Yesterday, the 2021 Budget was released.
The attached memo addresses measures that we feel are relevant to our business clients.
No changes were made to personal or corporate tax rates, nor to the inclusion rate on taxable capital gains.
- The Canada Emergency Wage and Rent Subsidies (CEWS and CERS) will be extended.
- The Canada Recovery Hiring Program was introduced.
- The ability to immediately expense 100% of many capital asset purchases was introduced.
- A new tax of up to 10% will apply to the purchase of luxury vehicles, aircrafts or boats.
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.