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The Changing Landscape of Capital Cost Allowance – Part 2

Part 1 of this series focused on recent changes to federal capital cost allowance (CCA). For taxpayers residing in Quebec, the 2018 and 2021 Federal legislative proposals were harmonized by the Quebec Ministry of Finance. Part 2 below therefore focuses on Quebec changes as well as new tax credits. December 2018 Quebec Economic Update Additional […]

The Changing Landscape of Capital Cost Allowance – Part 1

Over the last number of years there have been many revisions to the capital cost allowance regime by both the federal and Quebec tax departments. Part 1 below reviews federal changes.  Part 2 will review Quebec changes. November 2018 Economic Statement Back in 2018, the Government of Canada’s Fall Economic Statement introduced two measures, a) […]

Salary vs Dividends: What Should I Take as a Business Owner

As a business owner, you are in the enviable position of being able to receive a salary, a dividend or some combination thereof. Although tax considerations weigh heavily in this decision there are other qualitative and quantitative factors to consider before deciding on what form your remuneration should take. Advantages of a Salary Corporations working […]

T1044 Information Return Requirements for an NPO

A non-profit organization (NPO) is incorporated under Part I of the Income Tax Act and is exempt from tax on all or part of its income in a fiscal period if all the following conditions are met: It is operated for the sole purpose of social welfare, civic improvement, pleasure or recreation or any purpose […]