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Wall Street Rallies as Trade Hopes and Tech Surge Lift Futures to New Heights

U.S. stock futures surged Monday morning, with the S&P 500 and Nasdaq 100 climbing to record highs, buoyed by renewed optimism over international trade negotiations and a tech-led rally. The momentum followed Canada’s decision to scrap its digital services tax targeting American tech giants—an unexpected move that helped thaw stalled trade talks with the U.S. Shares of major technology firms including Amazon, Meta, Alphabet, and Apple rose between 0.6% and 1.7% in premarket trading. The broader market also found support from expectations of deeper interest rate cuts by the Federal Reserve, fueled by soft economic data and speculation that President Donald Trump may replace Fed Chair Jerome Powell with a more dovish successor. As of early trading, S&P 500 e-minis were up 0.39%, Nasdaq 100 futures gained 0.6%, and Dow futures added 0.46%. Despite the record-setting highs, analysts note that the major indexes are still on track for their weakest first-half performance since 2022. ...
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What Happens If You Don’t File Your Taxes in Canada?

 

As the April 30 tax deadline approaches, it’s crucial to understand the consequences of not filing your tax return in Canada. Whether you owe money or not, failing to meet the deadline can lead to serious repercussions. Let’s dive into what you need to know:

  1. Late Filing Penalty:

    • If you owe taxes and miss the filing deadline, the Canadian Revenue Agency (CRA) imposes a late filing penalty. This penalty is calculated as follows:
      • Five percent of your 2023 balance owing.
      • Additional one percent for each full month you file after the due date, up to a maximum of 12 months.
    • In total, you could end up paying 17 percent of any balance you owe.

  2. Interest Charges:

    • The CRA charges compound daily interest on any balance owing for 2023 that you’re unable to pay by the April 30 deadline.
    • The interest rate is approximately 10 percent, and it accumulates daily starting from May 1, 2024.

  3. Severe Actions for Consistent Late Filers:

    • If you consistently file late or ignore repeated requests, the CRA can take more severe actions:
      • Garnishing wages.
      • Freezing bank accounts.
      • Placing liens on properties.
      • In extreme cases, tax evasion or fraud charges, which may lead to jail time.

  4. Benefits at Risk:

    • Even if you don’t owe money, timely filing is essential to maintain benefits such as:
      • Canada Child Benefit (CCB).
      • Provincial and territorial payments.
    • Failure to file could result in losing these benefits.

Remember, meeting the tax deadline is crucial to avoid penalties, interest, and potential legal consequences. Whether you owe money or not, file your taxes on time to stay on the right side of the CRA! 

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