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5 Things to Know Today: Fed Decision Looms, TSX Slides, Gas Prices Climb (Sept 16)

  Wednesday, September 16, 2026 The Fed's biggest decision in years lands at 2 p.m. ET today, the TSX and loonie are both licking their wounds, and drivers are paying more at the pump despite the gas tax holiday. Here's what's moving your money this morning. 1. The Fed Decides on Rates Today — and a Hike Looks All but Certain The Federal Reserve announces its rate decision at 2 p.m. ET, with Chair Kevin Warsh's press conference to follow at 2:30 p.m. Markets have priced in over 90% odds of a 25-basis-point hike, which would lift the target range to 3.75%–4.00% from 3.50%–3.75%, where it's sat since December. It would be the first hike of this cycle, driven by inflation still running above target even as the labour market holds up. What it means for you: A Fed hike widens the gap with the Bank of Canada's 2.25% rate, which tends to pressure the loonie lower and nudge Canadian bond yields — and by extension fixed mortgage pricing — upward. Watch for the reaction ...
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Taxes 2024: Seven Best Tips for Last-Minute Filers as the Tax Deadline Approaches

 


With the April 30 deadline swiftly approaching, time is running out for most Canadians to file their 2023 income tax returns. But fear not, procrastinators! It’s not too late to get started. I’ve gathered some essential tips to help you navigate this last-minute scramble:

  1. Understand the Consequences of Filing Late:

    • For employees, the deadline is April 30, while self-employed individuals have until June 17 (since June 15 falls on a Saturday).
    • Regardless of your employment status, ensure that any outstanding balance is paid by April 30. Failure to do so results in daily compounded interest at an annualized rate of 10%.
    • Late-filing penalties are even steeper for repeat offenders. If you owe money to the government, it’s crucial to act promptly.

  2. Claim All Deductions:

    • Common mistakes arise from “mistakes of omission.” People often forget to claim eligible deductions.
    • Use your previous year’s tax return as a reference to ensure you haven’t missed any potential deductions.
    • If you’re unsure about a specific line number, visit the CRA website for explanations.

  3. Use a Checklist:

    • Anxiety about being late can be overwhelming. Ease your mind by using a checklist.
    • TurboTax Canada provides a 2023 tax checklist to ensure you have all necessary documents.
    • Remember, late returns may delay payments for credits and benefits like the GST/HST credit and the Canada Child Benefit.

  4. Pay Attention to Deadlines:

    • April 30, 2024: The deadline for most Canadians to file their tax return. Pay any outstanding balance by this date to avoid penalties and interest.
    • June 15, 2024: Self-employed individuals have until this date to file. Don’t procrastinate!

Remember, if you’re due for a refund, there’s no penalty for filing late. However, the longer you wait, the longer your refund remains in the government’s hands. So, take that money and put it to good use! 

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