ARQ and CRA require electronic payments for amounts over $10,000
100 penalty per payment As of January 1, 2024, taxpayers (individuals, corporations, partnerships and trusts) are required to electronically remit all payments over $10,000 to the Agence du revenu du Québec (ARQ) and the Canada Revenue Agency (CRA), under penalty of $100 per payment. To avoid ARQ or CRA penalties Most Canadian banks offer a […]
Taxes : False perceptions still circulate in the construction of new rental properties
Too often, we hear customers say, ” I thought that if I didn’t claim taxes on the construction costs of a new rental property, I wouldn’t have to self-assess taxes, or ” I’m not registered for GST/HST and QST, so self-assessment tax remittance obligations don’t apply to me “. These are false beliefs! Let’s face […]
Auction: are goods taxable?
Auctions are a popular fundraising tool for organizations and businesses. They are often held at galas, benefit dinners or golf tournaments. Many of us have taken part in such an event for a good cause… The fund-raising tool Whether silent or shouted, an auction is an interesting and popular way to raise funds for a […]
Does your municipality purchase goods or services from outside Quebec?
You could be subject to special rules! Municipalities acquire the vast majority of their goods and services in Quebec, with a strong emphasis on local purchasing. Occasionally, however, they may use or consume goods or services previously acquired outside the province. This could be the case, for example, with specialized equipment such as helmets for […]
Summary of the 2024-2025 Quebec budget
On March 12, 2024, Finance Minister Éric Girard tabled his budget plan for 2024-2025, which aims to prioritize health and education. Investments totalling $8.8 billion over the next 5 years have been announced. The most significant of these are aimed primarily at health and education, through funding for health and social services, education and higher […]
GST/HST and QST returns in electronic format only!
As of January 1, 2024, GST/HST and QST returns can no longer be filed on paper. All sales tax registrants, with the exception of charities, are now required to file their tax returns electronically. They can do so through their financial institutions or by using the Revenu Québec website. It is important to note that […]
Important news – Tax on underutilized dwellings
As of January1, 2022, the federal government has introduced legislation covering all owners of residential property in Canada. The Underutilized Dwelling Tax Act (“Act”) is designed to slow the escalation of the real estate market in certain regions of Canada. We also invite you to consult the initial terms and obligations in our article: You […]
GST/HST legislative proposals
TheFall 2023 Economic Statement proposes several changes that may have an impact on your company’s taxes. Elimination of GST on new rental housing cooperatives In our September 15, 2023 publication, “GST Rebate Enhancement – Residential Rental Property”, we reported on the federal government’s announcement to enhance the GST rebate from 36% to 100% for […]
GST rebate enhancement – Residential rental property
On September 14, 2023, the Department of Finance Canada announced a new measure to increase the supply of new housing on the rental market, in response to the current housing shortage. GST rebate enhancement The purpose of this legislative measure is to enhance the Goods and Services Tax (GST) rebate on residential rental property. It […]
Tax on underutilized housing – the deadline is approaching!
Are you a Canadian non-resident individual, a Canadian private corporation, a partnership, a non-profit organization or a trustee of a trust; and own one or more residential properties? You must file a return and may be required to pay the new tax on underutilized dwellings (TLSU). Many people think they don’t have to file a […]