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Three Smart Levers to Cut Your 2025 Tax Bill

Taxes are inevitable, but overpaying them isn’t. With new rules and opportunities in 2025, smart planning can help you keep more of your hard-earned money. Here are three effective levers to reduce your tax liability this year: 1. Maximize Retirement Contributions Contributing to retirement accounts such as RRSPs (Canada) or 401(k)/IRAs (U.S.) remains one of the most effective ways to lower taxable income. Contributions qualify for tax relief at your highest marginal rate, meaning every dollar you save reduces your tax bill significantly. Employer-matching programs make this even more attractive, and withdrawals in retirement can be structured for lower tax exposure. 2. Leverage Tax Credits and Deductions Common deductions include childcare expenses, education costs, and home office claims. Tax credits, unlike deductions, directly reduce the amount you owe, making them especially valuable. Temporary tax breaks introduced in 2025 can be maximized before they expire. 3. Use...
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Carney to Request Dissolution of Parliament, Election Expected


Prime Minister Mark Carney is set to visit Governor General Mary Simon this Sunday to request the dissolution of Parliament, paving the way for a federal election. This move comes just a week after Carney's swearing-in as Prime Minister and the appointment of his cabinet.

The election campaign is anticipated to last between 36 and 50 days, with voting day likely to fall on either April 28 or May 5. Recent polls suggest a tight race, with Carney's Liberal Party holding a slight edge over Pierre Poilievre's Conservatives. However, the Liberals' broader geographic voter base could give them an advantage in securing more seats.

This election call comes at a critical juncture, as party leaders prepare to solidify support in key battleground provinces like Ontario, Quebec, and British Columbia. The outcome could shape Canada's political landscape for years to come.

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