New Canadian Interest Limitation Rules
New Canadian interest limitation draft legislative rules, known as the Excessive Interest and Financing Expenses Limitation Regime (EIFEL), were released on February 4, 2022, by the Department of Finance (“Finance”). The EIFEL rules will limit the amount of net interest and financing expenses that certain taxpayers may deduct in computing their taxable income, based on […]
Canadian Federal and Provincial Sales Tax Rates
Here is a summary of the Canadian Federal and Provincial Sales Tax Rates currently in effect.
2022 Federal Budget Highlights
Contrary to rampant rumors before the Federal 2022 budget, capital gain tax rates remain unchanged as does the principal residence exemption. The following are our top 5 highlights, and one honourable mention.
Registering Your Business for GST, QST and Deductions at Source
One of the most important steps in starting a business is registration for GST, QST and deductions at source accounts. Failure to do can result in substantial penalties which can easily be avoided if the proper paperwork is done on a timely basis.
2022-2023 Quebec Budget Highlights
This afternoon, the Honorable Eric Girard, Minister of Finance, presented the 2022-2023 Quebec budget. Normally the FL Fuller Landau tax team presents its top 5 highlights of the budget. However, this year’s budget was long on hyperbole but short on substance. Focusing on the substance, this year (and hopefully this year only) our top five […]
Canadian Corporation vs Canadian Branch Tax Implications
Non-residents wanting to do business in Canada need to carefully select the right structure as the structure would have different tax implications in Canada and in the home country jurisdiction. This article focuses on U.S. parent corporations wanting to do business in Canada through a Canadian Branch or a Canadian corporation.
Do You Have a US Income Tax Filing Requirement?
We often receive inquiries about United States (“US”) filing requirements. It is not a surprise, as a large number of Americans living aboard do not know about their US filing obligations.
2022 Limits and Rates Related to Automobile Expenses
The rates for automobile expenses, deduction limits and the prescribed rates for determining taxable benefits on automobile operating expenses are as follows for 2022.
Tax Information for 2022
Here are the deductions at source rates for 2022 and 2021 for Employment Insurance, Quebec Parental Insurance Plan, QPP, CPP, Quebec Health Services Fund and Commission des normes du travail. These rates will help you plan more efficiently for the current taxation year and help to prepare T4 and Relevé 1 slips for 2021.
Taxable Benefits in Brief
This issue will serve as a reminder of certain, often forgotten, details regarding the preparation of T4 and Relevé 1 forms.
