Canada: Potential opportunities for individual taxpayers for 2020

Canada: Potential opportunities, individual taxpayers

Individual taxpayers need to consider their tax position as 2020 draws to a close, and in particular to evaluate important tax issues, deadlines, and planning opportunities for 2020.

  • The government did not release a federal budget in 2020 due to the coronavirus (COVID-19) pandemic, but is expected to issue an economic statement on 30 November 2020 that could contain tax measures.
  • The government announced many emergency COVID-19 support measures in 2020, some of which may affect a person’s tax liability for 2020.
  • The government has signaled that it intends to identify additional ways to tax “extreme wealth inequality” such as finalizing changes to limit the stock option deduction for high-income individuals. It is not yet known whether these measures may be included in the fall economic statement expected 30 November 2020.

Read a November 2020 report [PDF 465 KB] prepared by the KPMG member firm in Canada (an appendix outlines the 2020 top marginal income tax rates for individuals in each province)

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