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5 Things to Know Today: Tariff Threats, Pricier Mortgages and Gas

  Sunday, July 19, 2026 From a new tariff threat out of Washington to rising costs at the pump and on your mortgage renewal, here's what actually moves your money this week — and what to do about it. 1. Trump threatens new tariffs on Canada over wildfire smoke President Trump said Friday he wants to add the cost of wildfire smoke drifting into U.S. cities to the tariffs Canada already pays, calling it "willful negligence" as hundreds of fires burn across Ontario and other provinces. It's legally unclear he can actually do this — the Supreme Court already struck down his use of emergency powers for tariffs, and the current 10% levy on non-CUSMA-compliant Canadian goods is set to expire at the end of July. Prime Minister Carney brushed off the criticism, and Ontario's premier called the threat "unacceptable." What it means for you: Nothing changes today — but this is a live threat right as the current tariff structure is up for renewal. If you import good...
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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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