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Markets Update: Wall Street Takes a Memorial Day Pause as Asian Stocks Surge to Records

It's a split-holiday Monday for global investors. While American traders step away from their screens for Memorial Day — leaving the NYSE and Nasdaq dark until Tuesday — the Toronto Stock Exchange is open for business , and markets across Asia are delivering some of the most dramatic moves of the year. Here's everything you need to know before the North American week kicks into full gear. Canada — TSX Open While the US Rests The S&P/TSX Composite Index closed Friday, May 22 at 34,471.36 , up a modest 0.18%, as financials provided support heading into the long weekend. With Victoria Day already behind us (it fell on May 18 this year), the TSX is the only major North American exchange open today, which could translate into lighter-than-usual volumes as cross-border activity slows. The loonie was last quoted near CAD/USD 0.7242 , holding relatively steady as oil prices — a key driver of Canada's export revenues — remain in focus amid evolving Middle East negotiations. Wa...
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Unlocking Tax Benefits: A Guide for Parents in 2024

 


Whether your child is a newborn, working a part-time job, or considering applying to university, there are essential benefits and credits that parents should be aware of as tax season approaches. As a parent, understanding these opportunities can significantly impact your financial well-being. Let’s explore some key points:

1. Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is a tax-free monthly payment administered by the Canada Revenue Agency (CRA). It aims to assist eligible parents with the cost of raising children. Here’s what you need to know:

  • Maximum Benefit: For children under six, the maximum annual benefit is $7,437 ($619.75 per month). For children aged six to 17, it’s $6,275 ($522.91 per month).
  • Sign Up: Remember to sign up and apply for the CCB promptly, as there’s no retroactive payment. It begins once you’ve enrolled.

2. Childcare Expenses

Childcare costs can be substantial, but parents can claim certain expenses on their annual tax return. Here’s how it works:

  • General Amount: Parents can claim up to $8,000 for children under seven and $5,000 per child aged seven to 16.
  • Additional Amounts: Children with disabilities may qualify for additional amounts.
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