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The Fed Just Hiked Rates. Here's What It Means for Your Canadian Mortgage.

  The U.S. Federal Reserve raised its benchmark rate 25 basis points yesterday — the first hike in three years. The Bank of Canada hasn't moved. That gap is now the biggest story in Canadian personal finance. MoneySavings.ca  |  September 17, 2026  |  Canadian Money Brief Yesterday afternoon, the Federal Open Market Committee voted 12-0 to raise the U.S. federal funds rate by a quarter point, pushing it to a target range of 3.75%–4.00%. It's the Fed's first rate hike since July 2023, and Chair Kevin Warsh made clear it almost certainly won't be the last. The Bank of Canada, by contrast, has held its overnight rate at 2.25% through seven straight meetings. It doesn't decide again until October 28. For Canadians with a mortgage, a renewal coming up, or a home equity line of credit, this matters more than it might look at first glance. 3.75–4.00% New U.S. Fed Rate 2.25% Bank of Canada Rate 1.625% Rate Gap (vs. 1.375% yesterday) ~71.5¢ Loonie (post-hike low) What th...
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Maximizing Your Tax Return in 2024: Little-Known Deductions You Shouldn’t Miss

 


Getting the most out of your tax return can feel like an early spring bonus. By being strategic about deductions, you could be the difference between owing the government money or getting a refund. Let’s explore some lesser-known deductions that could help you maximize your return:

  1. Maximize Your RRSP Contributions: Contributing to your Registered Retirement Savings Plan (RRSP) can significantly reduce your taxable income. Make sure you’re taking full advantage of this deduction.

  2. Deduct Childcare Expenses: If you paid for childcare services, you may be eligible for deductions. Keep track of these expenses and claim them when filing your taxes.

  3. File Your Return Electronically: Filing your taxes electronically is not only convenient but can also help you get your refund faster. Take advantage of this option.

  4. File Capital Losses from Investments: If you’ve incurred capital losses from investments, don’t forget to report them. These losses can offset capital gains and reduce your tax liability.

  5. Union Dues, Employment Costs, and Home-Office Deduction: If you’re part of a union, deduct your union dues. Additionally, consider employment-related expenses and home-office deductions if applicable.

  6. Deduct Non-Covered Medical Expenses: Some medical expenses that aren’t covered by insurance can be deducted. Keep receipts for things like prescription glasses, dental work, and other eligible costs.

  7. Deduct Student Loan Interest Payments: If you’re paying off student loans, the interest you pay may be deductible. Check the rules in your region to see if you qualify.

Remember, every little bit counts when it comes to maximizing your tax return. Consult a certified financial planner or tax professional to ensure you’re taking advantage of all available deductions. 


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