From the Bank of Canada's steady hand to a surge in housing starts and Ottawa's new financial crime-fighting agency — here are the five money stories every Canadian should have on their radar this morning. 1 Bank of Canada Rate Holds at 2.25% — Next Decision June 10 The Bank of Canada kept its overnight rate at 2.25% on April 29 and has signalled it intends to stay put for now. Governing Council is keeping a close eye on Middle East conflict spillover into energy prices, ongoing U.S. tariff uncertainty, and whether inflation — currently hovering just above the 2% target — becomes entrenched. Bond markets are currently pricing in roughly an 18% chance of a 25-basis-point cut by the July 15 announcement, making a move at the June 10 meeting unlikely. 💡 What it means for you: Variable-rate mortgage and HELOC holders can exhale — no surprise hikes on the horizon. But don't expect big rate relief either; the "lower-for-longer" window appears to be closing. 2 Mortgage...
Tax season is upon us, and staying informed can make the process smoother and less stressful. Here are some essential updates and tips for the 2025 tax-filing season:
- Important Deadlines:
- The deadline for most individuals to file and pay taxes is April 30, 2025.
- Self-employed individuals have until June 16, 2025, to file, but any taxes owed must still be paid by April 30 to avoid interest.
- New Changes:
- Federal income tax brackets have been adjusted to account for inflation, with rates ranging from 15% for earnings up to $57,375 to 33% for earnings above $253,414. The contribution limit for Registered Retirement Savings Plans (RRSPs) has increased to $32,490.
- The Tax-Free Savings Account (TFSA) contribution room remains at $7,000 for 2025.
- Digital Services Enhancements:
- The Canada Revenue Agency (CRA) now offers a document verification service for quicker access to online accounts.
- A live chat feature is available in the CRA's "My Account" portal for personalized assistance.
- Filing Tips:
- File early to avoid last-minute stress and ensure quicker refunds.
- Double-check all tax slips and receipts to claim every eligible credit and deduction.
- Consider seeking help from free tax clinics if you have a modest income and a simple tax situation.
By staying organized and informed, you can make the most of this tax season and potentially maximize your refund.
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