Our Weekend In Toronto: Family, Fun, & Fried Chicken!
  
As a celiac, I am always looking for new options to try when dining out. This past weekend, we met with family in Toronto and experienced some fantastic celiac-friendly food and beverages at Her Father's Cider Bar + Kitchen.
Being a celiac means I cannot eat gluten (found in Wheat, Barley, Rye, and certain other grains). Usually, when dining out, I cannot eat breaded or fried foods, such as fried chicken or french fries, especially if there is not a dedicated fryer in the establishment. Most food options are usually baked or raw (such as salads).
Her Father's is a celiac-friendly restaurant in the city that offers incredible small plate style dining, a large selection of world wide craft-ciders, and other delicious bar drinks. Small plates are great when dining with a crowd so you can try multiple flavours of food in one sitting.
When visiting this weekend, our table of 8 got to enjoy Buttermilk Brined Fried Chicken (definitely a new favourite), Crispy Fried Brussel Sprouts, Halloumi Sakagaki, and Russet French Fries, along with other items such as Maitake Mushrooms and the Gem Lettuce Salad featuring crispy chickpeas, orange segments, dried cranberries and pickled walnuts.
If you are in Toronto in the near future and looking for a great night out, be sure to check out Her Father's Cider Bar + Kitchen.
You can check out their menu HERE.
Canadian credit card debt climbed 3X the rate of Mortgages
Canadian households are cooling on their borrowing but the type of debt may be an important sign. Statistics Canada (Stat Can) data shows household credit climbed at one of the slowest rates in decades in January. The slowdown was primarily caused by slower mortgage debt growth, with credit card debt rising 3x faster.
Canadian Household Borrowing Picks Up, But Still Unusually Slow
Canadian household debt is rising but more in line with inflation and population growth these days. The balance of outstanding household credit saw monthly seasonally adjusted growth of $8.8 billion (+0.3%) to $2.93 trillion in January. Unadjusted annual growth was 3.4% for the month, a slight acceleration. However, it was still the slowest 12-month change for January going back to at least 1990, but likely way further.
Canadian Mortgage Debt Rose At The Slowest Rate Since 2001
Mortgage debt represents the vast majority of the total outstanding balance. Households saw seasonally adjusted monthly growth of $1.1 billion (+0.1%) to $2.17 trillion in January. Unadjusted annual growth was just 3.4%, marking the lowest rate since April 2001.
Canadians Are Scrambling For More HELOC & Credit Card Debt
One surprising shift is borrowing of non-mortgage credit, which is suddenly in vogue. Seasonally adjusted monthly growth was $3.5 billion (+0.5%), pushing the balance to $750.3 billion in January. The unadjusted annual growth rate was 3.4% for the month.
According to the agency, home equity and credit card debt were significant contributors. They found home equity credit (+$0.9 billion; +0.5%) rose nearly as much as mortgages over the same period. Credit card debt (+$1.1 billion; +1.1%) was also huge—rising the same dollar volume as mortgage credit, advancing at 3x the rate to accomplish that move.
By itself, rising non-mortgage debt sounds like a bigger problem than it normally is. Annual growth is roughly at the same level it was around 2018, when mortgage debt wasn’t out of control. This is the type of credit that fuels consumption, tending to drive economic growth in productive areas.
However, this isn’t normal times so the impact is a little more mixed with context. Households are increasingly resorting to consumer debt to close the gap between inflation and a lack of wage growth. A problem that may not be totally apparent since homeowners are tapping the massive home equity windfall just delivered. It also provides more context to the RCMP’s concerns that younger households unlikely to ever own a home, may have a destabilizing effect for the country.
Your 2024 Tax Claims Kick Off
Most Canadians must file their tax return by April 30, which is also the deadline to make a payment for those who owe money to the government.Canadians who are self-employed, along with their spouses or common-law partners, have until June 15. Since that day falls on a weekend, the CRA will consider a return to be on time if it is received by or postmarked on or before June 17.
Self-employed Canadians must still pay money owed to the CRA by the April 30 deadline to avoid paying interest.
FHSA, home office claims among changes
This marks the first year that taxpayers will be able to enter deductions on the First Home Savings Account (FHSA), a type of tax-free account rolled out by the federal government last year to help Canadians save on their first home.
"Your contributions to the FHSA are tax-deductible, while your withdrawals — as long as you use them for the down payment of a purchase of your first home — are tax-free," said Gerry Vittoratos, a national tax specialist with UFile.ca.
The program allows prospective homebuyers to start saving for up to 15 years once they open an account, with an annual $8,000 deposit cap and a lifetime contribution limit of $40,000.
Canadians who've opened this type of account will receive a new slip called the T4FHSA, which will provide the details needed to complete your tax return.
Financial institutions and employers have until the end of February to send tax slips to the CRA. So most taxpayers might not even get their slips until early March, "and that's really the kick-off of the season," Vittoratos said.
Canadians might also notice that the temporary flat-rate method for claiming employees' home office expenses — such as rent, electricity, internet and office supplies — is no longer available.
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