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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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Bank of Canada Maintains Interest Rate Amid Economic Uncertainty

The Bank of Canada has decided to hold its key interest rate at 2.75%, citing "unusual uncertainty" in the economic landscape. This marks the second consecutive rate pause, as policymakers assess the impact of ongoing trade tensions and inflationary pressures.

Governor Tiff Macklem emphasized that while the Canadian economy remains soft but not sharply weaker, recent inflation data has shown unexpected firmness. The central bank is particularly focused on the effects of U.S. tariffs, which continue to create volatility in trade and business investment.

Despite speculation about a potential rate cut, the Bank of Canada opted for stability, noting that further adjustments may be considered if economic conditions deteriorate. The decision reflects a cautious approach as officials navigate an unpredictable financial environment.

With inflation and trade uncertainties shaping the outlook, the Bank of Canada remains committed to monitoring economic trends before making any significant policy shifts. The next rate announcement is expected in July, offering further insights into the central bank’s strategy moving forward.

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