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