A new “luxury” tax could apply as of January 1, 2022 on the retail sale of new personal cars and aircraft with a retail sale price over $100,000 and new boats with a retail sale price over $250,000. Importing such “designated property” will also be subject to this tax. HOW
FEDERAL AND QUEBEC DEADLINES 10-Jan Deadline for final deduction at source remittances on 2021 salaries and benefits for employers who are accelerated remitters (twice monthly) 17-Jan Deadline for final deduction at source remittances on 2021 salaries and benefits for monthly remitters 30-Jan Deadline for interest payments on spousal or
On Dec. 14, 2021, Canada’s Minister of Finance, Chrystia Freeland, released Canada’s Economic and Fiscal Update (the Update). There is no indication in the Update that the government will increase corporate tax rates, personal tax rates, or capital gains tax rates, or will further enhance audit and enforcement measures beyond
New Trust Reporting RequirementsWe are writing to bring to your attention important changes to trust filings and new information requirements that will impact the reporting of trusts moving forward. These reporting changes will impact trusts beginning with their December 31, 2021 taxation year-end. It is important that you take notice
Our team of accounting professionals and business advisors is here to assist our corporate clients and provide the appropriate level of support. The type of assurance and service to be provided will depend on a combination of the needs of stakeholders, management and third-party users of the financial statements (such
Since 2019, non-resident suppliers that provide services to Quebec consumers must be registered for and collect QST on such services. The federal government passed similar legislation for GST/HST which came in effect on July 1, 2021. Non-resident suppliers who are required to register for GST/HST and QST under these new
Tourism and Hospitality Recovery Program (THRP) and Hardest-Hit Business Recovery Program (HHBRP) On October 21st, 2021, the Federal Government announced new programs to support the Hospitality & Tourism industry as well as other hard-hit organizations during the COVID pandemic. INTRODUCTION OF THE TOURISM AND HOSPITALITY RECOVERY PROGRAM (THRP) Targeted organizations
Certain employers, qualifying tenants and property owners may continue to claim the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) through to October 23, 2021. Previously, these subsidies were set to expire on September 25, 2021. The government has announced it will maintain the current CEWS
The 2021 federal budget’s proposed immediate expensing rules could affect certain CCPCs. Businesses planning to acquire capital assets should consider how those acquisitions may be affected by the proposed rules on immediate expensing of eligible property for Canadian-controlled private corporations (CCPCs). These new rules, announced in the 2021 federal budget, may
Introducing the new Canada Recovery Hiring Program BackgroundJune 2, 2021In the face of the COVID-19 pandemic, the government acted swiftly to protect Canadians and support people and businesses. To help ensure a strong recovery, it has adapted and extended this support as the pandemic has evolved. Extending the Canada Emergency
Enhanced Credit for Investments and Innovation (C3i) Quebec businesses should determine whether they qualify for the province’s newly enhanced Credit for Investments and Innovation (C3i). This temporary tax credit, which was introduced in the 2020 Quebec budget, generally provides enhanced benefits over the current Quebec Investment Tax Credit (ITC). The
Budget 2021’s tax measures provide COVID-19 and recovery benefits for Canadians and Canadian businesses On April 19, 2021, the Honourable Chrystia Freeland tabled her first budget as federal Minister of Finance. Previously, the federal government had predicted a deficit for 2020-21 of $381.6 billion, but this amount was revised down
CEWS – Wage Subsidy The first hard deadline for CEWS is just around the corner… January 31, 2021. 1. Multiple periods covered CEWS applications are due by: the later of 180 days after the end of the period, and January 31, 2021. This means that the final deadline for periods 1-5 (ending August 1, 2020) is January
Certain employers will now be able to receive the 75% Canada Emergency Wage Subsidy until August 29, 2020.
To help businesses keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic, the Prime Minister, Justin Trudeau, proposed the new Canada Emergency Wage Subsidy.