Choose a building block. Wolters Kluwer Canada. Quebec 2017 Budget Dispatch A BUDGET FOR TODAY AND TOMORROW

Size: px
Start display at page:

Download "Choose a building block. Wolters Kluwer Canada. Quebec 2017 Budget Dispatch A BUDGET FOR TODAY AND TOMORROW"

Transcription

1 Choose a building block. Wolters Kluwer Canada Quebec 2017 Budget Dispatch A BUDGET FOR TODAY AND TOMORROW

2 Wolters Kluwer Canada Date: March 28, 2017 Disclaimer Readers are urged to consult their professional advisers prior to acting on the basis of material in the Dispatch. Copyright 2017 Wolters Kluwer. All Rights Reserved. 2 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

3 Content 1 A BUDGET FOR TODAY AND TOMORROW 5 2 PERSONAL INCOME TAX Elimination of the Health Contribution for Low- and Middle-income Taxpayers Increased Basic Tax Credit Simplification of Personal Tax Credits Tax Credit for Persons Living Alone, with respect to Age and for Retirement Income Tax Credits for Dependants Adjustment of the Basic Tax Credit following Receipt of an Income Replacement Indemnity Clarifications Concerning Source Deductions of Income Tax Presumption of Residence Refundable Tax Credit for Childcare Expenses Eligibility Period of RénoVert Tax Credit Temporary Refundable Tax Credit for the Upgrading of Residential Waste Water Treatment Systems Inhabitants of the Communauté Maritime des Îles-de-la-Madeleine 8 3 MEASURES CONCERNING BUSINESS Hours Worked Criterion of the Small Business Deduction ( SBD ) Additional Deduction for Transportation Costs of Certain Remote Manufacturing Small and Medium-sized Enterprises ( SMEs ) Additional Deduction for Transportation Costs of all SMEs Located in the Special Remote Area Tax Holiday for Large Investment Projects Election enabling an Additional Phase to be added to a Large Investment Project Additional Capital Cost Allowance of 35% Refundable Tax Credit for Québec Film or Television Production Refundable Tax Credit for Film Production Services Applicability Condition for the Refundable Tax Credit for the Production of Multimedia Events or Environments staged outside Québec Refundable Tax Credit for Corporations specialized in the Production of Multimedia Titles Refundable Tax Credits aimed at encouraging the Creation of New Financial Services Corporations Refundable Tax Credit for the Production of Ethanol in Québec Major Investments by Fondaction in Social Economy Enterprises Eligible Investments by Capital régional et coopératif Desjardins in the Société en commandite Essor et Coopération 12 4 TAX EVASION AND RELATED MEASURES Passenger Transportation Services Tourist Accommodation Sector Criminal and Penal Case Processing and Court Procedures 13 5 OTHER MEASURES Extension of the Compensation Tax for Financial Institutions 14 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved. 3

4 5.2 Allowance for Community Consultations in the Mining Tax Act Territorial Designation of the Northern Plan in Tax Measures Specific to the Mining Sector 14 4 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

5 1 A BUDGET FOR TODAY AND TOMORROW We are going to continue implementing our plan to improve the quality of life of all Québecers. With this budget, we are investing more in public services, in better access to the health network and for more quality services. We are also developing our public transit network. Lastly, we are continuing to reduce the tax burden on taxpayers. Carlos J. Leitão, Minister of Finance Québec s Finance Minister Carlos J. Leitão presented Budget 2017 A Budget for Today and Tomorrow ( Budget 2017 ) on March 28, Total government revenue is forecast at $106.3 billion in , with total expenses of $106.3 billion. Budget 2017 projects a surplus of $250 million for this year and balanced budgets in subsequent years. A number of tax measures were introduced in Budget 2017, highlights of which are outlined below. WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved. 5

