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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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Markets Waver as Jobs Data and Trade Talks Take Center Stage

U.S. stock futures were on shaky ground Wednesday morning as investors digested a surprising drop in private-sector employment and braced for potential turbulence from looming trade deadlines. The Dow Jones Industrial Average hovered near the flatline, while S&P 500 futures dipped 0.1% and Nasdaq 100 contracts slid 0.3%.

The latest ADP report revealed that private employers cut 33,000 jobs in June, marking the first monthly decline in over two years and falling far short of economists’ expectations for a 98,000-job gain. This unexpected contraction has intensified speculation that the Federal Reserve may consider interest rate cuts sooner than anticipated.

Meanwhile, attention is turning to President Trump’s trade negotiations, with a July 9 deadline fast approaching for the resumption of steep “reciprocal” tariffs. Markets are watching closely to see if deals can be struck with key partners like the EU and Japan, as failure to do so could stoke inflation and further complicate the Fed’s policy path.

Adding to the uncertainty is the fate of Trump’s sweeping tax-and-spending bill, which narrowly passed the Senate and now faces a contentious vote in the House. The bill’s outcome could significantly influence market sentiment heading into the July 4 holiday.



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