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Taxation

2023 Federal budget summary

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 […]

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Taxation

2023-2024 Québec budget summary

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 […]

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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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