Canada: No tax rate changes in federal 2020 fall economic update

Canada: Federal 2020 fall economic update

The Finance Minister on 30 November 2020 delivered the government’s 2020 fall economic update.

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Although there were no individual or corporate tax rate changes, the economic update includes several measures potentially affecting corporate and individual taxpayers such as:

  • Additional details on a $200,000* annual cap on employee stock option grants eligible for the stock option deduction
  • New measures to require many non-resident businesses and platform operators to register and collect GST/HST (goods and services tax and harmonized sales tax) effective 1 July 2021.

In addition, the update reflects an extension of certain coronavirus (COVID-19) relief measures for employers and businesses, including the Canada emergency wage subsidy, the Canada emergency rent subsidy, and the lockdown support subsidy.

Read a November 2020 report [PDF 122 KB] prepared by the KPMG member firm in Canada

*$=Canadian dollar

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