Canadian consumers, hit hard by eight interest rate hikes in 18 months, are spending more than 9% of their disposable income just on paying interest costs – an all-time record. • Also read: Cost of living: 30% of Canadians plan to reduce their expenses in 2024 • Also read: ‘They forced us to close’: Unable … [Read more…]
Employees who receive both pension and social security may suffer a reduction in their benefits due to current regulations. This may come as a surprise to some workers and their families. Here’s what beneficiaries need to know about the risk of overpayments and how they can estimate their income in retirement. Richard Stephen | Istock … [Read more…]
US data: GDP grows 4.9%, jobless claims rise to 210,000 U.S. gross domestic product rose to an annual rate of 4.9%, more than twice as fast as in the second quarter, beating estimates. Bloomberg There may be an explanation as to why the U.S. economy has been remarkably resilient and growing strongly despite high inflation … [Read more…]
The Internal Revenue Service announced its annual inflation adjustments last week. The IRS issued a press release describing the 2024 tax year adjustments that generally apply to income tax returns filed in 2025. The following points are from the press release and are of greatest interest to most taxpayers, according to the IRS: The standard … [Read more…]
New York (CNN) — If you like to plan your taxes in advance, the IRS this week released the new inflation-adjusted income tax brackets and standard deduction amounts that will apply for the 2024 tax year. Translation: These are the numbers that will be relevant to the tax return that most Americans will file in … [Read more…]