Melanie Pitman

Canada's work-from-home credit allows those who work from home to claim certain home office expenses on their tax return. The CRA allows employees to deduct a portion of expenses like rent, utilities, internet, and office supplies, provided specific criteria are met. Unlike the temporary flat rate method that was available from 2020 to 2022, employees must now calculate their actual work-from-home expenses and obtain a signed declaration from their employer.

An exchange-traded fund – commonly known as an ETF – is an investment fund that can be bought and sold on an exchange, similar to a stock. They allow Canadian investors to buy a collection of individual stocks and/or bonds at once, similar to mutual funds. Most ETFs follow the performance of an index, a specific economic sector (such as healthcare, industrial, or energy), or even global markets.

EQ Bank and Wealthsimple are online-only banks in Canada, but EQ Bank specializes in everyday banking and Wealthsimple specializes in investing. Canadian banking has tended to look a certain way and offer certain products. However, these institutions break the mould – neither offers a typical credit card or mortgage product, and they don't offer personal loans at all. Still, the products they do offer are quite valuable and very, very convenient.