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Alberta Stands Alone: Refuses to Sign Joint Statement on Trump Tariffs

  In a surprising turn of events, Alberta has refused to sign a joint statement from the first ministers' meeting regarding the Trump administration's proposed tariffs on Canadian goods. Premier Danielle Smith, who attended the meeting virtually, stated that Alberta cannot support the federal government's plan if it includes energy export tariffs.  The meeting, chaired by Prime Minister Justin Trudeau, aimed to present a united front against the U.S. tariff threats. However, Smith's refusal to sign the statement has highlighted the province's unique concerns about the potential impact on its energy sector. Alberta's oil and gas industry, which is Canada's largest export to the U.S., could face significant financial pressure if the tariffs are implemented. Smith emphasized that Alberta will take whatever actions are necessary to protect its economy and the livelihoods of its residents. This stance has sparked a debate among the premiers, with some urging unit...
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New Financial Considerations for Canadians in 2024


This year, Canadians have several new financial considerations to keep in mind. Here are four of them:

  • First Home Savings Account (FHSA): Introduced in the 2023 federal budget, FHSAs are a new type of investment account that can be used by any Canadian resident between age 18 and 71 who has not lived in a home owned by them or their spouse or common-law partner in the current year or previous four years. Up to $8,000 of annual contributions can be made to an FHSA, up to a total of $40,000. Contributions are tax deductible and though you report them in the year they are made, the deduction can be carried forward to use in a future higher income tax year. Eligible withdrawals must be made within 15 years of opening an FHSA and are tax free when used for the purchase of an eligible owner-occupied home.

  • High-Interest Debt: High-interest debt can be a significant burden on your finances. If you have high-interest debt, consider consolidating it into a lower-interest loan or line of credit. This can help you save money on interest charges and pay off your debt faster.

  • New Tax Filing Obligation: Starting in 2024, Canadians who hold foreign assets with a total cost of more than $100,000 will be required to file a new form with their tax return. This form is called the T1135 and is designed to help the Canada Revenue Agency (CRA) identify taxpayers who may be hiding assets offshore.

  • Registered Retirement Savings Plans (RRSPs): RRSPs are a popular way to save for retirement in Canada. If you haven’t already, consider making a contribution to your RRSP before the deadline on March 1, 2024. This can help you reduce your taxable income and save for your future.


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