From the C-suite of Nicky Senyard and Alana Levine: Letting go of money’s power, the worst advice and more + MORE Jul 5th

If inflation and the high cost of living have affected you or your family, relief is coming. In May, the Cost of Living Act (Bill C-46) passed, putting into motion several key plans to make life more affordable for Canadians—including a new, one-time grocery rebate. If you have questions about the Canada federal budget grocery rebate, including amounts, eligibility and when it will be paid out, read on.

What is the grocery rebate in Canada?

Inflation in Canada hit a significant high of 8.1% in June 2022, raising consumer prices on everything from liquid soap to lumber. And in the past 12 months alone, food prices have increased by 8.9%, a statistic that won’t shock anyone who’s bought lettuce since last summer. That’s where the grocery rebate comes in.

The Canada grocery rebate, introduced in the federal government’s 2023 budget, is a one-time payout to 11 million low- and modest-income Canadians, intended to offer some financial relief to people struggling to make ends meet…

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The best credit cards for airport lounge access in Canada for July 2023
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Credit cardDetailsCIBC Dividend Visa InfiniteBest for cash back on gas• $120 annual fee• 4% cash back on gas and groceries• 2% on dining, daily transit and recurring billsTangerine Money-Back Mastercard*Best for cash back on gas with no fee• No annual fee• 2% cash back on unlimited purchases in two categories, including gas• 2% in up to two other spending categories TD Cash Back Visa Infinite*Best for roadside assistance• $139 annual fee• 3% cash back on gas (up to $15,000 annually)• Complimentary emergency road services through the TD Auto Club Deluxe membershipScotiabank Gold American Express*Best for gas and travel• $120 annual fee• Earn 3 Scotia Rewards points per $1 spent on gas• Travel perks that include no foreign transaction fees; and travel emergency medical, trip cancellation, flight delay, lost baggage and accident insuranceCanadian Tire Triangle Mastercard*Best for gas at Canadian Tire• No annual fee• Earn $0…

Over the past few years, many Canadians have discovered their inner entrepreneur, resulting in thousands of new side hustles and small businesses. One in four side hustles and small businesses were started during the pandemic, according to a survey done in mid-2022 by Angus Reid for Intuit Quickbooks. And, at the end of 2022, two in five Canadians planned to take on a side hustle or increase their work hours, found a survey conducted by Accenture.

If you want to earn extra income, check out these MoneySense articles below for practical tips, tax info and inspiration for launching your own side hustle. 

Starting a side hustle or small business

How to make more money in Canada: 6 side hustle ideasThe basics of starting your own business Can you make money on social media?How to make money selling stuff online How much money can you make driving for Uber?Ways to earn extra money during COVID-19

The best bank accounts for side hustles in Canada
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Managing side hustle finances

The 6 best bank accounts for side hustles in CanadaIncorporated business owners: Should you pay yourself a salary?How the self-employed can get organizedGetting paid in bitcoin: What you need to know What you should know about cryptocurrency tax in CanadaHow are you taxed when you sell a small business? 

Self-employed taxes in Canada

Income Tax Guide for Canadians: Deadlines, tax tips and moreSelf-employed? Here’s how to file taxes for a side hustleTax traps for the self-employedAudit-proof your side hustleThe tax brackets in Canada, based on annual income and broken down by province, too 

Inspiration for entrepreneurs

MYNC franchise founder Nathalie Smith on turning a passion project into her full-time jobThe piece of advice journalist Renée Sylvestre-Williams wished she had in her 20s and moreErin Bury on quitting a stable job for a risky paycheque, investing in her 20s and moreMallory Greene on building wealth, leveraging debt and spending without guilt

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Even if you don’t recognize the company by name, you’ve likely used Fintel Connect’s services. As a marketing company for the financial industry, it tracks links and applications for things like credit cards, as well as social media and influencer marketing. CEO Nicky Senyard (above, right) founded the company in 2018, and chief revenue officer Alana Levine was a founding member. They share a passion for finance and getting good products into the hands of Canadians. And, here, they get personal about their own views on money.

Who are your money heroes?

Alana: I am a big fan of Sallie Krawcheck from Ellevest. She’s really changing the game when it comes to helping women create wealth.

Nicky Levine: I enjoy following various individuals and extracting the most effective strategies for myself. One influencer who truly stands out is Jessica Moorehouse. What distinguishes her is her unique approach to discussing financial challenges and achievements. Jessica has a remarkable ability to break down complex concepts without oversimplifying the content, making it accessible to millennials and valuing exactly where they are…

Before you give up your financial independence to commit to the stay-at-home lifestyle, experts caution you need to consider what can go wrong.