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Canada extends wage subsidy and signals tax plans

Canada extends wage subsidy and signals tax plans

Certain employers may now be able to receive the Canada Emergency Wage Subsidy (CEWS) into 2021

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Certain employers may now be able to receive the Canada Emergency Wage Subsidy (CEWS) into 2021. In the Speech from the Throne on September 23, 2020, the government outlined some of its tax and economic priorities in the wake of COVID-19, and pledged to continue certain emergency support programs for individuals and businesses affected by the pandemic, including the CEWS. In the speech, the government said that in addition to extending these programs, it is focused on measures to create jobs, invest in health and child care and address climate change, among other priorities.

Although details of these changes have not yet been released, the government indicated that it intends to propose legislation to introduce these measures this fall, as part of an update to Canada’s COVID-19 Economic Response Plan. The government also advised that it intends to implement taxes to address wealth inequality, including to limit the stock option deduction, and to tax large digital companies.

Download this edition of the TaxNewsFlash to learn more.

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