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Pfizer’s coronavirus vaccine: Here’s what experts are saying about the new data – Global News

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Pfizer released an early snapshot of its Phase 3 trials for its coronavirus vaccine on Monday, and said the results look promising with data suggesting it’s 90 per cent effective at preventing the virus.

The company and its collaborator BioNTech may now be on track to file an emergency use application with U.S. regulators in late November, as previously stated.

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Pfizer’s coronavirus vaccine may be 90% effective, early data suggests

However, the announcement does not mean a vaccine is fast approaching, experts warn.

“We aren’t doing terribly well in the fight against COVID-19. The numbers just keep rising in Canada and around the world,” said Kerry Bowman, a professor of bioethics and global health at the University of Toronto.

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“This is wonderful news to hear. … Psychologically we needed some good news. However, we have to be quite cautious, as the data is not complete and there are still some lingering questions.”

This is because Pfizer provided only a glimpse of the data and cautioned the initial protection rate might change by the time the study ends.






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What does the Phase 3 COVID-19 data say?

Monday’s interim analysis, from an independent data monitoring board, looked at 94 confirmed cases of COVID-19 among the volunteers who had either received two doses of the vaccine or a placebo.

The Phase 3 clinical trial of the vaccine, called “BNT162b2” began on July 27 and has enrolled 43,538 participants — 38,955 of whom have received a second dose of the vaccine candidate as of Nov. 8.

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“Approximately 42 per cent of global participants and 30 per cent of U.S. participants have racially and ethnically diverse backgrounds,” Pfizer said in its release.

READ MORE: Pfizer may ask for emergency approval of its OCIVD-19 vaccine in late November

According to the findings, the trial found that fewer than 10 per cent of infections were in participants who had been given the vaccine, a strong signal of efficacy. More than 90 per cent of the cases were in people who had been given a placebo.

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Pfizer said that the vaccine provided protection seven days after the second dose and 28 days after the initial dose of the vaccine.

The company also said that — so far — no participant has become severely ill.

What wasn’t revealed?

“There are still some questions hanging in the air,” Bowman said. “How long does the vaccine work for? We don’t know that, but let’s hope it’s at least one year.”

Bowman said there is also a chance that participants in the trial may have contracted the virus but aren’t showing symptoms.

According to Pfizer, participants were tested only if they developed symptoms, leaving unanswered whether vaccinated people could get infected but show no symptoms and unknowingly spread the virus.

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Infection control epidemiologist Colin Furness, an assistant professor at the University of Toronto, said there is still a lot of data that needs to be reviewed. He said he would like to know what the experience was for participants who received the COVID-19 vaccine and still got the virus.

“I would like to know whether or not it was a mild case of coronavirus,” he said. “All of this data should be released, such as the demographics, who got sick, and obviously what the side effects of the vaccine are. Pfizer needs to be very transparent about this.”

The data has yet to be peer-reviewed or published in a medical journal. Pfizer said it would do so once it has results from the entire trial.

‘Cautiously optimistic’

Although the data is promising, Bowman said it’s best that everyone remains “cautiously optimistic” as there are still a lot of unknowns.

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“We have to be quite cautious. We are looking at public relations from a pharmaceutical company whose primary goal is marketing and profit,” he said. “I am not saying I don’t believe it, but you have to realize that the full data has not been released. They are telling us what the data says, so experts still need to review it.”

But, he said, by the end of November, Pfizer could be publishing more of the results, and then “we will be able to review the larger picture.”

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He also stressed the importance of not rushing a vaccine due to “hesitancy” surrounding inoculation.

Furness agreed.

Because “political interference” could lead to rushing a vaccine, Furness said, companies like Pfizer are aware that “public trust may be shaky.”

“So they have to counter that by being very transparent, let everyone know the data, release all the information,” he said. “Usually pharmaceutical companies want to protect their research. It’s the way of the business … but transparency is very important in this case.”

What comes next?

