Canadians getting first GST credit payment of the year today
New year, more money: Canadians are getting their first GST credit payments of 2025 today. The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment. According to the government, this credit aims to help families with low and modest incomes offset the taxes they pay. If you’re eligible, you’ll see extra cash in your bank account on Friday, January 3. Who’s eligible for the payment? The government says you’re generally eligible for the payment if you’re at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment and at the beginning of the month. If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period: You have (or had) a spouse or common-law partner You are (or were) a parent and live (or lived) with your child According to the government, parents in a shared custody situation may be eligible for half of the credit for that child. Additionally, if your income is equal to or exceeds the amounts below, you or your family won’t be eligible for the credit. Government of Canada How much will you get from the GST credit? According to the government, you could get up to: $519 if you are single $680 if you are married or have a common-law partner $179 for each child under the age of 19 Here are some examples of things you could spend this credit on. You don’t need to apply for the credit because you’re automatically considered for it when you file your taxes. In 2022, Ottawa doubled the GST credit for six months during the height of inflation. There are other ways you might get more money from the government this year. From the Canada Child Benefit to the Canada Carbon Rebate, check out the full list here.
homes | mortgage | Real Estate
Exciting New Mortgage Rules Effective December 15th
Exciting New Mortgage Rules Effective December 15th Exciting changes to mortgage rules are here! Here’s what you need to know: Key Updates 1. 30-Year Amortizations 2. Higher Price Cap 3. Newly Built Homes Focus • Homes must be owner-occupied and not previously used for residential purposes. What This Means for You
How to Buy a House in British Columbia 2024
Proposed Anti-Flipping Tax On April 7th, 2022, the federal budget plan proposed a new anti-flipping tax. The tax is imposed on people who own real estate for less than a year. You may lose your Principal Residence Exemption if you buy a primary residence and move for non-exempt reasons. Additionally, if you sell an investment…
First Time Home Buyer Incentives in Canada 2024
There are four main incentive programs for first-time home buyers in Canada: Land transfer tax rebates, which rebate some or all of your land transfer tax. Some municipalities have down payment assistance programs (DPAPs) for first-time homebuyers. The Home Buyers’ Plan which allows you to withdraw up to $60,000 (since April 16, 2024) from your Registered Retirement Savings Plan (RRSP) without…
court | financing | foreclosure | Real Estate | Realtor
Buying a Foreclosure Home in Canada
If you are interested to have access to all Vancouver Foreclosures MLS® Listings, please click on the “VIP Insider Access” button. In the “Notes” box include the code “Foreclosures” or visit Vancouver Foreclosures and register What You Should Know Foreclosed homes are typically homes put on sale by lenders after the previous buyer defaults on their mortgage. Foreclosures are rare…
Economists confident in December rate cut amid inflation growth
Canada’s inflation remains manageable, analysts say Canada’s inflation rate saw a modest rise in October, but economists say it’s unlikely to derail the Bank of Canada’s anticipated rate cut next month. The Consumer Price Index (CPI) increased by 2% on an annual basis, up from 1.6% in September, according to Statistics Canada’s latest report. Despite…
It gets harder to predict next BoC rate decision
Economists react to the latest consumer price index print The Bank of Canada has made it clear that any changes in interest rates will be data dependent, but how is the latest consumer price index data likely to influence its decision? With the CPI print from Statistics Canada released Tuesday showing an uptick in the pace of…
Income | income tax | North
How much income tax Canadians will pay next year based on their bracket
Canadians will be paying more federal income tax next year, according to the Canada Revenue Agency (CRA). The CRA revealed the federal tax brackets for 2025, adjusted for inflation. While federal tax rates are the same, the income thresholds for each bracket have shifted. In 2025, the indexation increase will be 2.7%, which is lower than the 4.7% in 2024, according to the agency. This is how much income tax you’ll have to pay next year based on your bracket: Less than or up to $57,375 — 15% Between $57,375 and $114,750 — 20.5% Between $114,750 and $177,882 — 26% Between $177,882 and $253,414 — 29% $253,414 and over — 33% This comes after the federal government implemented the capital gains tax in June, which increased the inclusion rate from one-half to two-thirds for any Canadian or corporation that makes over $250,000 per year in capital gains. The tax hike only impacts a small portion (0.13%) of the wealthy population. “An increased Lifetime Capital Gains Exemption would ensure most middle-class entrepreneurs won’t pay more tax because of these changes, and the new Canadian Entrepreneurs’ Incentive would encourage entrepreneurs to invest in capital-intensive and high-growth sectors,” Canada’s Department of Finance stated. When it was first announced, Canadians ripped on the wealthy upset by the capital gains tax hike, and certain industries like the medical field said the hike could push doctors to quit. You can find more information on your income tax bracket here.
Canadian spots rank among top 100 best cities in the world
Several Canadian cities have been named among the best in the world, according to a new ranking. Resonance Consultancy and Ipsos Research’s list of the World’s Best Cities in 2025 has been released, ranking the top 100 global cities “shaping tomorrow.” The report looked at cities with over a million people, combining stats and user-generated data from platforms like Google, Tripadvisor, and Instagram. The ranking considers various factors, including affordability, education, and overall quality of life. Three Canadian cities cracked the top 50, with Toronto ranking the highest in 15th place. Ontario’s capital placed high for its tree cover, or the measure of an urban area’s land that’s covered with vegetation that’s at least 16 feet in height, and educational attainment. “The construction boom has reshaped downtown, from revitalized cultural landmarks like Massey Hall to the new Renzo Piano-designed Ontario Court of Justice,” reads the report. “The addition of Love Park, with its heart-shaped pond, adds greenery to the city’s core.” It also highlighted the upcoming Rogers Stadium, which will be the city’s largest outdoor concert venue, and the construction of Villiers Island, which is part of the Port Lands Flood Protection Project. Following closely behind is Vancouver in 22nd place. It also stood out for its tree cover and educational attainment. The reason for Vancouver’s ranking is based on a few factors. According to the list, “a panorama of ancient forests, totem poles, pan-Asian diaspora, and hockey-loving hipsters makes Vancouver a coveted destination.” The cons include an apparent lack of space in hotels and the ongoing ban on short-term rentals. “In the midst of rising real estate prices, the city is facing another challenge: fewer hotel rooms — a direct result of the government converting hundreds of rooms into social housing during the pandemic and cracking down on Airbnb-only rentals (ostensibly to free up rental housing).” The validity of that statement is highly debatable. City officials have been concerned about the hotel crunch for a long time, well before the pandemic. Rounding out the top 50 is Montreal in 35th place, getting accolades for its educational attainment and its low poverty rate. Resonance described it as Canada’s “laid-back second city (and North America’s most European).” Canada’s capital city Ottawa just missed the top 50, placing 52nd for its tree cover and educational attainment. “The cosmopolitan capital of Canada has a reputation for brainpower that’s attracting the world,” reads the report. Other major Canadian cities that made the list are Calgary in 54th place and Edmonton in 65th place. Do you agree with these rankings? Let us know in the comments. With files from Claire Fenton and Allison Stephen