I would have never predicted that my last article of 2020 would
still be focused on COVID and various tax relief measures. Who
would have thought that we would be back into another lock down in
many parts of the country, 10 months after our first lock down?
It's surreal. But here we are. And no 2020 Federal Budget yet.
What we did get, however, was the 2020 Economic Fall Tax Update
which was delivered by Finance Minister Chrystia Freeland on
November 30, 2020.
Based on the Update, we can expect a deficit of $381.6 billion
for fiscal 2020-21 and forecasted deficits of $121.2 billion for
2021-22 and $50.7 billion for fiscal 2022-23. The Update outlined
Canada's plan to fight the COVID-19 pandemic, support
Canadians, and invest in a recovery that is inclusive, sustainable,
and creates good jobs for Canadians.
