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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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Taxes 2024: Navigating Home Office Expenses


If you spent most of last year working from home, you could be eligible for a tax deduction. However, the process for filing home office expenses in 2023 is more intricate compared to previous years. Let’s break it down:

  • To claim home office expenses, you must be required to work from home by your employer.
  • The requirement doesn’t have to be explicitly stated in your employment contract; it can be a written or verbal agreement.
  • Even if you voluntarily agreed to work from home, you’re still considered required to do so by the Canada Revenue Agency (CRA).

You can qualify to deduct home office expenses if:

  • You use your home office for more than 50% of a time period, continuously for at least four consecutive weeks.
  • You use your workspace for employment income, regularly and continually for in-person meetings with clients, customers, or other people while working.

The Process

  • The temporary flat-rate method introduced during the pandemic is no longer in place.
  • You’ll need to spend more time collecting information and receipts to claim expenses.
  • Form T777 is used to claim home office expenses.
  • Remember, the process is “more onerous” this year due to changes from the CRA.

While it might require extra effort, properly claiming home office expenses ensures you receive the tax benefits you’re entitled to. So gather those receipts, calculate your expenses, and make the most of your work-from-home situation.

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