Filing your income tax return doesn’t have to be complicated. Whether you use free certified tax software or prefer a printed tax package, being prepared can make the process smooth and stress-free. In 2025, you can claim a variety of expenses like tuition, medical costs, child care, and more. These deductions can help you lower Continue reading
Should You Take Extra RRIF Withdrawals to Increase Your Assets
Registered Retirement Income Funds (RRIFs) are a common source of income for Canadian retirees. However, the question of how to manage withdrawals—especially with an eye toward minimizing taxes for your estate—can be complex. Anne’s situation raises an important question: Should you take more than the minimum required withdrawals from your RRIF to reduce taxes on Continue reading
Canada’s Housing Challenge: The Best and Worst Cities for First-Time Homebuyers
Dreaming of owning your first home in Canada? For many, that dream feels elusive amidst skyrocketing home prices, high rents, and rising living costs. A recent study by Money.ca sheds light on the most and least affordable cities for homebuyers, offering insights into where Canadians can save for a down payment faster and get closer Continue reading
Ontario Minimum Wage Increase 2024: New Amount & Future Trends
The Canadian government has taken significant steps to enhance the living standards of its workforce through the establishment of minimum hourly pay. Beneficiaries living in Ontario can anticipate the upcoming Ontario Minimum Wage Increase 2024, which aims to ensure fair compensation for all workers. Ontario Minimum Wage Increase 2024: What to Expect As part of Continue reading
Canada GST Free Tax Holiday is Coming: Will the Savings Really Add Up?
The federal government’s GST tax holiday, set to begin on December 14, 2024, has sparked excitement among Canadians looking to save on essentials and gifts during the holiday season. While the program promises a 5% discount on various items, financial experts caution consumers to evaluate the true impact of these savings on their budgets. What Continue reading
Ontario Real Estate in 2025: Where Home Prices Are Set to Soar
A Positive Outlook for Ontario’s Housing Market Despite ongoing economic uncertainty and a high cost of living, RE/MAX Canada has released an optimistic forecast for Ontario’s real estate market in 2025. According to the report, gradual declines in lending and stress test rates are creating a more encouraging environment, particularly for first-time homebuyers. Rising Prices Continue reading
Hidden Treasures: 6 Rare Canadian Dollar Coins Worth $500k
Canada’s dollar coins have a fascinating history, with many designs that go beyond their face value. While today’s Loonie is a staple of Canadian currency, older coins—especially those crafted in silver—have become valuable collector’s items. Some rare coins even fetch thousands of dollars at auction, making it well worth your time to examine your collection Continue reading
Canada Real Estate Market Forecast 2024-2029: Steady Growth Amid Changing Interest Rates
Canada’s real estate market is poised for modest growth over the next five years as economic conditions, interest rate trends, and housing demand interplay to shape the sector. Based on the Canadian Real Estate Association’s (CREA) latest forecast, here’s an in-depth look at the projections and trends expected to influence real estate in Canada from Continue reading
Maximize Your Retirement: Qualify for Up to $1,072.93 in Guaranteed Income Supplement Benefits
The Guaranteed Income Supplement (GIS) is a lifeline for low-income Canadian seniors, offering up to $1,072.93 per month in 2024. This program works alongside the Old Age Security (OAS) pension to ensure financial stability in retirement. Here’s a comprehensive guide to qualifying for GIS and securing your financial future. 1. Key Eligibility Criteria Age Residency Continue reading
Canada Announces Temporary GST/HST Holiday Exemption and $250 Working Canadians Rebate for 2025
The Canadian government has unveiled a series of measures to alleviate financial pressure on households, providing meaningful tax relief during the winter months and direct support to working Canadians. GST/HST Exemption Starting December 14, 2024 From December 14, 2024, to February 15, 2025, Canadians can enjoy tax-free purchases on a range of essential and everyday Continue reading