Category: Taxation

November 30, 2023 —

The Quebec government has announced changes to the QPP, effective as of January 1, 2024, with the primary goal of promoting job retention among workers aged 65 and older. The changes include the option for individuals aged 65 or over, already receiving a retirement pension from the QPP or the Canada Pension Plan (CPP), to […]

November 29, 2023 —

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 […]

November 24, 2023 —

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 […]

November 14, 2023 —

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 […]

September 21, 2023 —

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 […]

July 26, 2023 —

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 […]

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 […]