6 2 PERSONAL INCOME TAX 2.1 Elimination of the Health Contribution for Low- and Middle-income Taxpayers The health contribution will be eliminated retroactively, effective as of 2016, for all adults whose income does not exceed $134,095. Also effective for 2016 and the following years, adults whose income was greater than $134,095, other than exempt individuals, will pay a reduced health contribution equal to the lesser of $1,000 or 4% of the amount by which their income for the year exceeds $134,095. Revenu Québec will be responsible for cancelling the health contribution amount payable by individuals with an income not exceeding $134,095 for 2016 and for recalculating the amount to be paid by individuals with an income greater than $134,095 for that year. A new notice of assessment for 2016 will be sent not later than June 30, Increased Basic Tax Credit The basic tax credit granted to all individuals, other than trusts, is being increased. Currently, the basic tax credit enables individuals to reduce their income tax payable by $2,327. The threshold above which income tax would generally become payable in Québec for the 2017 taxation year (the zero-tax threshold ) corresponds to taxable income of $14,544. Budget 2017 raises the zero-tax threshold to $14,890 as of the 2017 taxation year, resulting in a credit of $2,382 (an increase of slightly over $55). 2.3 Simplification of Personal Tax Credits Currently, the Québec tax system is the only system in Canada that uses the rate applicable to the second taxable income bracket (20% in the province) to calculate personal tax credits. To simplify this, amendments will be made so that personal tax credits are calculated according to the rate applicable to the first taxable income bracket in Québec (16%) with no reduction in the value of the personal tax credits. Accordingly, each of the amounts granted for the purpose of calculating the other personal tax credits will be increased so that it represents, to the nearest upper dollar, 125% of the amount that would have been applicable for the 2017 taxation year. Eligible medical expenses, eligible expenses to obtain medical care not provided in the region where an individual lives, and interest paid on a student loan will continue to be converted into a tax credit at the rate of 20%. The same is true of the first $200 in gifts included in the calculation of the tax credit for gifts. As of the 2018 taxation year, each of the amounts granted for the purpose of calculating personal tax credits will be automatically indexed each year. 2.4 Tax Credit for Persons Living Alone, with respect to Age and for Retirement Income Two changes will be made to the terms of calculation of this tax credit as of the 2017 taxation year: First, for the purposes of the retirement income component of the credit, the aggregate of the amounts (each of which represents eligible retirement income of an individual) must be raised by 25%; Second, the reduction rate based on household income will increase from 15% to 18.75%. 6 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

7 2.5 Tax Credits for Dependants To take into account the fact that the rate at which the amount for minor children engaged in vocational training or post-secondary studies and the amount for other dependants are converted into tax credits will drop from 20% to 16%. The correction factor respecting a dependant s income will be removed as of the 2017 taxation year. 2.6 Adjustment of the Basic Tax Credit following Receipt of an Income Replacement Indemnity To account for the changes to the amount used to calculate the basic tax credit and the rate for converting that amount into a tax credit, changes will be made to the various methods of calculating an adjustment relating to covered benefits. 2.7 Clarifications Concerning Source Deductions of Income Tax For the 2017 taxation year, income tax must be deducted at source as if the amounts used to calculate personal tax credits had not been increased and the rate applicable to the first taxable income bracket of the personal income tax table had not been retained as the rate for converting these amounts into tax credits. Amendments will be made to the legislation and regulations to confirm this procedure. In addition, the legislation and regulations will be amended, for the purpose of determining source deductions of income tax for a taxation year subsequent to the 2017 tax year, in order to give full effect to the general tax reduction (the increased basic tax credit) and the simplified calculation of personal tax credits. 2.8 Presumption of Residence Currently, the legislation states that the child of an individual, who is deemed to be resident in Québec because of his or her duties, is also deemed to be resident in Québec, provided the child is the individual s dependant and the child s income for the year does not exceed a certain threshold. For the purposes of this presumption, the limit on the child s income for a taxation year subsequent to the 2016 taxation year will be established on the basis of $9,582, which will be automatically indexed each year as of January 1, Refundable Tax Credit for Childcare Expenses For the purposes of this tax credit, the definition of eligible child will be amended as of the 2017 taxation year to state that an eligible child of an individual for a taxation year means a child of the individual or the individual s spouse, or a child who is a dependant of the individual or the individual s spouse, and whose income for the year does not exceed $9,582, and who is under 16 years of age at any time during the year, or has a mental or physical infirmity and is dependent upon the individual or the individual s spouse. The $9,582 amount will be automatically indexed each year as of January 1, Eligibility Period of RénoVert Tax Credit Currently, only expenditures attributable to the carrying out of recognized eco-friendly renovation work stipulated in an agreement entered into after March 17, 2016, and before April 1, 2017, with a qualified contractor having an establishment in Québec may be included in the calculation of qualified expenditures under the RénoVert tax credit. The Minister of Finance announced that the period during which a renovation agreement may be entered into with a qualified contractor for the purposes of the RénoVert credit will be extended by one year to March 31, Renovation agreements entered into after March 31, 2017, and before April 1, 2018, may relate to all eco-friendly renovation work currently recognized for the purposes of the RénoVert tax credit, with the exception of the construction, renovation, modification, or rebuilding of a system for the discharge, collection and disposal of waste water, toilet effluents, or grey water (a new refundable tax credit will apply to such work as of April 1, 2017). WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved. 7

