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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Maximizing Your Tax Return in 2024: Little-Known Deductions You Shouldn’t Miss

 


Getting the most out of your tax return can feel like an early spring bonus. By being strategic about deductions, you could be the difference between owing the government money or getting a refund. Let’s explore some lesser-known deductions that could help you maximize your return:

  1. Maximize Your RRSP Contributions: Contributing to your Registered Retirement Savings Plan (RRSP) can significantly reduce your taxable income. Make sure you’re taking full advantage of this deduction.

  2. Deduct Childcare Expenses: If you paid for childcare services, you may be eligible for deductions. Keep track of these expenses and claim them when filing your taxes.

  3. File Your Return Electronically: Filing your taxes electronically is not only convenient but can also help you get your refund faster. Take advantage of this option.

  4. File Capital Losses from Investments: If you’ve incurred capital losses from investments, don’t forget to report them. These losses can offset capital gains and reduce your tax liability.

  5. Union Dues, Employment Costs, and Home-Office Deduction: If you’re part of a union, deduct your union dues. Additionally, consider employment-related expenses and home-office deductions if applicable.

  6. Deduct Non-Covered Medical Expenses: Some medical expenses that aren’t covered by insurance can be deducted. Keep receipts for things like prescription glasses, dental work, and other eligible costs.

  7. Deduct Student Loan Interest Payments: If you’re paying off student loans, the interest you pay may be deductible. Check the rules in your region to see if you qualify.

Remember, every little bit counts when it comes to maximizing your tax return. Consult a certified financial planner or tax professional to ensure you’re taking advantage of all available deductions. 


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