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The most recent release of Statistics Canada's Consumer Price Survey shows that the overall rate of inflation reached 6.8% for the month of April 2022, as measured on a year-over-year basis.

The largest driver of inflation for the month was the cost of food, which rose by 9.7% (as compared to April of 2021), the largest such year-over-year increase in more than 40 years. Increases in food prices were broad-based, with costs rising in many food categories by at least 10%.

Details of the inflation picture for the month, by index component and by region, can be found in the May release of the Consumer Price Survey, which is available on the StatsCan website at https://www150.statcan.gc.ca/n1/daily-quotidien/220518/dq220518a-eng.htm?HPA=1&indid=3665-1&indgeo=0.

Most of the pandemic benefit programs which the federal government has provided over the past two years came to an end on May 7, 2022.

Notwithstanding the ending of the programs, applications for benefit or claim periods prior to the May 7 date may still be filed with the federal government. For individuals, such applications may be filed up to 60 days after the end of the particular benefit period, while businesses generally have up to 180 days following the end of a claim period to make their claims.

Details of the particular programs, their benefit or claim periods, and the application deadlines for each can be found on the federal government website at https://www.canada.ca/en/department-finance/economic-response-plan.html.

The most recent release of Statistics Canada's Labour Force Survey shows that the unemployment rate for the month of April stood at 5.2%, down 0.1% from the rate recorded for March 2022.

Among demographic groups, the unemployment rate for people aged 25 to 54 fell 0.2 percentage points to 4.3%, the lowest such rate recorded since 1976.

More details of the unemployment picture for the month of April by province, economic sector, and demographic group can be found in the May release of the Labour Force Survey, available on the StatsCan website at https://www150.statcan.gc.ca/n1/daily-quotidien/220506/dq220506a-eng.htm?HPA=1&indid=3587-2&indgeo=0.

The federal government provides a non-refundable tax credit to first time home buyers (defined as individuals who have not owned and lived in a home in the current year or any of the previous four years). The credit, which can be shared between spouses, was $750.

In the recent federal budget, it was announced that the amount of the home buyers' tax credit would be doubled, and that increase would be effective for purchases of qualifying homes made on or after January 1, 2022. For 2022 and subsequent years, the amount of the credit will therefore be $1,500, and sharing of the credit between qualifying spouses will continue to be allowed.

Details of the home buyers' tax credit can be found on the Canada Revenue Agency website at https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount.html, and the budget announcement of the increase is available at https://budget.gc.ca/2022/home-accueil-en.html.

The most recent release of Statistics Canada's Consumer Price Index shows that the rate of inflation for the month of March 2022 (as measured on a year-over-year basis) was the highest such rate since January 1991.

The overall rate of inflation for March 2022 was 6.7%, and inflation for the month was broad-based, with prices rising in all eight of the major index components. The greatest contributor to inflation for the month was the cost of gasoline, which rose by 11.8%, as measured on a month-over-month basis.

Details of the inflation picture for the month, by index component and by province, are outlined in the April release of the Consumer Price Index, available on the StatsCan website at https://www150.statcan.gc.ca/n1/daily-quotidien/220420/dq220420a-eng.htm?HPA=1&indid=3665-1&indgeo=0.

Under current legislation, three major pandemic benefit programs for individuals are scheduled to expire on May 7, 2022. The Canada Recovery Sickness Benefit, the Canada Recovery Caregiving Benefit, and the Canada Worker Lockdown Benefit will all end as of that date.

Under each of those programs, however, an application for benefits can be made up to 60 days after the end of the particular weekly benefit period. Consequently, individuals who meet eligibility criteria will be able to apply for benefits after the May 7 end date.

Details on those eligibility criteria, and a listing of deadlines by which applications must be filed for each particular benefit period, can be found on the Canada Revenue Agency website at https://www.canada.ca/en/revenue-agency/services/benefits.html.

Since 2016, the federal government has provided a non-refundable tax credit for home renovation expenses undertaken to increase accessibility. Individuals eligible for this credit include those who are 65 years of age or older and those who are able to claim the federal disability tax credit.

The 15% credit was available on qualifying home renovation expenses of up to $10,000, meaning a maximum credit of $1,500. In this year's budget, however, the federal government announced that the limit on eligible expenses would be increased to $20,000, meaning a maximum credit of $3,000. The change is effective for 2022 and subsequent years. More information on the credit, and on what constitutes qualifying home renovation expenses and who can claim the credit for such expenses, can be found on the Canada Revenue Agency website at https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31285-home-accessibility-expenses.html.

In some instances, seniors who were eligible for the federal Guaranteed Income Supplement (GIS) and who received pandemic benefits during 2020 saw their GIS benefit amounts reduced or eliminated beginning in July of 2021.

The federal government will be providing such GIS recipients with a one-time grant payment to compensate them for that loss of benefit, with the grant amount equal to the annualized amount of their reduced payment. For example, if an individual's monthly GIS was reduced by $100, the individual will receive a $1,200 one-time grant payment.

Seniors who qualify will automatically receive the grant payment and no application is required. Such grant payments should be received – by direct deposit or by cheque – by the end of April 2022. More information on the grant payments can be found at https://www.canada.ca/en/employment-social-development/news/2022/04/government-of-canada-issuing-one-time-grant-payment-this-week-for-guaranteed-income-supplement-recipients-who-received-pandemic-benefits.html.

All Canadian individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on all outstanding amounts at a rate of 5%.

Taxpayers who are unable to pay in full by the May 2, 2022 deadline can contact the Canada Revenue Agency to discuss a payment arrangement. Information on how to do so can be found on the CRA website at https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2022/find-help-cannot-pay-your-taxes.html.

The most recent release of Statistics Canada's Labour Force Survey shows that the overall unemployment rate for the month of March stood at 5.3%. That rate is the lowest rate on record since comparable data became available in 1976.

Employment gains during the month were driven by women aged 55 and older and men aged 25 to 54. While employment growth was recorded in each of New Brunswick, Prince Edward Island, Ontario, and Québec, gains were concentrated in central Canada.

Details of the employment picture for the month, by demographic group and economic sector, can be found in the April release of the Labour Force Survey, available on the StatsCan website at https://www150.statcan.gc.ca/n1/daily-quotidien/220408/dq220408a-eng.htm?HPA=1&indid=3587-2&indgeo=0.