Short-term leasing – Beware of compliance!
Since January1, 2024, a measure has been in place to disallow expenses incurred (including interest charges) to earn income from short-term rentals if these are deemed to be non-conforming. The aim of this measure is to encourage the long-term rental of residential properties in order to alleviate the current housing crisis. Statistically, as of March […]
Planning for the end of fiscal 2024
The end of the year is a strategic time to optimize your tax situation, whether you’re a shareholder, an employer or an individual. In this article, we discuss practical tips and essential reminders for maximizing your tax savings, avoiding the pitfalls of taxable benefits and effectively planning your financial decisions. Shareholder remuneration: Rule of thumb […]
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 […]
How to prepare your year-end dossier
We are aware that the year-end process brings you additional tasks so that your professionals can carry out their mandate properly [1], in connection with your financial statements and the preparation of tax returns. Here are a few tips and tricks to help you avoid work overload during this period and limit the questions our […]
Apply to the Canadian Dental Care Plan
The Canadian Dental Care Plan (CDCP), launched in December 2023, offers dental care coverage to Canadian residents with adjusted family net incomes of less than $90,000 who do not have access to dental insurance. For eligible Canadian residents, the CDHA will help cover the cost of a variety of oral health care services. The CDHA […]
Capital gains: is action urgently needed?
Capital gain, a central concept in finance and taxation, represents much more than a simple financial measure. It embodies the fruits of investment, the risks taken and the rewards achieved in the complex world of financial markets. Understanding how it works is crucial to managing your financial assets. A reminder of the definition of capital […]
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), […]