Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
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:
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.
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.
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.
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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