Category: Taxation

March 29, 2023 —

Introduction On March 28, 2023, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2023: A plan to build a stronger, more sustainable, and more secure economy for everyone. The budget proposes new measures to: facilitate intergenerational business transfers facilitate the use of Employee Ownership Trusts an additional option for succession planning strengthen […]

March 23, 2023 —

Introduction The Minister of Finance, Mr. Eric Girard, tabled his 2023-2024 budget plan on March 21, 2023, which aims to stimulate the labour supply and reduce the tax burden of Quebecers, in particular by decreasing the two bottom tax rates for personal tax. Other initiatives are planned to increase the economy’s productivity, contribute to the prosperity […]

March 20, 2023 —

The Underused Housing Tax (“UHT”) came into effect on January 1st, 2022. The deadline to file a UHT declaration and pay UHT, where required, is April 30, 2023. The UHT is a 1% tax on the value of “vacant or underused housing” in Canada. This is an annual tax based on the fair market value […]

December 14, 2022 —

REVISIONS TO SMALL BUSINESS DEDUCTION A summary of the tax rates applicable to CCPCs in 2022 and 2023 is set out in the following tables: Combined Federal and Quebec corporate tax rates applicable on income earned in 2022 and 2023: Active Business Income Passive income RDTOH Dividend refund Eligible for Federal and Quebec SBD Eligible […]

November 15, 2022 —

Purpose of the EIFEL regime The EIFEL proposals restrict taxpayer capacity to deduct interest and other financing costs where certain thresholds are exceeded. Changes announced to the EIFEL regime in November 2022 On November 3, 2022, the federal government announced proposals to modify certain elements of the original EIFEL regime Most importantly, the application date […]

April 09, 2022 —

INTRODUCTION On April 7, 2022, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable. The budget proposes measures to help Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers’ Tax […]

March 23, 2022 —

Introduction On March 22, 2022, the Minister of Finance, Mr. Eric Girard, tabled his 2022-2023 budget plan which was prepared under very special circumstances and which represents the government’s fourth budget. This budget provides tax measures to cope with the rising cost of living, to stimulate economic growth and continue efforts relating to the environment. […]

August 24, 2021 —

IMPORTANT NOTICE TO BUSINESSES DEALING WITH NON-RESIDENT SUPPLIERS SUCH AS FACEBOOK AND GOOGLE Since 2019, non-resident suppliers that provide services to Quebec consumers must be registered for and collect QST on such services. The federal government passed similar legislation for GST/HST which came in effect on July 1, 2021. Non-resident suppliers who are required to […]

June 10, 2021 —

The 2021 Budget proposes a new subsidy: the Canada Recovery Hiring Program (“CRHP”). From June 6, 2021 to November 20, 2021, an eligible entity could claim the CRHP. Up until September 25, 2021, the CRHP is based on the same periods as for the Canada Emergency Wage Subsidy (“CEWS”) and the Canada Emergency Rent Subsidy […]

May 04, 2021 —

IMPACT OF QUEBEC’S REQUIRED PLANNING DISCLOSURE REACHES BEYOND THE PROVINCE Quebec’s Bill 42, which became law in September 2020, has broadened the mandatory disclosure rules to cover specified transactions. These include transactions for which the form and substance are the same or very similar to transactions listed in regulations promulgated on March 17, 2021. Revenu Québec has also provided examples of specified […]