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Trump Proposes Closing Department of Education via Executive Action

                                     In a bold move, U.S. President Donald Trump has announced his intention to dismantle the Department of Education through executive action. Trump, who has long criticized the federal government's role in education, believes that states should have more control over their schools. During a press conference in the Oval Office, Trump stated, "We spend more per pupil than any other country in the world, and we’re ranked at the bottom of the list. What I want to do is let the states run schools." Despite acknowledging that an executive order would face significant challenges, Trump expressed his preference for working with Congress and teachers' unions to achieve this goal. The proposed dismantling of the Department of Education has sparked a debate about the future of federal involvement in education. Critics argue that eliminating the depart...
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CRA 2025: New TFSA Limits, Adjusted Tax Brackets, and More!

 

The Canada Revenue Agency (CRA) has announced several key updates for 2025 that will impact taxpayers across the country. Here's a brief overview of the most notable changes:


New TFSA Limits

Starting January 1, 2025, Canadians will be able to contribute an additional $7,000 to their Tax-Free Savings Account (TFSA), bringing the total contribution room to $102,000 for those who have maximized their contributions since the program's inception in 2009. This increase is indexed to inflation and aims to provide more flexibility for savings and investment.


Adjusted Tax Brackets

In response to inflation, the CRA has adjusted the federal tax brackets for 2025. The new brackets are as follows:

  • 0 to $57,375: 15%
  • $57,375 to $114,750: 20.5%
  • $114,750 to $177,882: 26%
  • $177,882 to $253,414: 29%
  • Above $253,414: 33%

These adjustments are designed to ensure that taxpayers are not pushed into higher tax brackets solely due to inflation.


Other Updates

  • The basic personal amount (BPA) has been increased to $16,129, allowing individuals to earn this amount without paying federal income tax.
  • The Canada Pension Plan (CPP) benefits will see a 2.7% inflation adjustment, providing a slight increase in payments.

These changes reflect the CRA's ongoing efforts to adapt to economic conditions and support Canadians in managing their finances effectively.




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