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Wall Street Futures Slide Amid AI Bubble Concerns

  US stock futures retreated on Tuesday as mounting fears of an AI-driven market bubble weighed heavily on investor sentiment. The Dow Jones Industrial Average futures fell 0.7% , marking the worst three-day run for the blue-chip index since April. The Nasdaq 100 slipped 0.8% , while the S&P 500 dropped 0.6% , extending losses from a bruising session earlier this week. The pullback comes ahead of a pivotal Nvidia earnings report , which investors see as a litmus test for the sustainability of the AI boom. Concerns about inflated valuations in the sector have grown, particularly as chipmakers and tech giants face scrutiny over their aggressive expansion into AI infrastructure. Adding to the turbulence, Bitcoin briefly dipped below $90,000 , erasing all of its gains for the year and deepening a global sell-off in cryptocurrencies. The decline rattled Asian markets, with Japanese stocks suffering their steepest loss since April. Meanwhile, 10-year Treasury yields fell , reflec...
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Maximizing Savings: A Guide to 2023 CRA Tax Breaks for Canadians

 



As we welcome the new year, it’s crucial to stay informed about the various tax deductions and credits available to Canadians. These financial incentives can significantly reduce your tax bill and potentially result in a substantial refund. Here’s a brief overview of six key tax breaks offered by the Canada Revenue Agency (CRA) for the 2023 tax year:

  • Dividend Tax Credit: Investors can benefit from this credit, which applies to dividends received from stocks like Fortis Inc. The credit is calculated based on a “grossed up” amount of the dividends, leading to a reduced tax bill.

  • RRSP Contributions: Contributions to a Registered Retirement Savings Plan (RRSP) are deductible, lowering your taxable income and, consequently, your tax bill.

  • Work-from-Home Deductions: Self-employed individuals can claim their entire workspace, while conventionally employed workers can deduct work-related expenses.

  • Disability Tax Credit: This credit provides relief for costs incurred due to a severe disability, offering a significant deduction for both oneself and eligible dependents.

  • Tuition Fees: Educational expenses, including tuition and textbooks, are eligible for a tax credit, easing the financial burden of higher education.

  • GST/HST Tax Credit: A direct payment is made to individuals with incomes below a certain threshold, helping to offset the Goods and Services Tax/Harmonized Sales Tax paid throughout the year.

By taking advantage of these tax breaks, Canadians can effectively manage their finances and save money as they navigate the complexities of the tax system. Remember, every deduction counts when it comes to maximizing your savings.

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