16 Dec 2021 Fall Fiscal Update
The Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the 2021 Fiscal Update on Dec. 14, 2021. The Update did not contain any significant tax changes or increases. See below for a summary:
Business Income Tax
Canada Emergency Business Account (CEBA)
The Government announced that it will extend the repayment deadline for the Canada Emergency Business Account. They did not announce a date for the extension or any other details.
Canada Recovery Hiring Program (CRHP) and Other Subsidies
The Government reiterated the changes that it previously announced in Bill C-2 on the Canada Recovery Hiring Program, the Canada Emergency Wage Subsidy (CEWS), and Canada Emergency Rent Subsidy (CERS) for those targeted changes.
Personal Income Tax
Home Office Expense Deduction
The Government is extending the simplified rules for deducting home office expenses. The temporary flat rate is increased to $500 without the need to track detailed expenses. This will be for the 2021 and 2022 years.
This information is general in nature and may not be applicable to all taxpayers. If you have any questions or would like to discuss your specific situation, please contact your Clearline advisor.