Skip to main content

Featured

Trump Convenes First Peace Board Meeting Amid Lingering Gaza Uncertainties

  The U.S. Institute of Peace building prepares to host U.S. President Donald Trump's first Board of Peace meeting in Washington, D.C., U.S., February 18, 2026. As President Donald Trump prepares to chair the inaugural meeting of the newly formed Board of Peace, the gathering is already drawing global attention due to unresolved questions surrounding the ongoing humanitarian and political crisis in Gaza. The board, created to advise on conflict resolution and long‑term stability initiatives, is expected to face immediate scrutiny over how it will address the region’s fragile cease-fire and the stalled negotiations between Israeli and Palestinian representatives. Officials close to the administration have signaled that the meeting will focus on establishing the board’s priorities, though observers note that the situation in Gaza looms large over any discussion of regional peace. Humanitarian groups continue to raise alarms about access to aid, reconstruction challenges, and the un...
Post a Comment
Read more

article

Labels

How to Reduce Your Taxes Before Year-End 2023




As the end of 2023 approaches, many Canadian employees may be looking for ways to reduce their tax bill for the year. Fortunately, there are some strategies that can help you save money on taxes before the deadline. Here are some tips to consider:

1.  Contribute to your RRSP. If you have unused contribution room in your registered retirement savings plan (RRSP), you can make a contribution before March 1, 2024 and deduct it from your 2023 income. This can lower your taxable income and increase your refund or reduce your balance owing. You can also use your RRSP to save for other goals, such as buying a home or going back to school, through the Home Buyers' Plan or the Lifelong Learning Plan.

2.  Claim your home office expenses. If you worked from home for more than 50% of the time for at least four consecutive weeks in 2023 due to COVID-19, you may be eligible to claim a deduction for your home office expenses. You can use the simplified method and claim $2 for each day you worked from home, up to a maximum of $400, or you can use the detailed method and claim a portion of your actual expenses, such as rent, utilities, internet, and office supplies. You will need to obtain a signed form T2200S from your employer and keep all your receipts to support your claim.

3. Donate to charity. If you made donations to registered charities in 2023, you can claim a non-refundable tax credit for them. The credit is calculated as 15% of the first $200 of donations and 29% of the amount over $200. You can also carry forward any unused donations for up to five years and claim them in a future year when your income is higher. Donating appreciated securities, such as stocks or mutual funds, can also provide additional tax benefits, as you will not have to pay capital gains tax on the increase in value of the securities.

3. Review your tax credits and deductions. There may be other tax credits and deductions that you are eligible for, depending on your personal situation. For example, you may be able to claim medical expenses, tuition fees, disability amounts, child care expenses, spousal support payments, or public transit costs. You should review your tax return carefully and make sure you are claiming all the benefits that apply to you.

These are some of the ways that you can reduce your taxes before year-end 2023. However, every situation is different and you should consult a tax professional for advice tailored to your specific circumstances. By planning ahead and taking advantage of these opportunities, you can save money and avoid surprises when filing your tax return.

Labels:

Comments

Post a Comment