![](/polopoly_fs/1.5346613.1719853464!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
If you qualify for this tax credit, you can expect a payment in your bank account this week
The next quarterly GST/HST tax credit payment is expected to go out this week, according to the Canada Revenue Agency.
A new survey from tax preparation firm H&R Block Canada found that more than half of Canadians feel they are behind on retirement savings.
About half of Canadians polled (52 per cent) say they're unprepared for retirement because they don鈥檛 have enough money left at the end of the month for savings, and that they are planning on working part-time when they do retire, according to the survey.
鈥淣ot so long ago, the traditional vision of retirement was that at around 65 years old, Canadians 鈥榟ung up their hats鈥 and celebrated the end of full-time employment,鈥 H&R Block Canada president Peter Bruno said in a news release earlier this month. 鈥淲hat we鈥檙e seeing now is that the vision for retirement has evolved dramatically 鈥 fuelled by shifts in tax-friendly savings plan options, evolving workforce realities, the gig economy, and the prevailing economic environment.鈥
Fifty per cent of Canadians surveyed said they plan to have a 鈥済ig job鈥 when they retire to bring in some income, and 36 per cent of respondents between the ages of 18 and 54 believe they won鈥檛 ever retire.
But some respondents were more optimistic, with 44 per cent saying they anticipate retiring earlier than the current average retirement age, which is 64 years and six months.
And 46 per cent said they feel good about their retirement strategies, despite the current economic uncertainty.
When it comes to tax-friendly saving plans, including RRSPs and TFSAs, 56 per cent of Canadians report having an RRSP, while six per cent said they will set one up in the future. Fifty-five per cent said they need to better understand tax-friendly retirement savings options.
The proportion is lower, at 54 per cent, for those Canadians who have a TFSA. Six per cent plan to establish one at some point.
According to the survey, 37 per cent of Canadians said they have an employer-sponsored registered pension plan and 19 per cent rely on government-assisted retirement plans.
However, 65 per cent respondents indicated they鈥檒l likely put less into their TFSA or RRSP this year, given the increased cost of living. Fewer people (32 per cent) feel like they put aside enough money monthly for their retirement.
鈥淭here is no one-size-fits-all retirement plan or strategy for Canadians, but regardless of your personal situation, having a good understanding of your options and how tax-friendly savings plans work is key,鈥 said Bruno. 鈥淲hen it comes to tax filing time, it鈥檚 also important you understand any changes that could impact how to maximize your tax return and minimize your taxable income.鈥
These are the key changes of this tax filing season relating to retirement saving plans, according to H&R Block Canada:
The next quarterly GST/HST tax credit payment is expected to go out this week, according to the Canada Revenue Agency.
Yellowhead County in west-central Alberta says a fire that prompted the closure of a major highway west of Edmonton involved a gas metering station.
Eating higher levels of ultraprocessed food may shorten lifespans by more than 10 per cent, according to a new, unpublished study of over 500,000 people whom researchers followed for nearly three decades.
Eddie Murphy is reflecting on some of the 鈥渃heap shots鈥 he feels he鈥檚 taken over the years.
A Florida judge released Monday afternoon the transcripts of a 2006 grand jury investigation that looked into sex trafficking and rape allegations made against the late millionaire and financier Jeffrey Epstein.
The U.S. Supreme Court found on Monday that Donald Trump cannot be prosecuted for any actions that were within his constitutional powers as president, but can for private acts, in a landmark ruling recognizing for the first time any form of presidential immunity from prosecution.
Recent high school graduate Suborno Isaac Bari, 12, plans to start studying math and physics at New York University in the fall, but he鈥檚 already got his ambitious sights set on beginning a doctoral program.
England star Jude Bellingham is being investigated by UEFA over a potentially offensive gesture made during a European Championship win against Slovakia.
Border Patrol agents says a woman from China has been arrested at a Vermont lake bordering Quebec for trying to smuggle 29 eastern box turtles, a protected species, into Canada by kayak.
When Zhya Aramiy was living in Turkey and Iraq, he had to keep his Pride flags hidden away.
A rave at the Ontario Science Centre was the place where Greg LeBlanc says his relationship first began with his husband Mark in 1997.
Travellers flying with WestJet continue to watch as the airline cancels more flights due to a sudden strike by its mechanics union.
The remains of a soldier from Newfoundland killed in the battlefields of France during the First World War will be laid to rest in St. John's Monday, bringing an emotional end to a years-long effort in a place still shaken and forever changed by the bloodshed.
The city is entering the final stages of resuming water service through its repaired feeder main, as water consumption continues to fall below the city鈥檚 threshold level.
A grandfather and grandson duo proudly graduated alongside each other at the same northern Manitoba school.
A large basking shark was captured close to the shoreline on Nova Scotia's Eastern Shore.
The world's largest hockey stick could soon become the world's most in-pieces hockey stick as a Vancouver Island community prepares to tear down and carve up the Canadian landmark.
For half a decade, a Saskatoon family has been trying to bring their orphaned niece to Canada, they say now it鈥檚 a matter of life or death.