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Historic Oil Shock: IEA Warns of Record Supply Disruption Amid Middle East Conflict

The International Energy Agency (IEA) has issued a stark warning that the ongoing Middle East war has triggered the largest oil supply disruption in history. According to the agency’s latest assessments, global oil supply is expected to plunge by 8 million barrels per day in March , driven largely by the blockade of the Strait of Hormuz , a critical transit route for Gulf exports.  The conflict has forced major Gulf producers to cut output by at least 10 million barrels per day , representing nearly 10% of global demand . This unprecedented supply shock has prompted the IEA and its member nations to coordinate a record release of strategic oil reserves , aiming to stabilize markets and curb soaring prices.  Analysts warn that without a rapid restoration of shipping flows, the disruption could deepen, prolonging volatility in global energy markets. The IEA’s revised outlook sharply contrasts with earlier expectations of a supply surplus, underscoring the scale and speed at w...
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Tax season is upon us, and staying informed can make the process smoother and less stressful. Here are some essential updates and tips for the 2025 tax-filing season:

  •  Important Deadlines: 
    •    The deadline for most individuals to file and pay taxes is April 30, 2025. 
    •    Self-employed individuals have until June 16, 2025, to file, but any taxes owed must still be paid by April 30 to avoid interest.

  • New Changes:
    •   Federal income tax brackets have been adjusted to account for inflation, with rates ranging from 15% for earnings up to $57,375 to 33% for earnings above $253,414.
      • The contribution limit for Registered Retirement Savings Plans (RRSPs) has increased to $32,490.
    •  The Tax-Free Savings Account (TFSA) contribution room remains at $7,000 for 2025.

  •  Digital Services Enhancements:
    • The Canada Revenue Agency (CRA) now offers a document verification service for quicker access to online accounts.
    • A live chat feature is available in the CRA's "My Account" portal for personalized assistance.

  • Filing Tips:
    • File early to avoid last-minute stress and ensure quicker refunds.
    • Double-check all tax slips and receipts to claim every eligible credit and deduction.
    • Consider seeking help from free tax clinics if you have a modest income and a simple tax situation.

By staying organized and informed, you can make the most of this tax season and potentially maximize your refund.



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