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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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Loonie Slips as Jobless Rate Rises, Fueling Rate Cut Speculation

 

The Canadian dollar weakened to a three-week low against the U.S. dollar on Friday, as rising unemployment fueled expectations of further interest rate cuts by the Bank of Canada. The loonie traded 0.1% lower at 1.3935 per U.S. dollar, marking a 0.8% decline for the week.

Canada's unemployment rate climbed to 6.9% in April, surpassing economists' expectations of 6.8%, with the economy adding just 7,400 jobs. Analysts suggest that ongoing trade uncertainties are weighing on employment, increasing the likelihood of monetary policy easing in June.

Investor sentiment has shifted, with markets now pricing in a 60% chance of a rate cut at the Bank of Canada's next policy meeting on June 4, up from 46% before the employment report. Meanwhile, Canadian bond yields eased across the curve, reflecting concerns over economic slowdown.

The U.S. dollar, in contrast, strengthened on optimism surrounding upcoming U.S.-China trade talks, while crude oil prices—one of Canada's key exports—rose 1.5% to $60.82 per barrel.

With economic uncertainty looming, all eyes are on the Bank of Canada’s next move. Will policymakers opt for another rate cut to support growth, or will they hold steady amid global market shifts? 



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