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Taxation

CORPORATE TAXATION UPDATE

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 […]

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Taxation

Changes announced to the new excessive interest and financing expenses limitation (“EIFEL”) regime

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 […]

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Taxation

2022 Federal budget summary

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 […]

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Taxation

2022-2023 Québec Budget Summary March 22, 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. […]

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Corporate Taxation Update

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 […]

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New Trust Reporting Requirements

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 […]

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Federal Economic statement December 14 2021

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 […]

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Quebec Economic statement

Quebec Economic statement On November 25, 2021, Quebec Finance Minister Eric Girard delivered the Update on Quebec’s Economic and Financial Situation. The following is a summary of some of the measures announced. COPING WITH THE COST OF LIVING 1. MITIGATING THE COST OF LIVING INCREASE 1.1 Introducing the extraordinary cost of living allowance In its […]

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Covid-19

COVID-19 Support Measures

To support Canadians and Canadian businesses through the COVID-19 pandemic, the government introduced a set of measures, including the Canada Emergency Wage Subsidy, Canada Emergency Rent Subsidy, Lockdown Support and Canada Recovery Hiring Program. These programs, have evolved as the pandemic has evolved. The wage subsidy, rent subsidy and Lockdown Support expired on October 23, […]

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Covid-19

COVID 19 – Federal Government extends benefits and business supports

On July 30, 2021, the federal government announced it is proposing to extend COVID-19 support measures. Extending Workers Support Benefits The government proposes to extend the Canada Recovery Benefit (“CRB”), the Canada Recovery Caregiving Benefit (“CRCB”), and the Canada Recovery Sickness Benefit (“CRSB”) until October 23, 2021. The government also plans to increase the maximum […]

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