Curious about Canadian real estate?🏡 Learn all about the Mortgage Stress Test and its impact on you! 📈💼 Our latest blog dives into this crucial topic. Check it out and stay informed! https://thecanadianhome.com/blog/what-is-a-mortgage-stress-test-and-how-does-it-affect-you #CanadianRealEstate #RealEstateCanada #MortgageStressTest #Homeownership #HomeBuyers #MortgageRates #HousingMarket #FinancialWellness #HomeownershipTips #PropertyMarket #RealEstateBlog #CanadianHousing #TheCanadianHome

👉In light of economic uncertainty and the escalating cost of living, one-third of Canadians intend to reduce household expenditures, according to a recent BMO Economics report. According to a fall survey by Ipsos, thirty percent of respondents intend to reduce their spending, with forty-two percent making it a New Year's resolution. An equivalent proportion, 68%, do not have a financial plan in place, while 60% do not have a household budget. Unknown expenditures (82%), the overall financial situation (81%), household expenditures (65%), and bill management (61%), are among the concerns. The survey indicates that anticipated interest rate reductions and a moderation of inflation could provide some solace.✅ . . #CanadianBudgets2024 #FinancialPlanning #Budgeting2024 #PersonalFinance ent #SavingsGoals #FinancialWellness #SavingsGoals #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉The Honourable Marie-Claude Bibeau, Minister of National Revenue, announced that free tax clinics facilitated over 649,000 Canadians with modest incomes in filing their taxes, resulting in more than $1.75 billion in benefits, credits, and refunds last year. Over 3,400 community organizations, supported by 14,700 volunteers, contributed to this success. The Canada Revenue Agency (CRA) is granting $5.2 million to organizations involved in the Community Volunteer Income Tax Program (CVITP) or the Income Tax Assistance – Volunteer Program (ITAVP) in Quebec for 2023, aiming to help cover costs associated with hosting free tax clinics. Due to the program's success, the grant pilot project will be extended for a fourth year, with funding increased to $5.9 million. Volunteers at these clinics assist individuals with modest incomes and simple tax situations, ensuring they access vital benefits. The CRA encourages more community organizations to participate, offering free training and laptops when available. Organizations interested in hosting free tax clinics can find more information at canada.ca/taxes-volunteer.✅ . . #TaxClinicSuccess #FinancialWellness #CommunityImpact #GrantExtension #CRAInitiative #EmpoweringCommunities #AffordableLiving #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉The Canadian government has promised to implement automatic tax filing in an effort to ensure that Canadians no longer miss out on benefits they're entitled to. The move follows a report by the parliamentary budget officer which found that approximately $12 billion in federal benefits goes unclaimed each year, often due to individuals not filing their taxes or filing them incorrectly. Automatic tax filing will streamline the process and ensure that individuals receive the benefits they're entitled to without having to navigate a complicated system. While there is no timeline for implementation yet, this is welcome news for Canadians who are looking for ways to simplify their financial lives.✅ . . #AutomaticTaxFiling #CanadaBenefits #SimplifyFinances #TaxTime #FederalBenefits #FinancialWellness #TaxSystemImprovements #PersonalFinance #mnm #malayalisnearmeapp #canadaupdate #canadanews