Nojoud Al Mallees, The Canadian Press

The Canada Revenue Agency kicked off its tax season this week by urging Canadians to file their taxes on time — and reminding them that they may be owed money.

The filing deadline of April 30 falls on a Sunday this year, so Canadians have until May 1 to finish filing their taxes. But a looming strike for CRA workers may be on the horizon.

Here's a look at what you need to know, and at some of the new benefits you may qualify for this year. 

It's faster to file taxes online

Inflation has eroded purchasing power for many Canadians, but the experience with rapidly rising prices has been far from uniform. 

While the inflation rate shows how quickly prices are rising, other factors like income and consumption patterns can make it harder or easier for people to cope. 

Here's a look at how high inflation is right now, who's feeling the pinch, and when Canadians can expect inflation to come down.

How high is inflation?

Oilsands executives insist they are all in on cutting emissions and will make big investments in green technology, but they maintain there isn't a place to invest that money yet.

Many companies are coming off a year of windfall profits not because they pumped out more product, but because the war in Ukraine and global supply chain crunches pushed world oil prices way up.

Environment Minister Steven Guilbeault has said repeatedly over the last year that the companies need to prove their commitment by putting some of that cold hard cash into climate initiatives.

Nour Alideeb and her partner are trying to decide what to do with the hundreds of dollars they're now saving on child care for their two-year-old son.

Parents are seeing their child-care fees reduced by 50 per cent, on average, as part of the federal government's early learning and childcare agreements with provinces and territories. 

For Alideeb and her family in Mississauga, Ont., that means about $700 in savings each month. 

Some called it "Justinflation." Others called it "greedflation."

But reality might be a lot less catchy than the wordplay that has taken off in Canadian politics this year.

After enjoying decades of a relatively low and stable inflation rate, Canadians spent 2022 grappling with the highest levels of inflation seen in nearly 40 years.

With the rising cost of living exacerbating pre-existing affordability concerns, politicians raced to point fingers at what — or who — they thought was really causing the problem.

Canada's annual inflation rate dropped slightly to 6.9 per cent in September but the cost of groceries continues to climb.

In its latest consumer price index report, Statistics Canada said the slight deceleration from 7.0 per cent inflation in August is mostly attributed to lower gas prices, which fell by 7.4 per cent in September.

Meanwhile, grocery prices rose at the fastest rate since August 1981, with prices up 11.4 per cent compared with a year ago.

Statistics Canada said food prices have outstripped the overall inflation rate for 10 consecutive months.

Legislation to temporarily double GST rebates to help low- and modest-income Canadians cope with high inflation is expected to pass the House of Commons later this week.

Finance Minister Chrystia Freeland says the measure is "a balance between compassion and fiscal responsibility."

Freeland appeared at the House of Common Finance Committee Monday where she commended MPs from all parties for supporting the measure.

The bill is expected to come to a final vote in the House of Commons Thursday, after which it will be sent to the Senate. 

Canada's homeownership rate is on the decline, with young adults in particular less likely to own a home in 2021 than they were a decade earlier, says Statistics Canada.

According to the latest census release, 66.5 per cent of Canadians owned a home in 2021, down from a peak of 69 per cent in 2011.

Housing prices have climbed considerably in recent years compared with Canadians' incomes. Statistics Canada says while the median household income grew by 18 per cent between 2016 and 2021, the average value of an owner-occupied home rose by 39.6 per cent. 

Inflation in Canada finally appears to have peaked, but it nonetheless remains too high to dissuade the Bank of Canada from raising interest rates significantly in September, economists say. 

The year-over-year inflation rate slowed to 7.6 per cent in July, Statistics Canada reported Tuesday, with the deceleration largely driven by a decline in gas prices even as prices for food, rent and travel continued to rise.

The House of Commons transport committee is launching an investigation into airport delays and flight cancellations.

The committee met virtually on Monday and voted unanimously to move forward with a study into the delays.

The committee will invite Transport Minister Omar Alghabra to testify and will hold its first hearing by the end of next week. 

Airlines and airports have been grappling with a surge in travel this summer, compounded by staffing shortages affecting both carriers and federal agencies.