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Ottawa May End U.S. Alcohol Bans to Dodge the Tariffs — What It Means for You

  August 10, 2026 · 6 min read With nine days left before the United States' 50% tariff on hundreds of Canadian goods is set to kick in, Ottawa appears willing to give up one of its most visible retaliation tools: the provincial bans on American beer, wine, and spirits. According to CBC News reporting from federal negotiators, Canada is prepared to end those bans, lift its retaliatory tariff on U.S.-made vehicles, and adjust how it allocates dairy import quotas — all in exchange for Washington dropping the looming 50% levy and easing existing duties on steel and aluminum. Talks have not produced a signed deal. Both sides have agreed to meet daily through August 19, and Canadian officials have reportedly told their American counterparts that the deadline is a real cliff: once the tariffs land, there's little political appetite left in Canada to keep negotiating. Whether that urgency produces an agreement in time is still an open question. What it means for you: Even if this dea...
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How to save taxes before the year ends: Tips for retirees

 

                                        

As the end of the year approaches, many retirees may be looking for ways to reduce their tax bill and keep more of their hard-earned money. Here are some tax planning ideas that may help:

1. Contribute to spousal RRSPs.  If you have a spouse who is in a lower tax bracket than you, you can contribute to their RRSP and claim a tax deduction for yourself. This can help to equalize your retirement income and lower your overall tax rate.

2.  Withdraw from less tax-efficient sources first.  If you have multiple sources of income, such as RRSPs, TFSAs, non-registered accounts, and pensions, you may want to withdraw from the ones that are taxed at higher rates first. For example, RRSP withdrawals are fully taxable, while TFSA withdrawals are tax-free.

3.  Earn tax-preferred investment income.  If you have non-registered investments, you may want to choose ones that generate income that is taxed at lower rates, such as dividends and capital gains. These types of income also qualify for tax credits and exemptions that can reduce your tax liability.

3.  Share your CPP/QPP benefits with your spouse. If you and your spouse are both receiving Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits, you can apply to split them based on your combined contributions. This can lower your taxes if one of you is in a higher tax bracket than the other.

4. Use a prescribed rate loan to income split.  If you have a spouse or adult child who is in a lower tax bracket than you, you can lend them money at the prescribed interest rate set by the CRA (currently 1%) and have them invest it in income-producing assets. You will only have to report the interest income on your tax return, while they will report the investment income on theirs.

5. Make use of surplus assets. If you have assets that you do not need for your retirement income, such as life insurance policies or annuities, you can use them to create a charitable legacy or provide for your heirs. You may be able to claim tax credits or deductions for donating or transferring these assets.

5. Bunch your charitable donations.  If you make charitable donations throughout the year, you may want to combine them into one larger donation before the year ends. This can increase your tax credit, as the federal credit rate is 15% on the first $200 of donations and 29% on the excess. You can also donate appreciated securities and avoid paying capital gains tax on them.


These are just some of the strategies that may help you save taxes before the year ends. However, every situation is different, so it is advisable to consult with your advisor or tax professional before implementing any of these ideas.



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