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New Era of U.S. Tax Policy Brings Permanent Cuts for Households and Businesses

                                           People walk on Fifth Avenue in New York City, U.S., August 7, 2025. The United States is entering a sweeping new phase of tax policy as a major federal overhaul takes effect, delivering permanent tax cuts for both households and businesses. Economists expect these changes to play a significant role in shaping economic activity in the years ahead. Boost for Households The overhaul introduces a range of individual tax reductions designed to increase take‑home pay and expand disposable income. Adjusted withholding levels and larger refunds are expected to give many Americans a noticeable financial lift early in the year. The law also removes federal income tax on tipped wages, a change projected to benefit millions of workers across service industries. Business Incentives and Investment Businesses are also set to g...
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Grocery prices to rise by up to 4.5% in 2024, report predicts

 

The annual Canada’s Food Price Report forecasts that the average Canadian family of four will spend $700 more on food in 2024, reaching a total of $16,297.20. The report, which is produced by four Canadian universities, projects that bakery, meat and vegetables will see the highest price increases, up to 7 per cent.

The report attributes the rising food costs to several factors, including interest rates, energy costs, climate change, transportation expenses and geopolitical risk. However, it also notes that the rate of increase is slowing compared to the previous two years, when the COVID-19 pandemic disrupted the food supply chain and caused inflation to spike.

Some essential items, such as dried pasta, sauces and canned goods, could become cheaper in 2024, as grocery chains compete for customers and benefit from lower commodity prices. The report also suggests that families spent less on groceries in 2023 than in 2022, possibly due to higher housing costs and debt levels.

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