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The second session of the 43rd Parliament opened a new session with the traditional Throne Speech from Her Excellency Right Honourable Julie Payette, Governor General of Canada. The speech, “A Stronger and More Resilient Canada”, provided an overview of the Government’s plan for moving forward through the COVID-19 pandemic. Some of the tax measures included in the plan are outlined below and will be further codified and enacted by announcements in the Fall Economic Update.
The Canada Emergency Response Benefit (CERB) will expire on October 3, 2020, as planned. Recipients of the CERB will then be supported by the Employment Insurance (EI) system. For Canadians who would not normally qualify for EI, the government will create a transitional Canada Recovery Benefit. EI will become the sole delivery mechanism for employment benefits and will be modified to include self-employed individuals and others not currently eligible.
The federal government will work towards introducing a free, automatic tax filing process for simple returns to ensure taxpayers receive the income benefits they need (such as Old Age Security (OAS), Canada Pension Plan (CPP), CPP Disability Benefits, etc.).
The federal government plans to launch a campaign to create over one million jobs, restoring employment to previous levels. As part of this plan, the Canada Emergency Wage Subsidy (CEWS) will be extended through to summer 2021.
Further steps to assist vulnerable businesses will include:
In addition, the federal government announced plans to cut the corporate tax rate in half for clean technology companies as part of its climate action plan to make Canada a world leader in clean technology.
The Throne Speech delivered a preview of the measures the federal government seeks to implement as part of its ongoing response to the COVID-19 pandemic. The government has committed to presenting a Fall Economic Update which will outline details on how the announcements made today will be implemented. MNP will provide an analysis of the impacts of these announcements upon the release of the Fall Economic Update. MNP continues to work with government to ensure the needs of Canadians and Canadian businesses are met.
This situation is dynamic and government programs can change. To stay up to date and receive more insights from our team,
visit our COVID-19 Business Advice Centre at MNP.ca/COVID-19. We’re dedicated to supporting Canada’s business leaders by providing timely information and practical solutions for navigating through the uncertainty of COVID-19.
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