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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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End of an Era: Hudson's Bay Announces Immediate Liquidation


Hudson's Bay, Canada's oldest company, has announced plans for an immediate liquidation of its entire business. The decision comes after exhaustive efforts to secure financing and avoid a full shutdown proved unsuccessful. The liquidation process is set to begin next week and is expected to conclude by June.

The iconic department store chain, which dates back to 1670, has faced mounting financial challenges, including nearly $1 billion in debt. The closure will impact over 9,000 employees across Hudson's Bay stores, as well as its Saks Fifth Avenue and Saks Off 5th locations.

Despite the bleak outlook, Hudson's Bay remains hopeful that a last-minute solution with key stakeholders, particularly landlords, could prevent the complete shutdown. CEO Liz Rodbell expressed gratitude for the support from customers and associates, emphasizing the company's determination to explore every possible opportunity to save the brand.

This marks a significant moment in Canadian retail history, as the loss of Hudson's Bay would leave a notable gap in the market and in the hearts of many Canadians.


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