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 […]
Is your work part of the on-demand economy? Here’s what you need to know
The on-demand economy depends on temporary and freelance work, or short-term contracts. If you communicate with your customers using online platforms or applications, such as Clickworker, Crowdsource or Fiverr, to provide them with your services, you’re usually considered self-employed rather than an employee. You can work anywhere, because online platforms enable you to stay in […]
Tax returns: no penalties until May 31
As announced by the Ministère des Finances, Revenu Québec confirms that it will not impose any penalties or interest on citizens who file their tax returns or pay their tax balance after the legal deadline of April 30, 2021, but no later than May 31, 2021. This new measure is designed to make life easier […]
Have you made a charitable donation? Claim your tax credit!
Have you made a donation to a registered charity or other charity or other qualified donee? You may be eligible for a tax credit. Claim your tax credit To claim the charitable donation tax credit, keep your official donation receipts from registered charities and other qualified donees. Once you have receipts for all your donations, […]