Money123: Tax filing season is here

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A person looks on the Canada Revenue Agency website pictured on a laptop in Kingston, Ontario on Friday April 30, 2021.

It’s tax season in Canada

Tax season is officially underway in Canada.

As of Monday, tax filers are now able to submit their returns both electronically and by mail, where possible, with the deadline to file and pay taxes owed just a few months away.

To help maximize savings and potential refunds, experts say it's important to prepare early and be aware of some changes for this tax season.

"I would start as early as possible. No doubt, start by collecting all your slips," says Ryan Minor, director of tax at Chartered Professional Accountants Canada.

"If you're doing it yourself, you want to make sure you maximize your refund, claim every deduction and credit that you're entitled to."

Read more to know how you can get started.

How long will it take you to save $1.7 million?

It may be a while before young Canadians stop working, but retirement still feels like a mountain to climb for most, according to new surveys released this week.

On average, Canadian couples say they need $1.7 million in savings to be able to retire comfortably, BMO's Annual Retirement Survey says. This figure is up from $1.54 million in last year's survey.

This figure represents the total retirement savings for a household, BMO senior portfolio manager Terri Szego told Global News.

This means each person in a couple would have to have around $850,000 to reach that goal.

A similar RBC survey puts that figure around $814,000.

Read more to find out about how long it will take you to save up.

3 unemployed Canadians for every vacant job

There were three unemployed Canadians for every job vacancy in December, according to a report from Statistics Canada released Thursday.

That marks a slight increase from a year earlier as the job market tightens and competition grows amid the trade war and U.S. tariffs, which will hit the one-year mark in March.

There were 514,600 job vacancies in December 2025, which was down 3.8 per cent from a year earlier and the highest number of vacant positions since March of last year.

At the same time, the number of unemployed Canadians increased in December by 49,100, according to the Labour Force Survey released separately.

December's unemployment rate was 6.8 per cent of Canada's working age population, and up from 6.5 per cent in November.

Read more to find out about what's going on.

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