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The Bank of Canada recently announced its fifth consecutive rate cut, reducing the trend-setting overnight lending rate by 50 basis points to 3.25%. This decision was influenced by factors such as lower inflation, a cooling economy, and rising unemployment rates. While borrowers benefit from lower interest rates, investors may face challenges due to uncertainties in the market, and savers may see reduced returns on high-interest savings accounts and GICs. Overall, the rate cut is expected to impact mortgage holders, investors, and savers differently, with varying implications for each group. [Extracted from the article]

The article discusses the reasons behind the high cost of mortgages in Canada, attributing it to the impact of Bank of Canada rate cuts on the housing market. The affordability of homes in major Canadian cities has improved due to lower mortgage rates, resulting in increased buying activity. The report provides insights into the income needed to qualify for a mortgage in different cities, reflecting changes in home prices and mortgage rates. The article also speculates on future trends in mortgage rates and housing affordability in Canada. [Extracted from the article]

The article discusses the options of investing in bonds or Guaranteed Investment Certificates (GICs) for fixed-income investors. It highlights the recent positive performance of bonds due to drops in interest rates and the need for diversification in the stock market. The article explains the characteristics of individual bonds, bond funds, and GICs, and discusses factors to consider when choosing between them, such as liquidity, simplicity, diversification benefits, tax efficiency, and risk tolerance. Ultimately, the decision of whether to invest in bonds or GICs depends on personal preferences and individual circumstances. [Extracted from the article]

The Canada Child Benefit (CCB) is a tax-free monthly payment provided by the Canada Revenue Agency (CRA) to help parents cover the cost of raising children. The payment amount is recalculated each July based on the previous year's adjusted family net income and is indexed to inflation. For the 2024-25 benefit year, families can receive up to $7,787 per child under 6 and $6,570 per child aged 6 to 17, representing a 4.7% increase from the previous year. Eligibility for the CCB requires living with and being primarily responsible for the care of at least one child under 18, as well as meeting certain residency requirements. Payment dates for the CCB in 2024 are provided, and retroactive payments can be requested for up to 10 years if eligible. [Extracted from the article]

The Canada Child Benefit (CCB) is a tax-free monthly payment provided by the Canada Revenue Agency (CRA) to help parents cover the cost of raising children. The payment amount is recalculated each July based on the previous year's adjusted family net income and is indexed to inflation. In the 2024-25 benefit year, families can receive up to $7,787 per child under 6 and $6,570 per child aged 6 to 17, representing a 4.7% increase from the previous year. Eligibility for the CCB requires living with and being primarily responsible for the care of a child under 18, as well as meeting certain residency requirements. [Extracted from the article]

This article discusses the challenges and considerations for single individuals planning for retirement in Canada, particularly those without a pension. It highlights the cost of living as a single person compared to couples and emphasizes the need for singles to save more to maintain the same standard of living in retirement. The article also mentions the tax advantages that couples have over singles and provides options for single retirees without a pension, such as deferring Canada Pension Plan (CPP) and Old Age Security (OAS) benefits or considering annuities. Additionally, it mentions survivor benefits and the importance of seeking financial advice and planning for retirement as a single individual. [Extracted from the article]

This article from MoneySense provides a comparison of financial terms and products in Canada and India. It explains that certain financial products in Canada, such as fixed deposits and GICs, have equivalents in India. The article also discusses other terms, including home loans, income tax departments, credit scores, and stock market indices, and highlights the differences between banking systems in the two countries. The article aims to help newcomers from India understand and navigate the Canadian financial system. [Extracted from the article]

This article titled "Earning, saving and spending money in Canada: A guide for new immigrants" provides information and guidance for individuals who are new to Canada or planning to move there. It covers various topics such as banking, budgeting, buying, careers, debt, financial literacy, investing, pensions, real estate, retirement planning, taxes, and more. The article offers advice on how to prepare for moving to Canada, finding employment, building a good credit history, and planning for retirement. It also provides additional resources and articles for further information on personal finance topics. [Extracted from the article]

