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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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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 Investment Strategies Wisely

  • Tax-loss harvesting allows you to offset capital gains by selling underperforming investments.
  • Investing in qualifying businesses through incentive schemes can provide additional tax relief.
  • Diversifying into tax-free accounts such as TFSAs (Canada) or Roth IRAs (U.S.) ensures long-term growth without future tax burdens.

Final Thought

By combining retirement contributions, smart use of credits/deductions, and strategic investing, you can significantly reduce your 2025 tax bill while strengthening your financial future. The key is to act early and take advantage of temporary breaks before they disappear.



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