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5 Things to Know Today: Markets Near Records, Rates Hold, Oil Eases

  Here's what Canadian money watchers need to know as we head into the week: 1. TSX Hits Record Territory Amid Diplomatic Optimism The S&P/TSX Composite Index is hovering near 35,000 , approaching record levels as markets digest positive signals from U.S.-Iran negotiations. Senior officials say a deal to reopen the Strait of Hormuz could be signed at next week's G7 summit, easing geopolitical tensions and supporting oil-sensitive sectors. Financial stocks led gains—RBC, TD, and BMO all rose about 0.5–1%—while mining names like Agnico Eagle and WPM climbed despite softer gold prices. What it means for your wallet: A more stable geopolitical backdrop and lower oil prices could ease inflation concerns, improving conditions for your savings and investments. 2. Bank of Canada Holds Rates at 2.25% for Fifth Time On June 10, the BoC kept its benchmark overnight rate steady at 2.25% —marking five consecutive holds since October 2025. Governor Tiff Macklem cited a "two-directi...
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Maximizing Your Tax Return in 2024: Little-Known Deductions You Shouldn’t Miss

 


Getting the most out of your tax return can feel like an early spring bonus. By being strategic about deductions, you could be the difference between owing the government money or getting a refund. Let’s explore some lesser-known deductions that could help you maximize your return:

  1. Maximize Your RRSP Contributions: Contributing to your Registered Retirement Savings Plan (RRSP) can significantly reduce your taxable income. Make sure you’re taking full advantage of this deduction.

  2. Deduct Childcare Expenses: If you paid for childcare services, you may be eligible for deductions. Keep track of these expenses and claim them when filing your taxes.

  3. File Your Return Electronically: Filing your taxes electronically is not only convenient but can also help you get your refund faster. Take advantage of this option.

  4. File Capital Losses from Investments: If you’ve incurred capital losses from investments, don’t forget to report them. These losses can offset capital gains and reduce your tax liability.

  5. Union Dues, Employment Costs, and Home-Office Deduction: If you’re part of a union, deduct your union dues. Additionally, consider employment-related expenses and home-office deductions if applicable.

  6. Deduct Non-Covered Medical Expenses: Some medical expenses that aren’t covered by insurance can be deducted. Keep receipts for things like prescription glasses, dental work, and other eligible costs.

  7. Deduct Student Loan Interest Payments: If you’re paying off student loans, the interest you pay may be deductible. Check the rules in your region to see if you qualify.

Remember, every little bit counts when it comes to maximizing your tax return. Consult a certified financial planner or tax professional to ensure you’re taking advantage of all available deductions. 


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