Author: Larry Brault

April 19, 2024 —

On April 18, 2024, the Ministère des Finances du Québec announced its intention to amend Québec’s tax legislation and regulations to incorporate, with adaptations on the basis of their general principles, measures relating to: the increase in the lifetime capital gains exemption; the introduction of the Canadian Entrepreneurs’ Incentive; the increase in the capital gains […]

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 […]

March 01, 2021 —

As a result of the unprecedented challenges due to COVID-19, the Canada Revenue Agency (CRA) has introduced two methods that are available to employees in order to claim the deduction for home office expenses. Under existing rules, employees are eligible to claim a deduction for home office expenses for the period they worked from home, […]

February 03, 2021 —

Under section 160 of the ITA, a transferee of property may be assessed for the tax liability of the transferor to the extent that the FMV of the transferred property exceeds the FMV of the consideration given for the property. Salary payments are generally not subject to section 160, because the recipient has given consideration for the […]

January 08, 2021 —

As announced in the 2015-2016 Quebec budget, restrictions on the claiming of input tax refunds (ITR) by large businesses have now been completely eliminated. A person is generally considered a large business for QST purposes throughout a particular fiscal year if the person’s total taxable sales made through a permanent establishment in Canada, including exportations, […]

December 16, 2020 —

REVISIONS TO SMALL BUSINESS DEDUCTION A summary of the tax rates applicable to CCPCs in 2020 and 2021 is set out in the following tables: Combined Federal and Quebec corporate tax rates applicable on income earned in 2020: To consult the full article, click below. READ THE FULL ARTICLE