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2020 Fall Economic Statement

Government of Canada Fall Economic Statement 2020

Yesterday, on November 30, 2020, the Minister of Finance and Deputy Prime Minister Chrystia Freeland delivered the 2020 Fall Economic Statement.

Government of Canada Fall Economic Statement 2020

Canada Emergency Wage Subsidy (CEWS)
Periods 11 to 13:

CEWS Periods 11-13
CEWS periods 11-13

Canada Emergency Rent Subsidy (CERS)
Periods 11 to 13.

CERS periods 11-13

Rate Changes
No changes were announced to personal or corporate income tax rates, the capital gains inclusion rate, wealth tax, or the GST rate.

Working From Home
To simplify the process for both taxpayers and businesses, the CRA will allow employees working from home in 2020 due to COVID-19 with modest expenses to claim up to $400, based on the amount of time working from home, without the need to track detailed expenses. Generally, they will not request that people provide a signed form from their employers. This measure will help taxpayers access deductions they are entitled to receive and simplify the tax filing process. Further details will be communicated by the CRA in the coming weeks.

Canada Emergency Business Account (CEBA)
The application deadline for the CEBA has been extended to March 31, 2021. No additional changes to CEBA were announced.

Should you have any questions or feedback, please reach out to myself or the team. As always, we are here to help and support you.

Caveat: The information in this publication is current as of the time it was written. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Deuzeman & Associates to discuss these matters in the context of your particular circumstances. Deuzeman & Associates does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

 

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