Wolters Kluwer - 2020 Canadian Accounting Industry Challenges

The CEBA was recently expanded to provide an additional loan of up to $20,000 of which up to $10,000 is forgivable under the same repayment terms. There are immediate and future tax consequences of receiving a CEBA loan.

As a result of the pandemic, an unprecedented number of people are working from home. As a result, a correspondingly unprecedented number of people will deduct home offices expenses when filing their 2020 income tax returns. The federal government has promised to temporarily streamline the method of claiming the deduction. These temporary procedures will simplify the process for employed individuals, their employers, and presumably the CRA. The details of this simplified process are now available.

The 2020 Tax Season Report: Canadian Accounting Industry Challenges is based on research conducted in 2020 to assess accounting practitioners' experiences during the 2019 personal tax season. Accountants from across Canada were surveyed in both English and French.

Ontario Finance Minister Rod Phillips tabled the 2020 Ontario Budget, Ontario’s Action Plan: Protect, Support, Recover on November 5. The government projects a deficit of $38.5 billion for 2020-2021, which is unchanged from the deficit forecast in the 2020-2021 First Quarter Finances presented March 25. The government is forecasting declining deficits of $33.1 billion in 2021-2022 and $28.2 billion in 2022-2023. The government plans to table a multi-year plan, including a path to balancing the budget, in the 2021 Budget by March 31, 2021. Several tax measures were announced in the budget and are summarized in this article.