Pfizer said it doesn’t plan to stop its study until it records 164 infections among all the volunteers, a number that the U.S. Food and Drug Administration (FDA) has agreed is enough to tell how well the vaccine is working. The agency has made clear that any vaccine must be at least 50 per cent effective.

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“The study also will evaluate the potential for the vaccine candidate to provide protection against COVID-19 in those who have had prior exposure to SARS-CoV-2, as well as vaccine prevention against severe COVID-19 disease,” the company’s statement said.

The company predicts that its “safety data” following the second and final dose of the vaccine, will be available by the third week of November.






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“Based on current projections we expect to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021,” the company said (enough to vaccinate 650 million people as it is a double dose).

Canada has signed a deal with Pfizer in August to secure 20 million doses of the coronavirus vaccine in 2021.

Speaking at a media conference on Monday, Prime Minister Justin Trudeau said he hopes to have the vaccine rollout in early 2021.

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Bowman said because coronavirus rates are skyrocketing in places like the U.S. and Canada, this means there is a silver lining — more people can volunteer for the trials. He remains optimistic that not only with Pfizer have positive results, but other companies, too.

READ MORE: Pfizer to include participants as young as 12 in COVID-19 vaccine trials

“This could be very good news, and other vaccines could start working too, so we may have a situation where there is a combination of vaccines or you can ‘take your pick,’” he said.

However, he stressed that despite Pfizer’s promising data, it does not mean that it’s over. It means we are on an “uphill trend,” he said.

“We are not going back to normal life yet. It’s going to take time and research — but boy, did we need this good news.”

— With files from the Associated Press

© 2020 Global News, a division of Corus Entertainment Inc.

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Driving for Uber or writing on Fiverr? How to handle taxes on digital platform income

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Digital platforms like Uber, Airbnb and Etsy have made it easier than ever to make some extra cash on the side, but experts say you need to be diligent about tracking and reporting that additional income, or risk the consequences.

“Especially in the first year … make sure that if you’re not familiar with how to report self-employed income, seek assistance and get it right, rather than take the risk of getting it wrong. It’ll take a lot longer and cost a lot more to fix it,” said Bruce Goudy, director of BDO Canada’s indirect tax practice.

More and more Canadians are earning income from websites and apps, whether they’re renting out a property on Airbnb, delivering food through Uber Eats, or doing graphic design on Fiverr.

In December 2023, 927,000 people ages 15 to 69 years old said they had earned money from a digital platform in the preceding year, said Statistics Canada. This included platforms that pay workers directly and those that connect workers with clients.

If you earn money through a digital platform, you are considered self-employed, said Stefanie Ricchio, a chartered professional accountant and spokesperson for TurboTax Canada.

Instead of the standard T4 tax form you get from an employer, you’ll need to report your self-employment income on a T2125 form when you file your taxes.

As well as your income, you also need to report your expenses, said Ricchio. These expenses can include home office costs, car maintenance, and even the fees you pay to the digital platform — there are hundreds of deductions available, she said.

“The more eligible deductions that you apply to that income, the less that tax bill is going to be when you file.”

Because you’re generally not collecting taxes when you earn money on a digital platform, you need to be prepared to pay those taxes when you file, said Ricchio. She recommends setting aside about a quarter of your income for this purpose.

For those who are new to being self-employed, it can require a big mindset change, she said.

Once you’re earning $30,000 or more over four consecutive quarters, you have to register for a GST/HST account, said Ricchio, though you can voluntarily do it earlier.

But if you are providing rideshare services, you have to sign up right at the beginning, she said.

“It’s immediate because you start charging GST, HST immediately.”

This threshold might take some sellers by surprise, said Goudy, which is why it’s important to monitor your revenues closely so you’re not caught off guard.

Goudy noted that since Canada has several different sales tax jurisdictions, sellers should make sure they’re aware of those implications — tax obligations are based on where the customer is located, not the seller.

