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 […]
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 […]
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 […]
Summary of the 2023 federal budget
On March 28, 2023, Finance Minister Chrystia Freeland presented the 2023 federal budget for “Canada’s plan: a strong middle class, an affordable economy, a prosperous future”. Among other things, this budget aims to make life more affordable for Canadians, invest in public health care and access to affordable dental care, and stimulate affordable energy, good […]
Additional period – Tax on under-utilized dwellings
As of January1, 2022, a new law has been introduced by the federal government for 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. Canadian private corporations, most trusts, partnerships and non-profit organizations are not […]
Additional period – Tax on under-utilized dwellings
As of January1, 2022, a new law has been introduced by the federal government for 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. Canadian private corporations, most trusts, partnerships and non-profit organizations are not […]
Summary of the 2023-2024 Quebec budget
On March 21, 2023, Finance Minister Éric Girard tabled his budget plan for 2023-2024 for “Un Québec engagé”. In particular, the budget aims to stimulate supply and reduce the tax burden on Quebecers, especially by lowering the first two personal income tax rates. Significant changes have also been made to the Quebec Pension Plan to […]
You could be targeted by the new Underutilized Dwelling Tax!
Find out who is affected by this new tax and the obligations it entails. In short, as of January1, 2022, a new law has been introduced by the federal government 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 […]
Taxes – QST: zero-rating of motor vehicles acquired for resale or long-term lease (12 months or more)
Did you know? A person registered for QST does not have to pay QST when acquiring a motor vehicle intended for resale or lease for a continuous period of at least 1 year. THE ZERO-RATING RULE IN THE QST SYSTEM The Act Respecting the Québec Sales Tax (“AQST”) zero-rates (taxable at 0%) a supply by […]
What if you can’t pay your taxes?
If you’re having trouble making your tax payments, you can work with the Canada Revenue Agency to find ways to pay your tax debt based on your financial situation. You have several payment options if you can’t pay your tax debt in full: Payment options Partial paymentYou can make partial payments to the Agency to […]