Home Economics aims to help Canadians navigate their personal finances in the age of social distancing and beyond.

Canadian shoppers losing steam

Retail sales in Canada unexpectedly rose 0.4 per cent in October, according to the latest reading from Statistics Canada Friday. That was a sharp deceleration from the 1.9-per-cent surge in September. Excluding autos, sales were flat in the month. Add to that, StatsCan's advance estimate for November indicates sales were "relatively unchanged" last month, indicating shoppers are starting to lose steam.

Cash is Canadians’ primary TFSA investment, survey finds

While Canadians are socking more money into their tax-free savings accounts (TFSAs) during the pandemic, according to a recent BMO survey, many are underutilizing the investment vehicle. The survey found cash made up the primary investment in Canadians’ TFSAs, with less than half of respondents saying they are aware a TFSA can hold both cash and at least one other type of investment.

CRA introduces new work-from-home tax break

Earlier this week, the Canada Revenue Agency (CRA) unveiled a new tax deduction to help Canadians working from home claim expenses for the 2020 tax year more easily. In order to qualify, you must have worked from home more than 50 per cent of the time for at least four straight weeks due to the pandemic. The tax deduction rate is $2 a day, up to a maximum of $400. There’s also another, more complex option to claim work-from-home expenses, which existed before the pandemic. Here is everything you need to know about both to determine which is best for you.

Money moves to make before year-end

It has been an unprecedented year in many ways due to COVID-19, and Canadians’ finances are no exception. But there’s no reason to make a year that was financially difficult for many any tougher. From contributing to registered accounts, to last-minute payment deductions, CTV’s Chief Financial Commentator Pattie Lovett-Reid shares a few money moves you might want to consider before saying goodbye to 2020.

The future of money

With the light seemingly at the end of the tunnel for the pandemic, how will our money habits and financial values be affected on the other side of it? This is the one of the questions explored in “The Future Of” series in which BNN Bloomberg looks at what’s next for our economy and daily lives. According to many surveys, Canadians have become more stressed about money, which one expert says could lead to irrational financial decisions.

Financial experts warn against flocking to day trading

Some stock trading platforms say their number of users has spiked this year as more time spent at home has a growing number of Canadians trying out day trading. But financial experts are urging would-be traders to educate themselves in the fundamentals of investing first, and are warning them not to get caught up in the fear of missing out.

TIP JAR

“Holding cash in your TFSA is like buying a car and leaving it in the garage … The tax-free benefits just apply to gains made on most investments within the registered account. The only gains from cash go to the bank.” Personal Finance Columnist Dale Jackson

*Scheduling note: Home Economics will be on hiatus beginning next week and will return Friday, January 8. Happy Holidays!