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OTTAWA • Economists, taxpayer groups and the federal auditor general are keeping a close eye on the Liberal government’s promise to conduct the first major review of the tax system in decades.

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Investors who own shares of mutual fund corporations or linked notes have only six months left to take advantage of favourable tax rules that this week’s federal budget has shut down as of Oct. 1, 2016.

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Canadians sitting down to file their taxes can be forgiven if they’re confused with the tax system and unsure which of the myriad tax breaks will save them some dollars.

The Liberal government promised in the budget it will review an increasingly labyrinthine tax system to see whether it’s working for Canadians and the broader economy.

The government also hopes its review of the federal tax code and the $100 billion in so-called tax expenditures will find potentially billions of dollars in desperately needed revenue.