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Canadians Gain More Room to Save with 2025 TFSA Limit

  The Tax-Free Savings Account (TFSA) contribution limit for 2025 has been set at $7,000 , giving Canadians another opportunity to grow their investments tax-free. Since its launch in 2009, the TFSA has become one of the most popular savings tools in the country, offering flexibility and tax advantages that appeal to both short-term savers and long-term investors. For those who have never contributed to a TFSA and were eligible since the beginning, the total cumulative contribution room now stands at $102,000 . This allows Canadians to deposit a significant amount into their accounts without worrying about taxes on investment gains, dividends, or withdrawals. One of the TFSA’s biggest advantages is that withdrawals are tax-free and the amount withdrawn is added back to your contribution room the following year . This makes it ideal for saving toward major purchases, retirement, or even emergency funds. Unlike RRSPs, contributions are not tax-deductible, but the growth inside the...
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Wall Street Navigates Data Deluge: Job Market Insights Await

 

Wall Street treaded cautiously in premarket trading today, bracing for a deluge of data from the American job market. This week’s labor market reports could significantly influence the Federal Reserve’s decision on interest rates as we approach spring.

Here are the key highlights:

  1. Preliminary Numbers: Futures for the S&P 500 slipped 0.3%, while futures for the Dow Jones Industrial Average fell 0.4% before the bell.

  2. Health Care Jitters: Health care companies faced headwinds after the government finalized reimbursement rates for Medicare Advantage health plan providers. Humana tumbled 10%, and CVS slid 5%, both grappling with rising costs.

  3. Retail Realities: PVH, the parent company of Tommy Hilfiger and Calvin Klein, painted a somber picture for 2024 despite beating sales and profit targets. Specialty retailers are grappling with high expectations for the year ahead.

  4. Trump Media & Technology Group: Former President Donald Trump’s social media venture saw a nearly 3% decline in early trading after a significant drop in value on Monday.

  5. Economic Resilience: Despite the recent U.S. credit downgrade by Fitch Rating, the strong jobs data underscores the economy’s resilience. The July unemployment rate ticked down to 3.5%, a level not seen in over 50 years.

  6. Inflation Balancing Act: The Fed’s campaign to curb inflation continues, with 11 benchmark interest rate hikes. While the U.S. economy remains robust, inflation management remains a delicate dance.

  7. Global Markets: Hong Kong stocks led gains in Asian markets, while China’s real estate developer Vanke faced a notable 11.4% slump due to decreased core profit and no dividend payout.

As investors await the Fed’s next move, Wall Street remains on its toes, balancing economic indicators and corporate performance. Stay tuned for more updates as the week unfolds! 

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