Skip to main content

Featured

5 Things to Know Today – June 12, 2026

F rom the Bank of Canada's fifth straight hold to Trump throwing a wrench into CUSMA talks — here's what every Canadian needs on their radar today. Thing #1 Bank of Canada Holds at 2.25% — But Two-Way Risk Is Now on the Table The Bank of Canada kept its overnight rate at 2.25% on June 10 — the fifth consecutive hold — as Governor Tiff Macklem tried to balance two competing threats: sticky energy-driven inflation from Middle East conflict and an economy that's clearly struggling to grow. What made this hold different is Macklem's explicit warning that the next move could go either way — a cut if U.S. tariffs weigh harder on growth, or a hike if oil-price inflation becomes entrenched. The prime rate at major lenders stays at 4.45%. The next decision is July 15, 2026. Bottom line: If you have a variable-rate mortgage or a line of credit, don't expect relief soon — and don't rule out a hike either. Now is a good time to stress-test your budget against both scenari...
Post a Comment
Read more

article

Labels

Tax-Savvy Strategies: Maximizing Your CRA Returns

                                         

    
As the tax season looms, Canadians are reminded of the April 30 deadline for filing and payment to avoid penalties from the Canada Revenue Agency (CRA). To ensure a smooth tax experience and potentially increase your returns, here are some key strategies:

  1. RRSP Contributions: Ensure you report any contributions made to your Registered Retirement Savings Plan (RRSP) within the first 60 days of the year to qualify for a tax refund.

  2. First Home Savings Account: Take advantage of the new First Home Savings Account (FHSA) for tax-deductible contributions and tax-free withdrawals for your first home’s down payment.

  3. Medical Expense Tax Credit: Families can claim the non-refundable medical expense tax credit if their total medical expenses exceed the lesser of $2,635 or 3% of net income.

  4. Home Office Expenses: Remote workers can claim home office expenses, though the flat-rate method is no longer available; detailed tracking is required.

By mastering these tax changes and utilizing accounts like the TFSA, Canadians can lighten their tax burden and keep more money in their pockets. Remember, early preparation is key to a stress-free tax season.


Labels:

Comments

Post a Comment