8 2.11 Temporary Refundable Tax Credit for the Upgrading of Residential Waste Water Treatment Systems To financially assist owners who must undertake work to upgrade their septic systems, a new refundable tax credit for the upgrading of residential waste water treatment systems will be introduced temporarily. Financial assistance under this tax credit, which may reach $5,500 per eligible dwelling, will correspond to 20% of the portion in excess of $2,500 of qualified expenditures paid by an individual to have recognized work carried out to upgrade the waste water treatment system of the individual s principal residence or the individual s cottage. This tax credit will apply to individuals who have a qualified contractor carry out such work under a service agreement entered into after March 31, 2017, and before April 1, Inhabitants of the Communauté Maritime des Îles-de-la-Madeleine To recognize that the cost of living in certain areas is higher than elsewhere because of their remote location, the province s tax system grants inhabitants of these areas a special deduction in the calculation of their income. This deduction is for individuals who usually reside in a designated remote area throughout a period of not less than six consecutive months. It is composed of a residency component to which is added a travel component for inhabitants who, because of their employment, receive certain taxable benefits regarding their travel outside the area. The amount that may be claimed by an individual depends on the area in which the individual is resident. Amounts are granted in full to inhabitants of the northernmost areas (northern zones) and reduced by 50% for inhabitants of intermediate zones. Québec s designated northern zones are the areas that lie north of north latitude and those north of the Gulf of St. Lawrence and east of west longitude. Québec s intermediate zones include certain territories adjacent to Québec s northern zones and the Magdalen Islands. The tax regulations will be amended so that the Magdalen Islands are considered northern zones as of the 2017 taxation year. 8 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

9 3 MEASURES CONCERNING BUSINESS 3.1 Hours Worked Criterion of the Small Business Deduction ( SBD ) The application of the hours worked criterion to determine the qualification for the SBD is being replaced with a new qualification criterion based on the minimum number of hours paid. This change will apply to corporate taxation years that commence after December 31, Additional Deduction for Transportation Costs of Certain Remote Manufacturing Small and Medium-sized Enterprises ( SMEs ) To provide more assistance to SMEs operating in remote areas, particularly the special remote area, the 7% additional deduction for transportation costs currently afforded to those SMEs will be increased to 10%. This additional deduction will apply to taxation years beginning after March 28, Additional Deduction for Transportation Costs of all SMEs Located in the Special Remote Area An additional deduction is introduced for transportation costs of certain SMEs operating in the special remote area. All Canadian-controlled private corporations whose paid-up capital, calculated on a consolidated basis, is less than $15 million may qualify for an additional deduction of up to 10% of their gross income. Paid-up capital, calculated on a consolidated basis, must not exceed $10 million to be eligible for the full deduction. Eligible corporations may benefit partially from the deduction for a taxation year where their paid-up capital, calculated on a consolidated basis for the year, is between $10 million and $15 million--the additional deduction will be reduced accordingly with the parameters currently in effect for the additional deduction for transportation costs of remote manufacturing SMEs. The SME must show that 50% of its cost of labour or over 50% of its cost of capital for the taxation year is attributable to carrying on business in the special remote area. SMEs will not be able to claim both the additional deduction for transportation costs mentioned above and this new credit. This new deduction will be available to an eligible corporation whose taxation year commences after March 28, Tax Holiday for Large Investment Projects A corporation that carries out a large investment project in Québec may, under certain conditions, claim a tax holiday in respect of the income from its eligible activities relating to the project and a holiday from certain employer contributions to the Health Services Fund. This holiday may also apply to a partnership that qualifies, as well as a corporation that is a member of the partnership. Such a corporation may receive a tax holiday in respect of its share of the income from eligible activities of the partnership relating to the project. Such a tax holiday lasts 15 years. Currently, to claim the tax holiday a qualifying corporation must apply for an initial qualification certificate before November 20, The budget proposes that this timeline be extended so that a qualifying corporation has until December 31, 2020, to apply. WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved. 9

