3 Changes Impacting Future Real Estate Investment Plans in Canada
There has been a lot of noise around future real estate property ownership in the Canadian marketplace. There are three major changes to the Canadian real estate investment landscape that should be on your radar to avoid any unpleasant tax-related surprises in the new year. These changes apply whether you are a first time or […]
Important Federal, Quebec and U.S. Reporting Deadlines in 2023
In order to help you plan accordingly in 2023, we have compiled the important reporting deadlines that are required by the various levels of government.
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) […]
Gift and Award Government Policy Update
An Early Gift from the Federal Government The Federal Government has updated its administrative policy regarding what they consider a near-cash employee gift or award. When we last addressed employee gifts and awards, the Federal Government considered all gift cards to be a near-cash amount and, consequently, taxable when received by an employee. Under the […]
Federal Government’s 2022 Fall Economic Statement Summary
On November 3, 2022, The Deputy Prime Minister and Minister of Finance Chrystia Freeland released the Federal government’s annual Fall Economic Statement. We are pleased to provide you with a link to CPA Canada’s summary of tax measures for your perusal. Other non-tax measures highlighted in the economic statement are measures to support Canadians such […]
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 […]
Shareholder Loans Tips and Traps
One principle of our tax system is that a shareholder cannot take out money from their corporation without tax consequences. Three common ways a shareholder withdraws money from a corporation are: Salaries Dividends Loans The first two methods are taxable in the hands of the shareholder in the year received. It stands to reason that […]
Donating Public Company Shares to Charity
It is the time of year when we start to think about ways to minimize income tax. One easy way is to donate to registered charities. The Canada Revenue Agency (“CRA”) and Revenu Québec provide generous incentives for such donations. Individuals are entitled to a credit against their taxes and corporations may reduce their income […]
GST and QST Refunds When a Registrant Sells a Passenger Vehicle
Most Goods and Services Tax (GST) and Quebec Sales Tax (QST) registrants overlook the following obscure rules, which may permit them to obtain GST and QST and refunds in the form of Input Tax Credits (ITCs) and Input Tax Refunds (ITRs) with respect to the sale of a passenger vehicle costing in excess of the […]
