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5 Things to Know Today: BoC Decision, TSX 3-Week High, GTA Home Sales Surge

  Here's what Canadians need to know this Monday — a Bank of Canada decision two days out, a stock market at a three-week high, and a new benefit year kicking in for families. 1. Bank of Canada Decision Lands Wednesday The Bank of Canada announces its next interest rate decision on Wednesday, July 15 , alongside a fresh Monetary Policy Report. After five straight holds, markets are overwhelmingly pricing in a sixth: the overnight rate is expected to stay at 2.25% . Cooling oil-driven inflation fears and a stronger-than-expected June jobs report have taken pressure off the Bank to move in either direction. What it means for you: If you're carrying a variable-rate mortgage or HELOC, expect no change to your payment this week. Fixed-rate shoppers should watch bond yields going into Wednesday — any surprise in tone from the Bank could move fixed rates faster than the overnight rate itself. 2. TSX Closes at a Three-Week High The S&P/TSX Composite ended Friday's session up 1...
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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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