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The Fed Decides Wednesday — Here's What It Means for Your Mortgage, the Loonie, and Your RRSP

  Monday, July 27, 2026 The U.S. Federal Reserve hands down its rate decision at 2 p.m. ET on July 29. For most Canadians it will feel like background noise. It isn't — here's the plain-language version of why it touches your mortgage, your cross-border spending, and whatever's sitting in your RRSP. The short version: Markets are pricing roughly a two-in-three chance the Fed holds its rate at 3.50%–3.75% on Wednesday. That's not the story. The story is that this is one of the least certain "sure thing" holds in years — and Chair Kevin Warsh's press conference at 2:30 p.m. ET could matter more than the decision itself. Why this meeting is different The Fed has held its benchmark rate steady at 3.50%–3.75% through every meeting so far in 2026. On paper, Wednesday should be more of the same. Under the hood, it's messier. Persistent inflation, running well above the Fed's 2% target for a fifth straight year, has kept a rate hike on the table. The oil-...
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How to Save Money on Tax Prep This Year

 


Tax season is here, and many taxpayers are looking for ways to reduce their tax preparation costs. Filing taxes can be expensive, as the industry faces a shortage of accountants and raises prices accordingly. However, there are some free options available for eligible filers, depending on their income level and tax situation. Here are some of them:

  • IRS Free File: This program offers free guided tax prep software for filers with an adjusted gross income of $79,000 or less in 2023. You can choose from eight partners, some of which offer free state filings as well. Free File can handle various forms and schedules, including those for self-employment and gig economy income.
  • Free File Fillable Forms: This option is for filers with any income level, but it requires more knowledge and skills. It is the electronic version of a paper return, and it does not offer any guidance or state filings. You have to fill out the necessary forms and schedules yourself, and save a copy of your return for your records.
  • Volunteer tax prep from IRS programs: If you need more assistance, you may qualify for free tax prep from trained volunteers. The Volunteer Income Tax Assistance (VITA) program serves filers with an income of up to $64,000, as well as those with disabilities or limited English proficiency. The Tax Counseling for the Elderly (TCE) program serves filers who are 60 or older, with a focus on retirement issues. Both programs have some limitations on the types of returns they can handle, and you can find a location near you with this tool.
  • IRS Direct File: This is a new pilot service that offers free filing via the IRS website. It is currently invitation only, but it will be available to certain taxpayers in 12 states by mid-March. It is only for very simple returns, with a few types of income and deductions. You have to claim the standard deduction and use the IRS website to file.
  • Private companies: Some private companies also offer free filing options, but you have to be careful about the fees and conditions. Some companies may charge you for additional services or upgrades, or limit their free offers to certain forms or income levels. You should read the fine print and compare the options before you choose.

Filing taxes can be stressful and costly, but you don’t have to pay a fortune to get it done. By exploring the free options available, you can save money and get your refund faster. Just make sure you file by the deadline, which is April 18, 2024. 

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