How to Improve Your Employees’ Financial Wellness + MORE Apr 9th

Canada’s unemployment rate jumped to 6.1% in March as more people looked for work and job growth stalled—solidifying expectations of a June interest rate cut.

The unemployment rate in Canada February 2024

Statistics Canada’s labour force survey on Friday, April 5, shows the jobless rate is up from 5.8% in February, marking the largest monthly increase in the unemployment rate since summer 2022. Employment was little changed last month, with the economy shedding 2,200 jobs, after modest increases over the last several months.

“The cracks that had been emerging within the Canadian labour market suddenly got a lot wider,” wrote CIBC’s executive director of economics, Andrew Grantham, in a client note.

The March jobs report is the last piece of major economic data the Bank of Canada (BoC) has to consider ahead of its next interest rate decision on Wednesday.

Featured accounts

sponsored

Hybrid savings account

Earn up to 4% interest on your savings…

Canadians are continuing to be laid off as part of a wave of job cuts that began in 2023 as companies assessed their operations after the height of the COVID-19 pandemic passed. Tech companies, retailers and more have all begun shedding members of their workforce in a bid to navigate the economic downturn.

Featured accounts

sponsored

Hybrid savings account

Earn up to 4% interest on your savings. Plus, use the pre-paid Mastercard for everyday purchases and free ATM withdrawls.

go to site

featured

Online brokerage

Buy and sell stocks or ETFs with $0 commission on all transactions. No minimum deposit needed.

go to site

featured

Savings account

Save more every day with 5…

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.

powered by

Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain old cash. While you do have to abide by the set amount of contribution room each year, any growth you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada who is 18 or older and has a valid social insurance number can open a TFSA.

Featured TFSA Accounts

featured

Best TFSA savings account

Earn 3% interest tax fee tax-free interest with flexible withdrawals and zero fees…

In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial wellness—while boosting their own ability to attract and retain talent—with a group savings program.

Employers can help employees plan for their future; whether it’s for homeownership, retirement or their child’s education—there’s a group savings plan for every financial goal. To achieve this, employers can benefit from a well-tailored program with a comprehensive registered pension or retirement savings plan customized to the needs of their business and their employees.

Financial planning made easy

“A key aspect of the support we provide is access to financial advice and guidance from an extensive network of professionals to fit employers’ business needs,” says RBC Group Advantage vice-president Doug Crowe…

Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?

—Ian

How to change a tax filing to claim investment management fees

If you pay investment management fees for your non-registered investment account, the fees are generally tax deductible, Ian. They can be claimed on line 22100—carrying charges, interest expenses and other expenses. Fees paid for tax-preferred accounts like tax-free savings accounts (TFSAs) or registered retirement savings plans (RRSPs) are not deductible.

According to the Canada Revenue Agency (CRA), two types of fees are eligible to deduct:

“fees to manage or take care of your investments,”

and “fees, other than commissions, paid for advice on buying or selling a specific share or security by the taxpayer or for the administration or the management of the shares or securities of the taxpayer…