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The Trans Mountain Pipeline: A Long Journey to Completion

  After more than a decade of challenges, delays, and cost escalations, the $34-billion Trans Mountain pipeline expansion project is finally nearing completion. Let’s take a closer look at what happens next. Project Overview The Trans Mountain expansion project, located in Western Canada, aims to triple the amount of crude oil transported from Alberta to the West Coast. Here are some key points about the project: History and Challenges : The project began over 12 years ago and has faced court challenges, regulatory hurdles, protests, and constant delays. It’s been a long and winding road to get to this point. Cost Escalation : When the federal government stepped in to purchase the project six years ago, the estimated price tag was $7.4 billion. However, today, expenses have ballooned to $34 billion. Pipeline Capacity : The expanded pipeline will transport oil from Alberta to the West Coast, increasing capacity from 300,000 barrels per day to 890,000 bpd. Canadian oil prices are expecte
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Tax-Savvy Strategies: Maximizing Your CRA Returns

                                         

    
As the tax season looms, Canadians are reminded of the April 30 deadline for filing and payment to avoid penalties from the Canada Revenue Agency (CRA). To ensure a smooth tax experience and potentially increase your returns, here are some key strategies:

  1. RRSP Contributions: Ensure you report any contributions made to your Registered Retirement Savings Plan (RRSP) within the first 60 days of the year to qualify for a tax refund.

  2. First Home Savings Account: Take advantage of the new First Home Savings Account (FHSA) for tax-deductible contributions and tax-free withdrawals for your first home’s down payment.

  3. Medical Expense Tax Credit: Families can claim the non-refundable medical expense tax credit if their total medical expenses exceed the lesser of $2,635 or 3% of net income.

  4. Home Office Expenses: Remote workers can claim home office expenses, though the flat-rate method is no longer available; detailed tracking is required.

By mastering these tax changes and utilizing accounts like the TFSA, Canadians can lighten their tax burden and keep more money in their pockets. Remember, early preparation is key to a stress-free tax season.


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