged because of geopolitical tensions in ...
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What’s New in 2024 Tax Filing: Key Changes and Tips

 

As the tax season kicks off, Canadians are gearing up to file their 2023 income taxes. Whether you’re a seasoned filer or a first-timer, here’s what you need to know for the 2024 tax-filing season:

Important Dates

  • February 19, 2024: The Canada Revenue Agency (CRA) opens its portal for online tax filing. If you prefer paper filing, expect your income tax package in the mail by this date.
  • April 30, 2024: This is the deadline for most Canadians to file their tax return. Filing on time ensures timely processing of refunds, benefits, and credits.
  • June 15, 2024: Self-employed individuals (and their spouses or common-law partners) have until this date to file their returns. If you owe money to the CRA, remember to pay by April 30, 2024, to avoid interest.

What’s New?

  1. Digital Disability Tax Credit (DTC) Application Form:

    • The CRA now offers a fully digital application process for the DTC. Persons with disabilities and their medical practitioners can complete Part A of the application form online in My Account or by phone. No more printing and manual completion!
    • The applicant’s portion of the form is prepopulated with information already on file at the CRA. Once done, applicants receive a reference number for their medical practitioner to complete Part B.

  2. Changes to the T1 Notice of Assessment:

    • The T1 notice of assessment and notice of reassessment now provide clearer and more comprehensive information.
    • If you’re expecting a refund and haven’t signed up for direct deposit, you’ll receive a paper T1 notice of assessment and a separate cheque.

Remember, timely filing ensures you receive the benefit and credit payments you’re entitled to. 


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