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Highlights of the 2020 federal fall economic update

Highlights of the 2020 federal fall economic update

Finance Minister Chrystia Freeland delivered the government's 2020 Fall Economic Update on November 30, 2020

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The Update expects a deficit of $381.6 billion for fiscal 2020-21 and forecasts deficits of $121.2 billion for 2021-22 and $50.7 billion for fiscal 2022-23. Although the Update does not include any personal or corporate tax rate changes, it includes several measures affecting corporate and personal taxpayers.

Among other notable changes, the budget provides additional details on a $200,000 annual cap on employee stock option grants eligible for the stock option deduction, and new changes to require many non-resident businesses and platform operators to register and collect GST/HST effective July 1, 2021, among other changes. In addition, the Update extends COVID-19 relief measures for employers and businesses, including the Canada Emergency Wage Subsidy Extension, the Canada Emergency Rent Subsidy Extension and the Lockdown Support subsidy.

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