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5 Things to Know Today: The Money News Shaping Your Week

5 Things to Know Today: The Money News Shaping Your Week 1. Canada’s Economy Grew Faster Than Expected Canada’s economy expanded at an annualized 2.6% in Q4, driven by stronger household spending, exports, and business investment. 2. Manitoba Fast‑Tracks Major Infrastructure Projects A new federal‑provincial agreement introduces a “one project, one review” system to accelerate ports, highways, and energy corridors. 3. Job Market Shows a Small but Positive Uptick Canada added 14,000 jobs in March, with wages rising 4.7% — a key factor ahead of the Bank of Canada’s April 29 rate decision. 4. Oil Markets Remain Volatile After Hormuz Reopening Iran has reopened the Strait of Hormuz, but analysts warn global oil markets may take time to stabilize. 5. Canadians Face Rising Affordability Pressures More Canadians are turning to budgeting tools as inflation, energy costs, and housing pressures persist.
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Important Items for Canadian Taxpayers to Consider Before Filing Their 2023 Tax Return

 

Here are some important items that Canadian taxpayers should consider before filing their 2023 tax return:

  1. Filing and payment deadlines: The deadline for most Canadians to file their 2023 tax return is April 30, 2023. If you or your spouse or common-law partner are self-employed, you have until June 15, 2023, to file on time. If you have a balance owing, your payment is due on April 30, 2023. Filing your return before the respective deadline will allow you to avoid interruptions to any benefit or credit payments you may be entitled to.

  2. Register for direct deposit and file online: You can register for direct deposit and file online to get any refund you may be eligible for faster. To file online, the CRA has a list of certified tax software products that are easy to use, fast, and secure, some of which are free! When you file using NETFILE-certified software, you may be able to use: Auto-fill my return and Express NOA. 

  3. Get free tax help: If you have a modest income and a simple tax situation, volunteers at a free tax clinic may be able to do your taxes for you.

  4. New tax changes: There are several new tax changes that Canadian taxpayers should be aware of when filing their 2023 tax return. Some of the most important changes include an increase in unpaid tax penalty, expiration of COVID-19 benefits, introduction of a new grocery rebate, and changes to Disability Tax Credit.


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