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Federal Budget 2025: What It Means for Your Money

The 2025 federal budget introduces a mix of tax cuts, housing measures, and spending shifts that will directly affect Canadians’ day-to-day finances. While the government projects a significant deficit, the plan focuses on affordability and long-term growth. Here are eight key ways it impacts your wallet: 1. Lower Income Taxes The lowest federal tax bracket will be reduced from 15% to 14% starting mid-2025, giving middle-income earners some relief. 2. Vacant Home Measures The Underused Housing Tax will be expanded to discourage vacant and underutilized properties, aiming to free up more housing supply. 3. Student Loan Relief Repayment assistance will be enhanced, with lower income thresholds and capped monthly payments to ease the burden on graduates. 4. Consumer Protection New rules will cut down on excessive banking fees and strengthen protections for financial consumers, especially those with modest incomes. 5. Housing Affordability Programs Funding will support first-...
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Money Laundering and How to Protect Yourself from It

 


Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The process of laundering money typically involves three steps: placement, layering, and integration. There are many ways to launder money, from the simple to the very complex. One of the most common techniques is to use a legitimate, cash-based business owned by a criminal organization. For example, if the organization owns a restaurant, it might inflate the daily cash receipts to funnel illegal cash through the restaurant and into the restaurant’s bank account. After that, the funds can be withdrawn as needed. These types of businesses are often referred to as “fronts”.

To prevent money laundering, most financial companies today have anti-money-laundering (AML) policies in place. The prevention of money laundering has become an international effort and now includes terrorist funding among its targets. Banks are required to report large cash transactions and other suspicious activities that might be signs of money laundering.

If you want to protect yourself from money laundering, here are some tips:

  • Be wary of unsolicited emails or phone calls asking for personal information or money.
  • Do not share your personal information with anyone you do not know or trust.
  • Be cautious when investing in new or unfamiliar financial products.
  • Keep your financial information secure and monitor your accounts regularly.
  • If you suspect that you have been a victim of money laundering, report it to the appropriate authorities immediately.


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