The importance of controls – Digital risks
The importance of implementing controls in the face of digital risks is paramount. Cyber-attacks and economic crimes don’t just happen to other people… they’re increasingly present and frequent. In 2022, according to the Canadian Anti-Fraud Centre’s annual report, reported financial losses amounted to $530.4 million, compared with $383 million in 2021[1]. The question is no […]
Summary of the 2024 federal budget
On April 16, 2024, Finance Minister Chrystia Freeland presented the 2024 federal budget to deliver “A Fair Chance for Every Generation”. Among other things, this budget aims to enable the construction of more housing, faster, help make life more affordable and grow the economy to help every generation prosper. The government is making tax changes […]
Effective tax changes for trusts
As Revenu Québec reminds us on its website, a trust is the result of an act by which a person transfers, from his or her patrimony to another patrimony that he or she constitutes, property that he or she assigns to a specific purpose and that a trustee undertakes to hold and administer. As a […]
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 […]
Labour-sponsored funds tax credit measure postponed
As part of the March 21, 2023 budget, the Quebec government had announced a measure to limit eligibility for the labour-sponsored funds tax credit. This measure targeted individuals who acquire shares in a labour-sponsored fund (Fonds de solidarité F.T.Q. or Fondaction) and who have taxable income subject to the highest tax rate ($119,910 in 2023), […]
Shareholder remuneration: salary or dividend?
An individual shareholder of a corporation may be remunerated through employment income (salary), dividends or a combination of both. According to the concept of integration provided for in tax legislation, the combined total of taxes on the income of the individual and his or her corporation should be similar, regardless of the method of remuneration […]
Tax information of interest (2023)
Our tax specialists would like to share with you a number of tax-related information of interest to you and your company. The purpose of this article is to help you optimize the close of your 2023 tax year and plan for the year ahead. Alternative minimum tax (IMR) The Alternative Minimum Tax (AMT) is a […]
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 […]
Reselling your used vehicle
The shortage of new vehicles means that it’s now possible to make a gain when you resell your used vehicle, but beware: the gain is taxable. Privately-owned vehicle (personal travel) The vehicle is considered personal-use property when it is used solely for personal travel. For tax purposes, the proceeds of disposition and the acquisition cost […]
Changes to the Quebec Pension Plan (QPP)
Following the publication of the Quebec budget for 2023-2024 last March, we take a look back at the measures aimed at the Quebec Pension Plan (QPP). These measures are designed to encourage experienced workers to stay on the job longer, in order to combat labor shortages, and to ensure the financial security of Quebecers in […]