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Blog Post

01
DEC
2020

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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