Tax & Accounting

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.

The federal government has tabled Bill C-9 which proposes to extend the Canada emergency wage subsidy (CEWS) and introduce two new rent subsidies.

The government announced new changes to the CEWS on October 14, 2020.