10 This amendment will apply to projects for which an application for initial qualifying certificate is filed after March 28, Election enabling an Additional Phase to be added to a Large Investment Project Corporations that qualify for a tax holiday under the above provision are being granted a similar tax holiday for new activities that would also qualify under the parameters of the program. These are referred to as Phase II activities and must qualify the same way as the original project and activities, and must be applied for not later than the date on which the application for the first annual certificate relating to Phase I was issued, and before January 1, Other restrictions and regulations apply. These amendments will apply as of March 29, Additional Capital Cost Allowance of 35% Corporations purchasing property that consists of general-purpose electronic data processing equipment and systems software for that equipment, as well as property that consists of machinery and equipment acquired mainly with a view to using them for manufacturing and processing goods intended for sale or lease, will be allowed an additional deduction of up to 35% of the amount of capital cost allowance claimed on that equipment in the year. The special deduction will only be available for a two year period: the year the asset is acquired and the immediate following year. As well, the property must be used for a period of 730 consecutive days following the date the property is first put to use. Failure to retain use for 730 days will result in the imposition of a special tax of the amount of the additional capital cost allowance claimed. Other rules apply. These changes will apply to qualifying property acquired after March 28, 2017, and before April 1, Refundable Tax Credit for Québec Film or Television Production The extra regional credits are being increased from the current 8% to 10% in those regions that currently qualify for the 8% credit increase and to 20% in those regions that qualify for the current additional credit of 16%. The no-public funding credit will increase from 8% to 16%. The special effects credit will increase from 8% to 10%. The maximum rate of the tax credit for a film that is not adapted from a foreign format becomes 66%, whereas the maximum rate of the tax credit for a film that is adapted from a foreign format becomes 62%. These changes apply to productions for which an advance ruling is submitted to SODEC after March 28, WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

11 3.8 Refundable Tax Credit for Film Production Services The government is proposing to change the parameters under which the tax credit for film production services is granted. The category of eligible small-budget productions will be eliminated, and Magazine and variety-type programs will no longer be eligible. The categories that still qualify will have their entitlements lowered. These changes will apply in respect of an eligible production for which an application for an approval certificate is filed with the Société de développement des entreprises culturelles ( SODEC ) after March 28, Applicability Condition for the Refundable Tax Credit for the Production of Multimedia Events or Environments staged outside Québec To qualify for this credit, certain conditions must be met. The condition that requires the absence of an establishment in Québec for the co-contractor is eliminated. The co-contractor must, however, be someone with which the corporation is dealing at arms-length. This condition will apply in respect of an eligible production whose first public performance takes place after March 28, 2017, and for which an application for an advance ruling or an application for a certificate is submitted to SODEC after that day Refundable Tax Credit for Corporations specialized in the Production of Multimedia Titles Budget 2017 proposes to ease the rules for certain productions to qualify for the credit where components of the production are eligible multimedia titles. The changes are in effect for applications for a specialized corporation certificate submitted to Investissement Québec after March 28, Refundable Tax Credits aimed at encouraging the Creation of New Financial Services Corporations One of the criteria for a new financial services corporation to qualify for this credit is to file an application with the Minister of Finance no later than December 31, Budget 2017 proposes to extend this limit to December 31, The fees relating to the constitution of a prospectus required by a recognized regulatory or selfregulatory organization of a financial market will now be eligible for the credit, as well as the fees paid to a compliance consultant to ensure compliance with the requirements of a recognized regulatory or self-regulatory organization of a financial market. These changes apply to qualifying expenses arising during the qualifying period and after March 28, Refundable Tax Credit for the Production of Ethanol in Québec To qualify for the production of ethanol in Québec tax credit, the production by a qualified producer must take place no earlier than April 1, 2006, and end no later than March 31, However, a WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved. 11

