The 7 best student credit cards in Canada for July 2023 + MORE Jul 10th

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The best cash back credit cards in Canada for July 2023
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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Have you ever reached the end of the month and wondered where all your hard-earned money went? If yes, then it sounds like you could use a budget.

It may not be at the top of the list of fun weekend activities, but a budget is a tool that can provide insights into your spending habits. It can help you plan for expenses, and make it easier to achieve your financial goals, such as building an emergency fund, paying down debt, or saving for a down payment on a home.

While figuring out how much money you earn, spend and save each month can seem like a daunting task, it’s not as difficult to build a budget as you might think. We’ll walk you through the five steps to creating a budget that is easy to use, as well as offer tips on how you can stick to it.

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Step 1: List your expenses and streams of income

The first step to creating a monthly budget is understanding how you manage your money from day to day. There are many online budgeting tools and financial apps that can help with this, including Credit Canada’s free Budget Planner + Expense Tracker…

Ask MoneySense
Do I need to claim my 16-year-old daughter’s income if she made under $12,000? She’s full-time in school in Grade 11. Can I still claim her as a dependent? If I have to claim her income on mine it affects my income and I won’t get a refund. What happens if I choose not to claim her earnings this year, but claim it on next year’s?—Margaret

Claiming a child’s income as your own

Canada has progressive tax rates with higher levels of income taxed at incrementally higher rates. But each taxpayer is entitled to a tax-free exemption—called the basic personal amount—that allows a portion of their income to be tax-free. 

What is the basic personal amount in Canada?

There is a federal basic personal amount and a provincial or territorial basic personal amount. The federal amount is $15,000 and the provincial and territorial amounts range from $8,481 to $21,003 for 2023, depending where you live. 

As a result, Margaret, at least $8,481 of your daughter’s income should be tax-free and maybe more depending where you live…

The climate crisis and its effects are front of mind for many Canadians. A recent Ipsos study found that 73 per cent of Canadians believe the world is headed towards environmental disaster, unless there’s an effective transition away from fossil fuels and a significant reduction in greenhouse gas emissions by 2030. Young Canadians in particular are worried about how global warming will impact the future: A 2023 study from Lakehead University found that eight in 10 respondents aged 16 to 25 say their mental health is negatively affected by fears and anxiety related to climate change. 

For many Gen Z-ers and younger Millennials, who are now in their early 20s to mid-30s, climate change is also transforming the way that they think about their financial futures. For example, a recent survey by BNN Bloomberg and financial-product comparison site RATESDOTCA found that 60 per cent of homeowners under the age of 34 are reconsidering where they want to live because of climate change. These buyers are avoiding places that have experienced recent extreme weather events, like flooding and forest fires, which not only cause stress for homeowners, but can increase insurance rates…

Credit Cards

The 7 best student credit cards in Canada for July 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.

Find my perfect card*

You will be leaving MoneySense. Just close the tab to return.

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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