This article from MoneySense provides information on the processing time for tax refunds in Canada and offers suggestions on how to spend the refund wisely. It explains that a tax refund is not free money but rather an interest-free loan given to the government throughout the year. The article also discusses various ways to use the tax refund, such as paying down credit card debt, starting an emergency fund, opening a TFSA or RRSP, making a prepayment on a mortgage, paying off student loans, investing in education or self-development, donating to charity, or treating oneself to something fun. The article emphasizes the importance of understanding available credits and deductions to maximize the tax refund. [Extracted from the article]

Young Canadians aged 18 to 34 are increasingly falling victim to phishing scams, with nearly one-third reporting being targeted. The scams primarily occur through email and text messages, phone calls, social media, online ads, job or service applications, and online dating apps. Cybersecurity experts warn about scams targeting young workers, online shoppers, and daters, such as fake emails from authority figures requesting actions or favors, fake delivery notifications, and fraudsters pretending to be in romantic relationships to obtain compromising images. Despite being digitally adept, young Canadians can still be vulnerable to scams due to emotional responses and a lack of awareness about fraud protection. To protect themselves, individuals are advised to avoid sharing sensitive information on dating apps, be cautious of suspicious job offers, practice safe online shopping, keep devices updated and protected, trust their instincts, and protect financial transactions. It is important to report scams to the police and relevant authorities to gather data and combat phishing. [Extracted from the article]

This article provides information on Canada's income tax brackets for 2023 and the maximum tax individuals will pay based on their income. It explains that understanding tax brackets is important for accurately estimating tax obligations, especially for self-employed individuals. The article also discusses how tax brackets work in Canada, with progressive tax rates based on income levels. It provides a table of federal tax brackets for 2023 and explains how to calculate federal taxes owed. Additionally, it mentions that individuals also need to consider provincial and territorial tax brackets when determining their overall tax liability. The article includes tables for provincial tax brackets and provides instructions on how to estimate provincial taxes owed. [Extracted from the article]

This article provides information and tips for international students studying in Canada on how to make money and get financial support. It highlights the high cost of tuition for international students and the limited ability to work in full-time positions. The article suggests ways to offset the cost of education, such as applying for scholarships and bursaries, claiming benefits from the Canadian government, and taking advantage of banking incentives. It also discusses opportunities for gaining professional experience through internships and co-op placements. Additionally, the article mentions that international students can apply for student loans, although they are not eligible for government student loans. The article concludes by emphasizing the importance of living on a tight budget and utilizing the resources available to international students. [Extracted from the article]

Tax-loss selling is a strategy used by Canadian investors to lower their potential tax bill. It involves selling investments at a loss to offset taxable capital gains. The capital losses can be used to reduce the amount of tax paid on investments. However, investors must be strategic in selecting which investments to sell and avoid repurchasing them within 30 days to avoid the superficial loss rule. Implementing a tax-loss selling strategy can also provide an opportunity to rebalance portfolios and ensure they align with risk tolerance and investment objectives. [Extracted from the article]

Keywords: Disability Insurance; Financial literacy; Financial Planning; Insurance; Learn; Life Insurance; Save; Spend; critical illness insurance; Disability; employment; employment insurance; insurance; life insurance; self employed; self-employment EN Disability Insurance Financial literacy Financial Planning Insurance Learn Life Insurance Save Spend critical illness insurance Disability employment employment insurance insurance life insurance self employed self-employment If you became ill or injured, how long could you keep paying for household costs, including your mortgage? Getting a disability insurance quote Life insurance providers offer disability insurance and critical illness insurance, which fall under the umbrella of "living benefit products." Disability and illness can happen to anyone, yet only 12.4 million Canadians have disability insurance, and far fewer--2.4 million--have critical illness insurance, according to data from the Canadian Life and Health Insurance Association. [Extracted from the article]