Are you really ready to retire? Why many Canadians are struggling with retirement planning + MORE Mar 25th

The tax changes for the 2025 income tax year are relatively limited due to the delay in the federal budget. Budgets are normally released in February, March, or April of each year; however, due to the April 2025 federal election, Prime Minister Mark Carney’s first budget was not tabled until November 2025. 

Here are some of the key personal tax measures to be aware of for this upcoming tax season. 

Cancelled: Digital news subscription

The 15% federal tax credit for up to $500 of qualifying digital subscriptions for qualified Canadian journalism organizations is no more. The tax credit was available from 2020 through 2024 inclusive. It is not available to claim for 2025.  

Expanded: Disability supports deduction

The expenses eligible for the disability supports deduction have been expanded. This deduction is available for taxpayers with physical or mental impairments who incurred expenses to go to school or work. 

Eligible expenses can include devices or software, an ergonomic work chair, voice recognition software, and several other items…

Home buyers waiting for a spring interest-rate drop won’t have much to cheer about this month; the Bank of Canada has opted to leave its benchmark borrowing rate unchanged in its March announcement, marking its third consecutive rate hold.

This means the Bank’s overnight lending rate will remain at 2.25%, with the prime rate used by lenders—also set based on this benchmark—staying at 4.45%. This rate acts as the pricing floor for a number of floating rate borrowing products, including variable mortgage rates, HELOCs, and certain types of loans. The rate has now sat at this level since October 2025, when the Bank delivered the last of its nine-rate-cut series.

This latest rate hold is no surprise to market watchers; Canada’s sluggish job market and overall soft economic performance in 2025 have given the Bank little reason to make a move. The latest February Consumer Price Index report, released by StatCan on March 16, also indicates that inflation growth remains below the Bank’s 2% target at 1…

Savings comparison tool

Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.

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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 of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…

Despite best intentions, many Canadians are not financially prepared for retirement. This reality is driven by a combination of factors: rising costs of living, growing debt levels, insufficient personal savings, and a lack of proper planning. Unexpected life events such as health challenges, job loss, or forced early retirement, can further derail even the most optimistic plans.

Taken together, the data points to a clear retirement readiness gap. Many Canadians hope to retire at a certain age, but the financial reality required to do so comfortably often falls short of expectations.

Related reading: Canadians fear a tougher road to retirement

Why aren’t many Canadians retirement ready?

There are a variety of factors that contribute to this issue:

Not knowing where to start. Questions like “When should I begin planning?” or “Is it really urgent?” often lead to delay. Unfortunately, procrastination can be costly, even when it feels harmless in the moment…

Here’s a round-up of news for Canadian investors this week.

Lululemon

Alimentation Couche-Tard

Power Corp. of Canada

Featured RRSP Accounts

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EQ Bank

Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.

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Registered GIC rate

Earn a guaranteed 2.75% in your RRSP when you lock in for 1 year.

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Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

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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…