IMPORTANT NOTICE TO BUSINESSES DEALING WITH NON-RESIDENT SUPPLIERS SUCH AS FACEBOOK AND GOOGLE Since 2019, non-resident suppliers that provide services to Quebec consumers must be registered for and collect QST on such services. The federal government passed similar legislation for GST/HST which came in effect on July 1, 2021. Non-resident suppliers who are required to […]
The 2021 Budget proposes a new subsidy: the Canada Recovery Hiring Program (“CRHP”). From June 6, 2021 to November 20, 2021, an eligible entity could claim the CRHP. Up until September 25, 2021, the CRHP is based on the same periods as for the Canada Emergency Wage Subsidy (“CEWS”) and the Canada Emergency Rent Subsidy […]
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 […]
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, […]
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 […]
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, […]
As Quebec is likely heading into a full lockdown for the upcoming weeks, the following is a brief summary of how the Canada Emergency Wage Subsidy (“CEWS”) is expected to work during the expected lockdown period. The CEWS measures are divided into periods. CEWS period 11 runs from December 20, to January 16. The lockdown will likely […]
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
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Fall Economic Statement 2020. Generally, the plan proposed to: Increase the maximum rate of the Canada Emergency Wage Subsidy to 75 per cent for periods between December 20, 2020, and March 13, 2021, and to extend the current rates of the […]
On September 14, 2020, the Canada Revenue Agency (“CRA”) posted a notice on its newsroom indicating that the CRA had extended the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments […]