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 …
What’s in and what’s out, as Biden offers scaled-back plan Read More »
If you have clients who are self-employed and deducting business expenses on their tax returns, they need to keep receipts. Otherwise they could face an uphill battle with the Canada Revenue Agency over the validity of their expenses. Fortunately, there’s precedent for allowing expenses to be claimed even without receipts if the CRA (or, ultimately, …
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, …
When is a taxpayer a resident of a contracting state for purposes of a tax treaty? The decades old definition in article 4(1) of the OECD Model that ‘“resident of a Contracting State” means any person who, under the laws of that State, is liable to tax therein by reason of his domicile, residence, place …
Annual Processing Review Program We will be starting our annual post-assessment review of individual income tax and benefit returns shortly. If your client’s tax return has been selected for review, we will send our letters to your office if: • you have been designated as your client’s representative; and • you have indicated that our Processing …
