REVISIONS TO SMALL BUSINESS DEDUCTION A summary of the tax rates applicable to CCPCs in 2021 and 2022 is set out in the following tables: Combined Federal and Quebec corporate tax rates applicable on income earned in 2021: [1] A tax rate of 3.2% is in effect in Quebec as of March 26, 2021. Before […]
The federal 2018 budget announced new trust filing and reporting requirements that will impact trusts having a taxation year ending on and after December 31, 2021. NEW FILING REQUIREMENTS A trust is currently only required to file an income tax return for taxation years in which the trust owes tax or disposes of property. As […]
On December 14, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Economic and Fiscal Update 2021. Below are some highlights of certain tax measures included in the Economic and Fiscal Update 2021. Small Businesses Air Quality Improvement Tax Credit The government proposes a refundable Small Businesses Air Quality Improvement Tax […]