News of the day: Chinese AI model, TFSA and RRSP tax strategy, payroll tax withholding, an employer’s costliest mistake, New York heat wave and more

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeUncategorizedNews of the day: Chinese AI model, TFSA and RRSP tax strategy, payroll tax withholding, an employer's costliest mistake, New York heat wave and moreCatch up on the stories we’re following today You can save this article by registering for free here. Or sign-in if you have an account.The Moonshot AI Kimi app is seen on a mobile phone screen in Beijing on July 17, 2026. Photo by GREG BAKER/AFP via Getty Images filesIt’s Tuesday, July 21. Here are the top stories we’re following today.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountChinese startup Moonshot AI Pte Ltd. last Friday released its Kimi K3 model, which it said is the world’s largest open-weight model and outperforms the United States‘ most advanced AI offerings on certain benchmarks, signalling that cheaper and more efficient Chinese AI models are quickly catching up to those offered by U.S. companies such as OpenAI Group PBC and Anthropic PBC. Putting money into a tax-free savings account in the short term and then moving it to a registered retirement savings plan down the road can be a useful strategy but it is largely circumstantial. Photo by Getty Images/iStockphotoGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThis strategy is based on the idea that registered retirement savings plan deductions are worth more when your income is enough to put you into a higher tax bracket, writes John De Goey. Few features of modern taxation illustrate fiscal illusion better than payroll tax withholding. Photo by Getty ImagesFiscal illusion occurs when governments structure taxation so people don’t fully experience its cost, making future increases politically easier, writes Kim Moody. If the evidence is shaky, trying to turn a questionable case into cause for dismissal can backfire badly. Photo by Getty Images/iStockphotoA fair without-cause termination, with proper notice or pay in lieu, is often far cheaper than a failed cause allegation followed by litigation, aggravated damages and legal fees. Canadian electricity imports fulfilled nine per cent of electricity demand for the New York Independent System Operator on July 3 during a major heat wave, the most since January 2025. Photo by Graham Hughes/BloombergNew York on July 3 imported the most electricity from Canada since January 2025 as a strong heat wave drove electricity demand for the area, according to an analysis by the U.S. Energy Information Administration.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.