Category: Taxation

Taxation

CORPORATE TAXATION UPDATE

REVISIONS TO SMALL BUSINESS DEDUCTION A summary of the tax rates applicable to CCPCs in 2018 and 2019 is set out in the following tables: Combined Federal and Quebec corporate tax rates applicable on income earned in 2018: To consult the full article, click below. Read the full article

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Taxation

2018 QUEBEC BUDGET SUMMARY

Finance Minister Carlos J. Leitão delivered the 2018-2019 Budget on March 27. This budget contains tax measures that affect personal and corporate income tax as well as international tax and sales tax. The most noted change relate to measures with respect to the collection and remittance of the Quebec sales tax on online transactions. In […]

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Taxation

PARTNERSHIP EXEMPTION FROM QUÉBEC LAND TRANSFER TAX

When an immovable (for example, land) is transferred from one corporation to another without any change in ultimate beneficial ownership (for example, between ‘‘closely related legal persons’’), Québec land transfer tax (LTT) does not apply. This exemption is now to be extended to immovables owned by a partnership, according to proposals for the amendment of […]

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Taxation

2018 FEDERAL BUDGET SUMMARY

Finance Minister Bill Morneau delivered the 2018 Budget on February 27. This budget contains tax measures that affect personal and corporate income tax as well as international tax and sales tax. The most anticipated changes relate to passive income earned by Canadian private corporations.  These tax changes were the most significant in the Budget. These […]

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Taxation

U.S. TAX CUTS & JOBS ACT – A COMPARISON OF HOUSE & SENATE BILLS

The US House of Representatives & the Senate have now both released their versions of the Tax Cuts & Jobs Act. On November 16, 2017 the House passed their bill, and later that same day the Senate Finance Committee approved their proposed tax reform legislation. On December 2, 2017 the full Senate voted on its […]

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Taxation

RELEASE – QST

Phasing out of restrictions on the granting of input tax refunds to large businesses Montreal, November 22, 2017 – The Quebec Minister of Finance will be gradually phasing out the current restrictions on the granting of Input Tax Refunds (ITR) to large businesses from January 1st, 2018 to December 31, 2020. A person is generally […]

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Taxation

BULLETIN RELEASED BY REVENU QUEBEC: NEW MEASURES ANNONCED – NOVEMBER 2017

Bulletin released by Revenu Quebec: Measures announced as part of the presentation of the Québec economic plan update. “This information bulletin sets out the amendments that will be made to the tax legislation and regulations to give effect to certain measures announced by the Minister of Finance as part of the Québec Economic Plan update […]

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Taxation

NEW TAX REFORM – UPDATE

As previously reported in our newsletter, on July 18th, 2017, federal Finance Minister Bill Morneau (“Morneau”) released for consultation a discussion paper and draft legislative proposals (the “Papers”) addressing tax planning arrangements using private corporations. It is the government’s view that these changes are necessary to close perceived tax loopholes and improve the fairness of […]

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Taxation

THE LIGHT AT THE END OF THE TUNNEL

Over the past few years, Revenu Québec has developed a poor reputation amongst Quebec taxpayers and mandataries. Public trust of Revenu Québec has been damaged by several articles reporting on overzealous tax officers, as well as by persistent rumours that Revenu Québec had been imposing quotas on its auditors, creating incentives for them to find […]

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Taxation

PROPOSED NEW TAX RULES – WHAT YOU NEED TO KNOW

On July 18, 2017, federal Finance Minister Bill Morneau released a consultation paper and draft legislative proposals (the “Papers”) to address certain tax planning arrangements using private corporations. It is the government’s view that these changes are necessary to close perceived tax loopholes and improve the fairness of the Canadian income tax system. It has […]

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