Tax and Other Implications for Businesses and Individuals from the 2020 Throne Speech

Posted
September 29, 2020
in

With the Speech from the Throne delivered on September 23rd, 2020, the minority Liberal Government has announced their plan for moving the country through the next phases of the COVID-19 pandemic. The plan has received no support from the official opposition Conservative Party.  However, NDP has announced their support for the Throne Speech’s proposals as a result of the Liberal promise to guarantee that COVID-19 unemployment benefits would not be reduced.  If the announced proposals programs become law, they should have an impact on a significant number of Canadian businesses and individuals.

For Businesses

The following were the most significant proposals that business owners need to be aware of:

For Individuals

Additionally, Canadians should be aware of the following proposals:

  • As previously announced, the Canada Recovery Benefit (CRB) will replace the CERB for those who do not qualify for EI.
  • Identify ways to “tax extreme wealth inequality” including limiting the stock option deduction for wealthy individuals employed by large and established corporations.
  • A significant investment to create a “Canada-wide early learning and childcare system” which would look to emulate the Quebec model.
  • A free, automatic tax filing system for simple returns.

Few details, including a price tag for any of these programs, were announced.  Over the coming weeks and months, we are sure to be made aware of additional details about these proposals.  If you are looking for assistance or have any questions concerning any of the existing COVID-19 support programs for your business, please reach out to your Bateman MacKay LLP Business Advisor.

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