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Hudson’s Bay Battles Lender Over Ruby Liu Lease Deal in Ontario Court

Hudson’s Bay Co. is pushing back against a motion filed by its senior lender, Restore Capital LLC, which seeks to terminate a controversial lease sale to billionaire Ruby Liu. The retailer has asked the Ontario Superior Court to dismiss the motion, arguing that the deal represents its best chance to recover funds for creditors amid its ongoing liquidation. The dispute centers on Hudson’s Bay’s plan to sell up to 28 store leases—25 of which remain pending court and landlord approval—to Liu’s company, Central Walk. While three leases have already been approved for $6 million, Restore claims the remaining transaction is draining resources, citing over $18 million in rent and professional fees with no clear path to completion. Hudson’s Bay CFO Michael Culhane defended the deal, stating that Restore was fully aware of the risks and had previously supported the transaction. He emphasized that Liu has already made a $9.4 million deposit and that the sale could generate significant recoveries ...
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Canada Kicks Off Tax Filing Season


Today marks the official start of the tax filing season in Canada. As of February 24, Canadians can begin submitting their income tax and benefit returns online. This year, the Canada Revenue Agency (CRA) has introduced several updates to its digital services to make the process smoother and more efficient for taxpayers.

One of the key changes for the 2025 tax season is the increase in federal income tax brackets by 2.7% to account for inflation. The new tax rates are as follows:

  • - 15% for earnings up to $57,375
  • - 20.5% for earnings between $57,375.01 and $114,750
  • - 26% for earnings between $114,750.01 and $177,882
  • - 29% for earnings between $177,882.01 and $253,414
  • - 33% for earnings above $253,414

Additionally, the contribution limit for the Registered Retirement Savings Plan (RRSP) has increased to $32,490 for the 2025 tax year, up from $31,560 the previous year. The maximum pensionable earnings and contributions for the Canada Pension Plan (CPP) have also been adjusted, with the Year’s Maximum Pensionable Earnings (YMPE) set at $71,300.

The CRA encourages taxpayers to file their returns early to avoid any last-minute stress and to ensure they receive any refunds or benefit payments they may be eligible for. The deadline for most individuals to file and pay any taxes owed is April 30, 2025. Self-employed Canadians have until June 16, 2025, to file their tax returns, but any money owed should be paid by April 30 to avoid interest charges.

For more information on the 2025 tax filing season and to access helpful resources, visit the CRA's official website.



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