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.
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
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