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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

  Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic. Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly. The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures. The liquidation sales are set to run until June 15, with...
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How to Safeguard Your Finances: Tips to Avoid a CRA Audit in 2024



As the tax season approaches, ensuring compliance and minimizing the risk of a Canada Revenue Agency (CRA) audit is crucial. Follow these practical steps to keep your financial records in check and reduce the chances of unwanted scrutiny:

  1. File on Time and Accurately: Submit your tax paperwork by the April 30 deadline. Late submissions attract attention and may lead to penalties. Double-check your forms to avoid errors.

  2. Work-from-Home Expenses: With the pandemic’s impact, the CRA has revised home-office deductions. Obtain a signed T2200 slip from your employer to validate remote work. Calculate costs meticulously, considering utilities, rent, and internet bills. Remember, proportions matter!

  3. Underused Housing Tax (UHT) and Trusts**: These new rules can be complex. Seek professional advice from a CPA or tax lawyer. Ensure consistency between UHT or trust filings and your regular income tax returns.

  4. Public Interest and Availability: To qualify for inclusion in the database, your work must be of general public interest. It should have been released in cinemas, online, or on TV. Repackaged content or trailers won’t make the cut.

Remember, accurate reporting and timely submissions are your best allies. Stay informed, consult experts when needed, and keep your financial house in order. 


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