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Tax Planning Guide and Rate Information

RSM Annual Tax Planning Guides

Our annual guides provide analyses, tips, rate charts and other useful data to help businesses and individuals with tax planning. This online resource is updated every fall.

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RSM Canada LLP’s 2020 year-end tax guide reflects the tax considerations and developments that we believe may create risk or opportunity for businesses in 2020 and beyond. It is not a holistic list of all tax issues that may affect your business, but it is designed to help you make informed decisions related to year-end tax planning.

This year has brought unprecedented challenges and major disruptions for businesses as they deal with the COVID-19 pandemic, the resulting economic crisis and political crisis. In response, Parliament passed several federal and provincial amendments designed to provide liquidity to taxpayers.

As part of Tax Summit Week, session 15 provided a recap of 2020 and what to look forward to related to tax trends and sentiment as the Canadian economy moves into 2021,  including:

  • Canadian deadline relief, travel restrictions and program updates related to COVID-19
  • Review of the multilateral instrument timeline for Canada
  • CRA and disputes update
  • An overview of R&D and government incentive programs

As year-end approaches, companies must carefully consider the tax planning opportunities that exist in light of the uncertainty regarding the economy along with the evolving nature of the tax laws and regulations.

FEDERAL AND PROVINCIAL TAX TABLES

Customs and trade implications for 2020 year-end planning

Customs and trade implications for 2020 year-end planning

2020 changes to customs regulations and agreements provide opportunity to review supply chain and trade compliance to mitigate risk/cost.

Canadian tax integration of private company income

Canadian tax integration of private company income

These tables provide an illustration of how the Canadian income tax integration system works. Integration is approximate.

2020 – 2021 federal and provincial corporate income tax rates

2020 – 2021 federal and provincial corporate income tax rates

Corporations residing in Canada are subject to corporate income tax on worldwide income. Review the 2020-2021 corporate income tax rates.

Federal and provincial research and development tax credits

Federal and provincial research and development tax credits

Taking advantage of SRED programs can create immediate benefit for taxpayers. Review rates and prerequisites taxpayers need to comply with.