CRA publishes prescribed interest rates each quarter. If you are in arrears to the government, for example, late paying your income tax instalment, you will be charged interest.
In our article, “Budget 2022: What Does it Mean for Me?”, we discussed several proposed measures for implementation. Since then, the following have been passed into law.
After 6 consecutive rate hikes, the end to aggressive increases may be near. Bank of Canada Tiff Macklem nodded to the possibility in the press conference following the last rate hike in October when he said “We are getting closer to the end of this tightening phase but we’re not there yet,”
CRA announced that the TFSA limit for 2023 will be $6,500. TFSA contribution room for the tax year consists of the current year limit ($6,500) + unused contribution room + previous years (2022) withdrawals. The lifetime contribution limit is as follows:
Canada Post and TD Bank announced the Canada Post MyMoney™ Loan. This accessible loan is an addition to Canada Post’s other financial products and services including domestic and international remittances, money orders, and the sale of payment options such as prepaid reloadable gift cards and eVouchers.
The Manulife Vitality Program initially launched in 2016, rewards policyholders for living healthier lives. With this purpose in mind, it tracks lifestyle choices made by the policyholder using technology.