Tax Updates

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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EFILE news and program updates

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 …

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