Yesterday, on November 30, 2020, the Minister of Finance and Deputy Prime Minister Chrystia Freeland delivered the 2020 Fall Economic Statement.
Canada Emergency Wage Subsidy (CEWS)
Periods 11 to 13:
Canada Emergency Rent Subsidy (CERS)
Periods 11 to 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.