On December 2, 2021, the government announced it would give us
an early holiday present in the form of an economic statement, to
be released on December 14, 2021. There was much speculation during
that period as to what the government was going to do. Was it
finally time for them to announce a tax hike or introduce a new
wealth tax? At the end of the day, it was a pretty quiet statement;
no fireworks or huge changes. But still worth a summary from yours
truly.
Enhanced Support for Teachers
The 2021 Fall Economic Statement proposes to increase the 15 per
cent refundable tax credit for teachers and early childhood
educators to 25 per cent (based on expenditures of up to $1,000 in
a taxation year for "eligible supplies"). Additionally,
this measure would clarify and broaden the rules regarding the
locations where teaching supplies are permitted to be used by
removing the requirement that teaching supplies must be used in a
school or regulated child care facility to be
