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Trump's Tariff Shake-Up: Global Trade Faces New Challenges

On April 2, 2025, U.S. President Donald Trump announced sweeping 10% tariffs on imports from all trading partners, marking a significant escalation in global trade tensions. These tariffs, described as "baseline," aim to address what Trump perceives as unfair trade practices and chronic trade deficits. While the announcement has sent ripples across international markets, the specific impact on Canada remains uncertain. Canada, a close trading partner of the U.S., has previously faced tariffs on steel, aluminum, and energy imports under Trump's administration. The new measures could further strain bilateral relations and affect key Canadian industries. Prime Minister Mark Carney is reportedly preparing Canada's response, as the trade war becomes a central issue in the upcoming federal election. Trump's move has sparked debates among economists and policymakers, with critics warning of potential economic fallout and supporters praising the tariffs as a step toward ...
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Avoid These Common Tax Mistakes on Your Canadian Tax Return

 

As tax season approaches, it’s essential to be aware of common mistakes that can impact your Canadian tax return. Even the most diligent taxpayers may inadvertently slip up. Here are some key errors to avoid:

  1. Double-Reporting Income: Ensure you don’t accidentally report the same income twice. Whether it’s employment income, investment gains, or other sources, cross-check your records to prevent duplication.

  2. Unclaimed Income: Don’t forget to include all your income, including side gigs, freelance work, or tips. Unreported income can lead to penalties.

  3. Late Filing: Missing the tax filing deadline can be costly. For most individuals, the deadline is April 30. If it falls on a Sunday, ensure your postmark is on or before May 1. Self-employed individuals have until June 30 to file their returns.

  4. Omitting Information: Be thorough when filling out your return. Missing details can result in errors or missed deductions.

  5. Not Maximizing Deductions: Take advantage of all eligible deductions and credits. Research what you qualify for and ensure you claim them.

Remember, even small mistakes can have significant consequences. Seek professional advice if you’re unsure, and double-check your return before submitting it. 

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