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Taxation

2024-2025 Québec Budget Summary – March 12, 2024

Introduction The Minister of Finance, Mr. Eric Girard, tabled his 2024-2025 budget plan on March 12, 2024, which plans to support seniors, to improve the fairness and impact of tax credits supporting jobs in the information technology sector and to enhance support for Québec film and television production. Here are the highlights of the 2024-2025 […]

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Taxation

“Bare Trusts” Not Subject To New Reporting Requirements For Trusts

Following changes to the trust reporting requirements, for taxation years ending after December 30, 2023, certain trusts, that were previously deemed not to be trusts for the purposes of the Income Tax Act[1] (“ITA”), will be required to file a T3 Trust Income Tax and Information Return (“T3 Return”) even though they were not required […]

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Taxation

Canda Revenue Agency and Revenu Quebec Require Electronic Payments for Amounts over $10,000 starting in 2024

As of January 1, 2024, taxpayers (individuals, corporations, partnerships and trusts) will be required to remit payments over $10,000 to the Canada Revenue Agency (“CRA”) and Revenu Québec (“RQ”) electronically or be assessed a penalty of $100 per payment. There are several electronic options available to you. Most Canadian banks provide a full range of […]

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Taxation

2023 Year-End Personal Tax Planning Checklist

OWNERSHIP OF FOREIGN PROPERTY Form T1135 was introduced by the Canada Revenue Agency to provide for more specific reporting on the ownership of foreign property. The form must be completed by any taxpayer who owns foreign property with a total cost amount of more than $100,000 CDN at any time in the year. Such foreign […]

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Taxation

2023 Fall Economic Update Summary – Federal

On November 21, 2023, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the 2023 Fall Economic Update. This update proposes new measures aimed at making changes to the Underused Housing Tax, supporting employee ownership trusts, providing amendments to concessional loans and expanding eligibility for the Clean Technology and Clean Electricity Investment Tax […]

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Taxation

Significant Changes to AMT

The alternative minimum tax increase applies January 1, 2024. The changes will negatively affect tax be paid on capital gains and employee stock options. The proposals will also have a significant impact on charitable donation planning (including flow through shares). The following tables from the Canadian Tax Journal provides a great example of the potential […]

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Taxation

2022 Underused Housing Tax

Dear Client, In 2022, the Government of Canada instituted a new tax on underused housing called the Underused Housing Tax (“UHT”). The UHT came into effect on January 1st, 2022. It is important to note that filing requirements have been imposed and may apply in addition to the payment of the actual UHT. The deadline […]

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Non classifié(e)

Canada Emergency Business Account: Government extends repayment and partial loan forgiveness deadlines

On September 14, 2023, the Prime Minister announced extended deadlines for Canada Emergency Business Account (CEBA) loan repayments, providing an additional year for term loan repayment, and additional flexibilities for loan holders looking to benefit from partial loan forgiveness of up to 33 per cent. The CEBA program was available from April 9, 2020, to […]

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Taxation

Important notice to owners of rental properties who do business with Airbnb

A supplier/owner of rental properties who is registered for the GST/HST/QST and who provides taxable rentals via an accommodation platform, such as Airbnb, is required to remit to Revenu Quebec the GST/HST/QST collected from the rentals. The platform may collect the GST/HST/QST from the renter but must transfer the collected amounts to the supplier/owner, who […]

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