Whether you’re here for the heat or not – we know one thing will never go out of season: benefit and credit payments and tax-free savings.

Read on to find out what’s new, what’s changing, and what payments you could receive to help you beat the heat.

If you bought, built, sold, or renovated a home in 2023, you might be wondering what that means for your tax situation. Don’t worry, the Canada Revenue Agency (CRA) is here to help. We have information about tax incentives that can help you with housing costs.

Did you open a First Home Savings Account (FHSA) in 2023?

If so, you need to be aware of this important information.

Millions of Canadians file an income tax and benefit return every year. For the 2023 tax-filing season, Canadians filed more than 32 million tax returns, and more than 92% of them were filed electronically. There were also more than 18 million refunds processed, and Canadians who had a tax refund received an average of $2,262!

Canadians can save for a home tax-free using the First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home.

November is Financial Literacy Month, a time for organizations across Canada to come together to talk about personal finances, and how to manage different aspects of them. When we think about how best to manage our money, and what we want to accomplish with it, purchasing a first home is often at the top of the list. Let’s face it, it is not always easy to know what mechanisms are out there that we can take advantage of. That is why, in November, various financial organizations are talking about available financial tools and resources to get the conversation going!