12 qualified corporation cannot claim the tax credit for more than ten years. This period is being extended to cover the full time period from April 1, 2006, to March 31, 2018, so for a full 12 years. This change applies to all qualified companies whose taxation year ends after March 28, Budget 2017 also proposes to extend this credit to the production of biodiesel fuel. The biodiesel fuel must be produced and sold after March 31, 2017, and before April 1, Other rules apply Major Investments by Fondaction in Social Economy Enterprises Budget 2017 will change the maximum that Fondaction can invest in social economy enterprises, within the meaning of the Social Economy Act. This change applies to any year of Fondaction beginning after May 31, Eligible Investments by Capital régional et coopératif Desjardins in the Société en commandite Essor et Coopération Budget 2017 will change the statute of incorporation of Capital régional et coopératif Desjardins to facilitate the increased investment of qualified funds in the Société en commandite Essor et Coopération to a total of $85 million. These assets may, however, not exceed 12% of the fund s net assets as at the end of the preceding year. 12 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

13 4 TAX EVASION AND RELATED MEASURES 4.1 Passenger Transportation Services The government announced that starting at the end of 2019, sales recording modules will be implemented in all vehicles offering passenger transportation services, whether they be conventional taxis or ride sharing vehicles (such as Uber). The recorder will collect and record information on vehicle operation for each driver and transmit the information to Revenu Québec in real time. 4.2 Tourist Accommodation Sector In light of the growth of rentals through online marketplaces like Airbnb, the government intends to delegate a part of the Ministère du Tourisme s inspection powers to Revenu Québec to ensure compliance with the legislation and with the operators tax obligations. Revenu Québec will deploy an additional team of auditors to carry out awareness, inspection, and investigation activities addressed specifically to these operators. 4.3 Criminal and Penal Case Processing and Court Procedures To expedite criminal and penal case processing, especially considering the Jordan v. R. decision of the Supreme Court of Canada fixing the wait times for trials, the Québec government announced the following measures: an increase of more than 570 employees for the Directeur des poursuites criminelles et pénales, the Ministère de la Sécurité publique, and court houses; the opening of seven court rooms in 2017; an increase in the number of judges in Québec courts; additional staffing for Revenu Québec for case processing in penal prosecutions; and additional staffing for the Autorité des marchés financiers. Legislative amendments will also be proposed amending the rules for summary appeals in tax matters before the Small Claims Division of the Court of Québec in order to: enable small businesses with ten employees or fewer to contest an assessment of less than $15,000; raise from $4,000 to $15,000 the maximum eligibility threshold applicable to individuals; provide for Revenu Québec to transmit to taxpayers, prior to the hearing, its arguments (legislation, regulations, position defended, and supporting documents); provide for the court to take such case processing measures as it deems appropriate to conciliate between the parties during the hearing or at a case settlement conference; refer the parties to alternative dispute resolution methods (recourse to mediation); and enable a taxpayer who is a natural person, if prevented from acting, to be represented by his or her spouse, a relative, a person connected by marriage or civil union, or a friend. WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved. 13