Canada recently introduced new reporting rules for digital platform operators, which came into effect this year. The rules themselves target the platforms, but could affect people working through those platforms too.

Certain platforms are now required to collect and report information to the Canada Revenue Agency on sellers who live in Canada or in countries that have implemented the same rules, and who sell to people in Canada or those countries, according to the CRA. This information may include identifying details like names and addresses, platform fees, property locations (if applicable) and payment details.

“What pre-empted this is obviously the rise of e-commerce, digital, the digital transaction community,” said Ricchio.

“They know that they have been missing transactions that have gone unknown to the CRA … so this is now the mechanism to help them capture it, to ensure that everyone is paying tax where they should be on that income.”

Sellers may be asked for additional information so the platform can fulfil these obligations, the agency added.

If a seller doesn’t provide their tax identification information to the platform, they can be fined $500, the CRA said.

Certain sellers are excluded from these obligations, including those with “less than 30 relevant activities for the sale of goods” and for whom the total amount paid or credited was below $2,800 during the reportable period, according to the CRA.

Sellers need to make sure they do their due diligence and comply with all their reporting requirements, said Goudy, as what they file has to match what the platform reports.

Non-compliance can result in penalties, he said, as well as any penalties or interest on unpaid taxes.

“The CRA is going to be able to cross-check this information readily available,” he said.

“If the sellers were not compliant before … then it’s going to be pretty obvious.”

Another change this year is that if you operate a short-term rental in a designated province or municipality where you’re not allowed to do so, the CRA will disqualify your business deductions, said Ricchio.

If you’re earning digital platform income on top of your regular employment income, Ricchio said the extra money could potentially push you into a higher tax bracket.

This will not only affect your rate of taxation but could also hit any benefits you’re used to receiving, such as the Canada Child Benefit or the GST/HST credit, she said. “That’s also sometimes a shock for people.”

This report by The Canadian Press was first published Oct. 17, 2024.

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Interfor selling Quebec operations for $30M, closing Montreal corporate office

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BURNABY, B.C. – Interfor Corp. is selling its three manufacturing facilities in Quebec and closing its corporate office in Montreal as the lumber producer plans to leave the province and focus on other parts of the company.

Interfor chief executive Ian Fillinger says the decision to exit its Quebec operations was influenced by recent developments that have restricted the availability of economic fibre, including record forest fires in 2023.

The company says it has signed a deal to sell its sawmills in Val-d’Or and Matagami as well as its Sullivan remanufacturing plant in Val-d’Or, along with all associated forestry and business operations, to Chantiers Chibougamau Ltée (CCL) for $30 million in cash.

Interfor and CCL will also enter into a multi-year contract for the supply of machine stress rated lumber to Interfor’s I-Joist engineered wood products facility in Sault Ste. Marie, Ont.

Interfor says it expects to take an impairment charge in its third quarter associated with the announcement.

The sale does not include any countervailing or anti-dumping duty deposits related to the ongoing U.S.-Canada softwood lumber trade dispute.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:IFP)

The Canadian Press. All rights reserved.

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TD Bank Group says Charles Schwab investment will add C$178M for Q4

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TORONTO – TD Bank Group says The Charles Schwab Corp.’s third-quarter results are expected to translate into about $178 million of reported equity in net income for the Canadian bank’s fourth quarter.

TD says that excluding about $2 million after-tax in acquisition-related charges and $27 million after-tax in amortization of acquired intangibles, its adjusted equity in net income from its investment in Schwab will be $207 million.

TD is expected to release its full fourth-quarter results on Dec. 5.

Schwab, which keeps its books in U.S. dollars, reported Tuesday a third-quarter profit of US$1.41 billion, up from US$1.13 billion a year earlier.

On an adjusted basis, Schwab says it earned US$1.53 billion in its latest quarter compared with US$1.52 billion in the same quarter last year.

TD announced in August that it had sold 40.5 million Schwab shares. The sale reduced its interest in Schwab to 10.1 per cent from 12.3 per cent.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

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