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Trade Tensions Rise as EU Prepares Retaliation Against U.S. Tariff Hike

The European Union has strongly condemned President Donald Trump's decision to double tariffs on imported steel and aluminum, warning of swift countermeasures that could escalate global trade tensions. Announced Friday near Pittsburgh, Trump raised existing steel and aluminum tariffs from 25% to 50%, aiming to protect U.S. industry and bolster a $14.9 billion Nippon Steel–U.S. Steel deal. The European Commission responded sharply, calling the move a threat to transatlantic economic stability and global supply chains. “This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic,” a spokesperson said. The EU is finalizing consultations on expanded retaliatory tariffs, set to take effect by July 14 unless a negotiated solution is reached. The reaction from global trade partners was swift. Canada’s Chamber of Commerce criticized the tariffs as a threat to North American economic security, while Canada’s Uni...
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Tax Tips for the 2023 Filing Season: What You Need to Know


As the calendar flips to another year, it’s time to dust off those financial documents and prepare for the annual tax-filing ritual. Whether you’re a seasoned pro or a first-time filer, understanding the changes and important dates can make the process smoother. Here’s a concise guide to help you navigate the 2023 tax season:

1. Key Dates

  • February 19, 2024: The starting gun fires! This is the first day you can file your 2023 tax return online. If you prefer the old-school paper method, keep an eye out for your income tax package in the mail around this date.
  • April 30, 2024: The general tax filing deadline for most Canadians. File by this date to avoid delays in any refunds, benefits, or credits owed to you. If you owe money to the Canada Revenue Agency (CRA), this is also the payment deadline.
  • June 15, 2024: If you’re self-employed or your spouse/partner is, mark this date. It’s the deadline for filing your tax returns. Since June 15 falls on a Saturday, the CRA considers returns filed on time if received or postmarked by June 17, 2024. Remember, if you owe the CRA, pay by April 30, 2024, to dodge interest charges.

2. What’s New?

  • Digital Disability Tax Credit (DTC) Application: The CRA has turbocharged the DTC application process. Persons with disabilities and their medical practitioners can now complete Part A of the application form online in My Account or by phone. No more printing and handwriting! The applicant’s portion will be prepopulated with existing CRA data, streamlining the process.
  • T1 Notice of Assessment: The CRA revamped the T1 notice of assessment and notice of reassessment. Expect clearer, more comprehensive information. If you’re due a refund and haven’t signed up for direct deposit, you’ll receive a paper T1 notice of assessment and a separate cheque.

Remember, filing your taxes accurately and on time ensures you receive the benefit and credit payments you deserve. So, gather those receipts, fire up your calculator, and let’s conquer the 2023 tax season! 

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