The Canadian dollar is trading higher on Friday, showing positive momentum in the European session. As of now, USD/CAD is at 1.4342, marking a 0.30% gain for the loonie. While no major Canadian economic events are scheduled today, market participants are eyeing the release of U.S. manufacturing and services PMI data. Canada’s Retail Sales Surge Continue reading
Finance
Why Ontario Is Mailing $200 Rebate Cheques Instead of Using Direct Deposit
Ontario residents can expect rebate cheques to arrive in their mailboxes soon. The province began mailing these cheques last Friday, with most expected to be delivered by late January or early February. Here’s everything you need to know about the rebate, including eligibility, delivery methods, and how to track your payment. Why Are Ontario Tax Continue reading
Key CRA Updates That Could Affect Your 2024 Tax Return
Tax season is right around the corner, and whether you’re a seasoned tax pro or find the process overwhelming, it’s time to start preparing for your 2024 tax return. The Canada Revenue Agency (CRA) has introduced several updates and initiatives for the 2024 tax year, and understanding these changes can help you maximize your return Continue reading
CRA’s New Rules What They Mean for Short-Term Rental Income Deductions
If you rent out residential properties for periods of less than 90 consecutive days, changes coming in 2024 will impact your ability to claim income tax deductions. Here’s everything you need to know to stay compliant and optimize your deductions. Key Changes Starting in 2024 Non-Compliant Rentals and Deduction Restrictions Starting in 2024, taxpayers cannot Continue reading
Widow Wins Court Battle to Keep $100K from Late Husband’s RRSP
An Alberta widow, Marlene Enns, has triumphed in a pivotal court case against the Canada Revenue Agency (CRA), securing the right to keep the retirement savings left to her by her late husband. This ruling sheds light on a contentious clause in Canadian tax law that allows the CRA to collect unpaid tax debts from Continue reading
$2,902.34 Monthly Income OAS Benefits for Senior Couples in Canada
As Canadian seniors navigate retirement, understanding the financial support available through the Old Age Security (OAS) program becomes essential. If you and your spouse rely solely on OAS benefits, here’s what you can expect in terms of monthly income, along with the latest updates on payment amounts. Breakdown of Benefits If both you and your Continue reading
Top Tax Incentives for Canadian Students to Maximize in 2025
Canadian students face a variety of expenses, from tuition to housing and food, making financial management a critical part of student life. Fortunately, the Canada Revenue Agency (CRA) offers several tax credits and benefits that can help ease the financial burden. Here’s an overview of key tax incentives that Canadian and international students can take Continue reading
Canadian Dollar Faces Wild Fluctuations What’s Driving the Volatility?
The U.S. dollar has made a strong comeback against most major currencies, including the Canadian dollar, following a significant decline of 1.2% — the largest drop since 2023. This rebound highlights the currency’s resilience in the face of global economic and political uncertainties. Market Reactions to U.S. Policy Speculations In the lead-up to President Trump’s Continue reading
Top 5 Must-Know Canadian GST/HST Cases of 2024
The beginning of a new year provides an opportunity to reflect on key developments from the previous year. In 2024, several significant GST/HST rulings were issued by the Federal Court of Appeal and the Tax Court of Canada. These decisions offer valuable insights into GST/HST issues that could impact businesses and practitioners in 2025. Below, Continue reading
Canadian Headline CPI Falls Short of Expectations in December
Canada’s inflation rate saw a slight decline in December 2024, according to Statistics Canada. The Consumer Price Index (CPI), which measures changes in the cost of goods and services, rose by 1.8% year-over-year. This marks a small step down from November’s 1.9% increase and fell slightly below analysts’ expectations of 1.9% growth. On a monthly Continue reading