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2020 Federal Fall Economic Statement Highlights

On November 30, 2020, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Supporting Canadians and Fighting COVID-19: Fall Economic Statement 2020.

The economic statement does not change personal or corporate income tax rates, but does:

  • Clarify proposed rules for the taxation of employee stock options, to be effective for stock options granted after June 30, 2021
  • Provide details for the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and Lockdown Support programs for December 20, 2020 to March 13, 2021
  • Announce a simplified home office tax deduction for 2020 for employees
  • Require non-resident vendors supplying digital products or services to consumers in Canada to register for Goods and Services Tax/Harmonized Sales Tax (GST/HST), effective July 1, 2021
  • Immediate support for families with young children
  • Registered Disability Savings Plan – Cessation of eligibility for the disability tax credit.

Please click here to read the income tax and sales tax highlights.

If you have any questions, please contact your Lipton advisor.

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