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 […]
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 […]
Enhanced tax credit for investment and innovation
Who can benefit from this tax credit? The Investment and Innovation Tax Credit, commonly known as C3i, was introduced when the Quebec government tabled its budget in March 2020. The aim of this measure is to increase investment in regions with weaker economic vitality as well as to stimulate business productivity. This credit applies to […]
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 […]
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 […]
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 […]
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 […]
Corporate tax returns: what to do with federal assistance received in 2020?
Federal grants for COVID-19 pandemic must be included in company tax return Contractors had access to several federal government programs in 2020 to help them through the COVID-19 pandemic. The amounts received will now have to be taken into account when the time comes to file the company’s income tax return. How do you find […]
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, […]