U.S. stocks edged lower as investors navigated a mix of rising oil prices, corporate earnings signals, and shifting expectations around Federal Reserve policy. The Dow, S&P 500, and Nasdaq all turned down after early gains, reflecting a market grappling with geopolitical tensions and inflation concerns. Indexes Pull Back All three major indexes slipped roughly between 0.3% and 0.6%, giving back some of the previous session’s momentum. The downturn followed renewed volatility in energy markets and cautious sentiment around consumer spending. Oil Prices Add Fresh Pressure Crude prices extended their sharp rally, driven by heightened worries over a potential U.S.–Iran conflict. Brent crude climbed above $71 per barrel, while West Texas Intermediate hovered near $66 — its biggest daily jump since October. Rising energy costs revived inflation concerns and weighed on equities. Walmart Earnings in Focus Walmart posted stronger‑than‑expected results, but its cautious pro...
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.
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.
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.
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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