Good morning. Three stories today for Canadians who want to keep more of what they earn — because when it comes to taxes and savings, what you don't know really can cost you.
On The Money Today:
$7,000 sitting idle in your TFSA could be costing you more than you think
Kevin Gausman loves playing in Toronto — the CRA loves his paycheque even more
The $50,000 GST rebate for first-time buyers is real — but the CRA says most people don't know the rules
Let's get into it.
Most Canadians chip away at their TFSA contributions throughout the year — but data shows one approach consistently outperforms. One 35-year-old swears by her January strategy and the math behind it is hard to ignore.
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Shannon Lucas in North Bay accepted a $40,000 “cash-for-keys” settlement to leave his townhouse, but he says he would give it all back if he could return home. Predatory offers like this may seem tempting, but they often cost renters more than just money — from losing below-market rent to giving up housing security. This story breaks down what happened to Shannon and what every renter should consider before signing.
A new federal rebate gives first-time buyers of new builds up to $50,000 in GST savings — and Ontario buyers could see even more. But the CRA has strict eligibility rules, and missing even one of them could disqualify you entirely.
MORE FROM MONEY.CA
BUDGETING: Canadians are leaking money from their budget every month without realizing it — here are 5 expenses you're overpaying and exactly what to do about them
NEWS: CPP Investments warns 59% of Canadians will outlive their savings — here are the moves that could change that
RETIREMENT: Dave Ramsey says if you hate your family, leave no will — in Canada, dying without one could leave your loved ones in a financial nightmare
NEWS: A Montreal father lost $20,000 to a scam that starts with one terrifying phone call — here's how to make sure your family never falls for it
RETIREMENT: Turning 71 in 2026 means your RRSP deadline is closer than you think — miss it and the tax bill could shock you
That’s it for today. See you soon with another quick roundup of the financial news that matters.