Good morning. With tax season underway, today’s stories highlight the financial details that can quietly impact your wallet — from claiming home office expenses to retirement tax mistakes that drain savings. We also look at why one 92-year-old was charged $70 a day while waiting in hospital for long-term care. Let’s get into it.
RETIREMENT
Most Canadians admit they feel uneasy about retirement planning, yet many are still setting money aside.
A new survey from Edward Jones Canada finds 70% of Canadians report negative emotions about RRSP contributions, with confusion topping the list at 40%.
Many also worry they aren’t contributing enough (36%) or aren’t making the most of available tax advantages (37%). Yet 41% still plan to contribute to their RRSP this year, roughly in line with last year’s intentions.
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BUDGETING
Jack MacTavish and his family went through the ringer last Christmas.
The 92-year-old was transferred to Foothills Medical Centre in Calgary, Alberta, to be treated for heart failure, a urinary tract infection and pneumonia, CBC News reported.
The icing on top of the medical issues Jack endured? An unexpected bill.
After weeks in the hospital, staff told Jack’s daughter, Joan MacTavish, he would need to be transferred to a “supportive living facility,” and the family would be on the hook for about $70 per day while Jack waited for a spot to become available.
TRIVIA
How much does the average Canadian family spend on a March Break vacation?
TAXES
If your kitchen table is pulling double duty as your desk — or that spare bedroom is your full-time office — tax season might feel a little more personal.
While return-to-work mandates are slowly gaining steam, for many Canadians who moved to working from home in recent years, it’s still how work gets done.
As filing deadlines approach, you may wonder how many pandemic-era work-from-home tax reliefs are still in place — and what benefit they will make on your return.
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AUTO LOANS: Bad credit is costing you thousands more on car loans — here's how to fight back.
RETIREMENT: When one spouse handles all the household finances, the other can be left vulnerable. Here’s why and how to change that now.
TRIVIA ANSWER
Canadian families spend about $4,900 on average for a March Break trip, according to travel industry surveys, with flights and hotels making up the largest share of costs.