Deadlines: 2020 tax returns and payments
Here are the current deadlines for the year 2020, they relate to the return and payment of income tax for individuals, corporations, trusts and charities : Individuals – Deadlines Production date April 30, 2021 Filing your return on time helps you avoid delays and ensure that you receive any refunds, benefits or credit payments to […]
Tax 2020: new flexibility measures
Citizens who have received assistance in connection with COVID-19 will not have to pay interest on their 2020 tax balance for a period of one year. This measure is designed to simplify life for those who have been affected by the pandemic. More specifically, citizens who received the Canada Emergency Benefit (CEP), the Canada Student […]
A tool to calculate the deduction for telecommuting expenses during the pandemic
The Quebec government announced on December 16, 2020 that the Ministère des Finances would be putting an interactive calculation tool online to help citizens choose the most appropriate method for claiming the deduction for telecommuting expenses incurred during the COVID-19 pandemic. This tool is now available, and will enable citizens to determine which calculation method […]
Revenu Québec maintains all essential public services
Revenu Québec assures that it will maintain all essential services to the population during the new lockdown period. The organization’s priority will be to ensure the smooth operation of social tax programs and tax credit payments, so that no citizen or business is deprived of the sums to which they may be entitled. Revenu Québec […]
REVENU QUÉBEC TO BE FLEXIBLE FOR INDIVIDUALS AND BUSINESSES
Revenu Québec is closely monitoring the evolution of the pandemic in Quebec, and has taken note of the decisions announced by the Quebec government regarding the hard-hit regions. It is sensitive to the concerns of Quebecers, and to the impact the pandemic may have on the population. This is why it is important to reiterate […]
Socio-tax programs – Revenu Québec invites Quebecers to file their tax returns by September 30
Revenu Québec reminds Quebecers that they have less than a month left, until September 30, 2020, to file their income tax returns in order to continue to benefit from the socio-tax programs to which they are entitled. It’s in everyone’s interest to file their tax returns promptly, as the vast majority of them are entitled […]
Tax balance payment deadline extended to September 30
The Quebec government is extending a flexibility measure to help citizens and businesses cope with the consequences of the COVID-19 pandemic. The deadline for paying the tax balance has been extended from September1 to September 30, 2020. This deferral will apply to individuals, corporations and trusts. It will help them get through this exceptional period […]
Is it possible to receive a tax-free dividend?
By Dominique Labelle, LL.M. Fiscal authorities. Are you a shareholder of a private company wondering how you can get money out of your corporation without receiving a hefty tax bill at the end of the year? We have a question for you: do you have a Capital Dividend Account (CDA) balance? What is a CDC? […]
Self-employed – How can you sell your business tax-free?
Did you know that you can sell shares in a small business corporation tax-free thanks to the capital gains deduction? In fact, every individual resident in Canada can benefit from a total amount of $848,252 in 2018 (indexed annually) as a capital gains deduction on the sale of eligible shares.
However, is it possible for a self-employed person who doesn’t operate his or her business within a corporation to benefit from the same exemption in the event of a sale?
SPECIAL FEATURE: TAX BREAKS FOR MANUFACTURING COMPANIES
Following on from our last article in a four-part series on innovative manufacturing companies, we continue to address this topic by elaborating on some of the existing tax measures available to this industry.