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Washington Scales Back Regional Footprint Amid Iranian Warnings

Empty airspace over Iran, during a temporary closure of the country's airspace amid concerns about possible military action between the United States and Iran The United States has begun precautionary drawdowns at several military bases across the Middle East after Iranian officials warned neighbouring countries that American facilities could be targeted in the event of a wider conflict. The adjustments focus on relocating non‑essential personnel and reducing exposure as regional tensions continue to rise. Iran’s message to nearby states underscored its concern that any U.S. military action could spill over into the broader region. By cautioning its neighbours, Tehran signaled both its desire to deter potential strikes and its readiness to respond if provoked. U.S. officials described the moves as prudent rather than predictive, emphasizing that the drawdowns do not indicate an imminent operation. Instead, they reflect a shifting security environment in which Washington is recal...
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Taxes 2024: Seven Best Tips for Last-Minute Filers as the Tax Deadline Approaches

 


With the April 30 deadline swiftly approaching, time is running out for most Canadians to file their 2023 income tax returns. But fear not, procrastinators! It’s not too late to get started. I’ve gathered some essential tips to help you navigate this last-minute scramble:

  1. Understand the Consequences of Filing Late:

    • For employees, the deadline is April 30, while self-employed individuals have until June 17 (since June 15 falls on a Saturday).
    • Regardless of your employment status, ensure that any outstanding balance is paid by April 30. Failure to do so results in daily compounded interest at an annualized rate of 10%.
    • Late-filing penalties are even steeper for repeat offenders. If you owe money to the government, it’s crucial to act promptly.

  2. Claim All Deductions:

    • Common mistakes arise from “mistakes of omission.” People often forget to claim eligible deductions.
    • Use your previous year’s tax return as a reference to ensure you haven’t missed any potential deductions.
    • If you’re unsure about a specific line number, visit the CRA website for explanations.

  3. Use a Checklist:

    • Anxiety about being late can be overwhelming. Ease your mind by using a checklist.
    • TurboTax Canada provides a 2023 tax checklist to ensure you have all necessary documents.
    • Remember, late returns may delay payments for credits and benefits like the GST/HST credit and the Canada Child Benefit.

  4. Pay Attention to Deadlines:

    • April 30, 2024: The deadline for most Canadians to file their tax return. Pay any outstanding balance by this date to avoid penalties and interest.
    • June 15, 2024: Self-employed individuals have until this date to file. Don’t procrastinate!

Remember, if you’re due for a refund, there’s no penalty for filing late. However, the longer you wait, the longer your refund remains in the government’s hands. So, take that money and put it to good use! 

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