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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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Trump Reaffirms 25% Tariffs, Initiates Comprehensive Trade Policy Review

 

In a bold move, President Donald Trump has reiterated his commitment to imposing a 25% tariff on imports from Canada and Mexico, citing concerns over drug trafficking and border security. This announcement comes as part of a broader executive order aimed at reviewing and potentially overhauling U.S. trade policies.

The executive order, signed on Monday, directs federal agencies to assess the impact of current trade agreements on American workers and agricultural producers. It also calls for public consultations in preparation for the scheduled 2026 review of the Canada-United States-Mexico Agreement (CUSMA). The order sets an April 1 deadline for these assessments and other trade policy reviews.

Trump's renewed focus on tariffs and trade policy has sparked a range of reactions. While some experts argue that these measures could protect American jobs and industries, others warn of potential negative impacts on consumer prices and international relations. The Canadian government has already expressed its concerns, emphasizing that such tariffs could harm both economies.

As the April 1 deadline approaches, the U.S. trade representative will be tasked with making recommendations regarding the country's participation in CUSMA and addressing any identified trade imbalances. This comprehensive review marks a significant step in Trump's "America First" trade strategy, which aims to prioritize national security and economic interests.



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