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Ontario Halts U.S. Electricity Surcharge Amid Trade Tensions

  Ontario Premier Doug Ford has announced the suspension of a 25% surcharge on electricity exports to three U.S. states—Michigan, New York, and Minnesota—following a diplomatic overture from the White House. The surcharge, introduced just a day earlier, was Ontario's response to U.S. President Donald Trump's decision to double tariffs on Canadian steel and aluminum to 50%. The decision to pause the surcharge came after U.S. Commerce Secretary Howard Lutnick extended an "olive branch" by inviting Ford and Canadian Finance Minister Dominic LeBlanc to Washington for discussions on trade. The meeting, scheduled for Thursday, aims to address the escalating trade tensions and explore a renewal of the Canada-United States-Mexico Agreement (CUSMA). Ford emphasized the importance of diplomacy, stating, "When someone's putting out an olive branch, we sit back, we accept it—graciously, by the way—and let's start moving." While the U.S. has yet to retract its ta...
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CRA Extends Deadline for Claiming Charitable Tax Benefits

                                         

The Canada Revenue Agency (CRA) has confirmed the extension of the deadline for claiming certain charitable tax benefits for the 2024 tax year. Originally set to expire at the end of December 2024, the new deadline has been extended to February 28, 2025.

This extension aims to provide donors with additional time to ensure their contributions are received and processed, especially in light of the recent Canada Post mail stoppage. The CRA will administer this proposed legislation, consistent with its longstanding practice.

Individuals, corporations, and graduated rate estates can now claim eligible donations made up to the new deadline on their 2024 tax returns. For more information, visit the CRA website or the Department of Finance Canada website.





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