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5 Things to Know Today: July 4, 2026

  Saturday, July 4, 2026 Here's what Canadians need to know this morning — from a strong close on Bay Street to a trade deal that's now on shakier ground, plus what to watch before the Bank of Canada's next rate call. 1. TSX Closes Sharply Higher, Loonie Slips The S&P/TSX Composite Index jumped 308.17 points, or 0.88%, to close at 35,274.84 on Thursday, July 3, as markets reopened following the Canada Day long weekend. Trading volume topped 89 million shares. Gains were broad-based, with the small-cap S&P/TSX Venture Composite up 2.61% on the day. The Canadian dollar edged lower against the U.S. dollar, with CAD/USD dipping about 0.10% to roughly 70.4 cents. Figures cross-checked against Yahoo Finance, Google Finance, and Bloomberg. 2. CUSMA Trade Deal Left in Limbo After U.S. Declines Extension The mandatory six-year review of the Canada-U.S.-Mexico Agreement passed its July 1 milestone without a renewal. The U.S. Trade Representative's office confirmed Washing...
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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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