Canadian Gov outlines CRA’s priorities

Continuing Covid-19 benefit delivery, combating aggressive tax planning, increased accessibility and more capacity for auditing are among the priorities outlined for the Canada Revenue Agency. Prime Minister Justin Trudeau’s mandate letter to National Revenue Minister Diane Lebouthillier, released Thursday, includes nine specific priorities for Lebouthillier, who is responsible for the CRA. In the category of Covid-19 …

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$69B Federal deficit over first half of fiscal year

The Finance Department’s fiscal monitor says the deficit now reflects current economic challenges caused by Covid-19 The federal government ran a deficit of nearly $69 billion over the first half its fiscal year, almost $130 billion less than the treasury pumped out during the same stretch one year earlier. The Finance Department’s fiscal monitor says …

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What’s in and what’s out, as Biden offers scaled-back plan

After months of talks with Democratic lawmakers, President Joe Biden outlined Thursday a US$1.75-trillion framework to support families and education as well as protect against global warming. (All figures are in U.S. dollars.) The updated plan includes universal preschool, funding to limit child care costs and a one-year continuation of a child tax credit that …

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Canadian GDP down 0.3% in Q2

Substantial declines in home resale activities and exports pushed real gross domestic product (GDP) down 0.3% in the second quarter of 2021. This contrasted with three consecutive quarterly increases that followed the sharp decline (-11.3%) caused by pandemic-related business shutdowns and travel restrictions in the second quarter of 2020.Increases in investment in business inventories, government final consumption expenditures, …

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