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Trump Declares National Emergency as U.S. Tightens Stance on Cuba

President Donald Trump on Thursday signed an executive order declaring a national emergency in respect with Cuba. President Donald Trump has declared a national emergency related to Cuba, marking a sharp escalation in Washington’s approach toward the island nation. The declaration frames Cuba’s government as a significant threat to U.S. national security and foreign policy interests, opening the door for new economic and diplomatic measures. A key component of the order allows the United States to impose tariffs on any country that supplies oil to Cuba. The move is designed to pressure foreign governments and companies that help sustain the island’s energy sector, which has long relied on external support. The administration argues that Cuba’s close ties with adversarial governments and its alleged involvement in activities that undermine regional stability justify the emergency action. The decision signals a renewed effort to isolate Havana and reshape the geopolitical dynamics of ...
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CRA 2025: New TFSA Limits, Adjusted Tax Brackets, and More!

 

The Canada Revenue Agency (CRA) has announced several key updates for 2025 that will impact taxpayers across the country. Here's a brief overview of the most notable changes:


New TFSA Limits

Starting January 1, 2025, Canadians will be able to contribute an additional $7,000 to their Tax-Free Savings Account (TFSA), bringing the total contribution room to $102,000 for those who have maximized their contributions since the program's inception in 2009. This increase is indexed to inflation and aims to provide more flexibility for savings and investment.


Adjusted Tax Brackets

In response to inflation, the CRA has adjusted the federal tax brackets for 2025. The new brackets are as follows:

  • 0 to $57,375: 15%
  • $57,375 to $114,750: 20.5%
  • $114,750 to $177,882: 26%
  • $177,882 to $253,414: 29%
  • Above $253,414: 33%

These adjustments are designed to ensure that taxpayers are not pushed into higher tax brackets solely due to inflation.


Other Updates

  • The basic personal amount (BPA) has been increased to $16,129, allowing individuals to earn this amount without paying federal income tax.
  • The Canada Pension Plan (CPP) benefits will see a 2.7% inflation adjustment, providing a slight increase in payments.

These changes reflect the CRA's ongoing efforts to adapt to economic conditions and support Canadians in managing their finances effectively.




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