Personal Finance in the News – November 2021:
Welcome to Money News – November 2021! This month we look at rising inflation, its impact on taxes, and further extensions to Canada’s Covid benefits.
Read and Watch: Inflation continues to run hot in the US and Canada, where the rates of inflation have hit 6.2% and 4.7% respectively. This is the highest level in America since the early 1990s, and the highest level seen in Canada since the early 2000s. The cost of food, energy, and shelter (all the necessities, unfortunately) have seen particularly large run-ups.
Read and Watch: Higher inflation is pushing up tax brackets too. The IRS, for example, is boosting its tax brackets due to higher inflation. Meanwhile, here in Canada, inflation is impacting a variety of tax breaks, and impacting the brackets too. Unfortunately for investors and savers, the Tax Free Savings Account (TFSA) limit will remain the same at $6,000.
Read: Though most of Canada’s Covid emergency benefits, like CERB and CRB, have ended, there are still two benefits that have been extended – those who are interested can read about them here on Narcity.
Please keep in mind that I am not a financial advisor, and the opinions expressed are my own. My Money Moves does not provide financial advice. It is an informational website that details my own approach to my own money and personal finances. If you need specific financial help or guidance, please do your own research and seek out a professional.