3 financial goals to kick-start the new year + MORE Jan 21st

Personal Savings getting you down? There are always smart ways to increase your savings.

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3 financial goals to kick-start the new year

– moneysense.ca

Over the holidays, many Canadians made new year’s resolutions related to their career, health and family. If you haven’t added any financial goals to your list, now is the perfect time. Let’s look at three things you can do that could significantly impact your financial well-being this year—and beyond.

1. Make your cash work harder for you

You work hard and save money, but is your bank account doing its part? Moving your cash deposits to a high-interest savings account (HISA) can help maximize your savings. With a HISA, you can earn more interest than you would with a regular old savings account and still access your funds anytime. A HISA is also very flexible—you can access your money anytime, just like using a regular bank account.

If you’re looking for a high-interest savings account in Canada, the Simplii Financial HISA is an excellent option. It has no monthly fees or transaction fees and no minimum balance. Plus, Simplii has a generous welcome offer: 3.90% interest on eligible deposits for the first five months…

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Can seniors claim home renos on a tax return? If so, which ones?

– moneysense.ca

My MoneySense
I am a senior aged 68 in Saskatchewan. I replaced some flooring with non-slip carpet. I was wondering if this could be deducted on my income tax.

—Gayle

Is there a tax credit for home renos?

Most renovations are not tax-deductible or eligible for a tax credit in Canada unless it’s for a rental or business property.

In your case, Gayle, you’re probably wondering about the federal tax credit for seniors, as well as a provincial tax credit specific to Saskatchewan.

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