14 5 OTHER MEASURES 5.1 Extension of the Compensation Tax for Financial Institutions For taxation years beginning before April 1, 2019, a financial institution must pay a compensation tax that was scheduled to be eliminated as of March 31, 2019, but will now be extended until March 31, The current compensation tax rates will be maintained for an additional period of five years and will continue to apply until March 31, The 2.8%, 2.2%, 0.9%, and 0.3% compensation tax rates initially prescribed for the period beginning April 1, 2017, will now apply to their respective tax bases for the period from April 1, 2022, to March 31, Allowance for Community Consultations in the Mining Tax Act To provide additional support to businesses at various stages in the development of their projects, an allowance for expenses related to community consultations will be introduced into the mining tax regime. This allowance will be taken into account in calculating the operator s annual profit or annual loss. The allowance will apply to an operator s fiscal year ending after March 28, 2017, in respect of consultation expenses incurred after that day. 5.3 Territorial Designation of the Northern Plan in Tax Measures Specific to the Mining Sector To ensure that the territorial designations assigned to the Northern Plan territory and those used in the Taxation Act and the Mining Tax Act are harmonized, the concept of Near North, to which these two statutes refer, will be modified to enlarge its territory southward, while the concept of Far North to which these two statutes also refer, will remain unchanged. Specifically, Near North will designate the territory located in Québec north of 49 north latitude and north of the St. Lawrence River and the Gulf of Saint Lawrence, and south of the territory of the Far North. These changes will apply in respect of exploration expenses incurred after March 28, This Dispatch Letter and other official Budget 2017 documents will be included on Intelliconnect and with the next DVD. 14 WOLTERS KLUWER CANADA 2017 Wolters Kluwer. All Rights Reserved.

Finance Minister Carlos Leitão tabled the Quebec budget, entitled A budget of hope regained and prudence, on March 28, 2017.

Finance Minister Carlos Leitão tabled the Quebec budget, entitled A budget of hope regained and prudence, on March 28, 2017. Canadian tax alert 2017-2018 Quebec budget highlights March 28, 2017 Finance Minister Carlos Leitão tabled the 2017-2018 Quebec budget, entitled A budget of hope regained and prudence, on March 28, 2017.

More information

Québec Budget

Québec Budget Québec Budget 2017-2018 On March 28, 2017, Carlos J. Leitao, Québec Minister of Finance, filed his fourth budget titled, "A budget for today and tomorrow: Immediate benefits for all and investment in our

More information

Québec Budget Summary

Québec Budget Summary March 17, 2016 HIGHLIGHTS Retroactive decrease in the daycare contribution for a second child Changes in the criteria for the SBD Changes to the transfer tax on immovables ( Land transfer tax") Support

More information

MEASURES AFFECTING INDIVIDUALS

MEASURES AFFECTING INDIVIDUALS QUÉBEC BUDGET March 27, 2018 Carlos Leitão, the Minister of Finance of Québec, tabled his government s 2018 2019 budget this afternoon. The budget contains many tax measures intended primarily to ease

More information

Canadian tax alert Quebec budget highlights. March 27, 2018

Canadian tax alert Quebec budget highlights. March 27, 2018 Error! No text of specified style in document. Canadian tax alert 2018-2019 Quebec budget highlights March 27, 2018 Finance Minister Carlos Leitão today tabled the 2018-2019 Quebec budget entitled A strong

More information

Quebec budget Tax highlights

Quebec budget Tax highlights from Tax Services Issue 2018-14 2018-2019 Quebec budget Tax highlights March 27, 2018 In brief The honourable Carlos Leitão, Quebec Minister of Finance, delivered today, March 27, 2018, the 2018-2019 Budget

More information

Budget Quebec Measures concerning individuals. Measures concerning businesses

Budget Quebec Measures concerning individuals. Measures concerning businesses Highlights Budget Quebec Measures concerning individuals Gradual elimination of the health contribution as of January1, 2017 Introduction of a tax shield Increase in investments in Québec businesses made

More information

Measures concerning businesses

Measures concerning businesses On March 27, 2018, Carlos J. Leitão, Québec Minister of Finance, filed his fifth budget. This budget is balanced and includes investments in infrastructure and public services, particularly in education

More information

An Act to give effect mainly to fiscal measures announced in the Budget Speech delivered on 28 March 2017

An Act to give effect mainly to fiscal measures announced in the Budget Speech delivered on 28 March 2017 FIRST SESSION FORTY-FIRST LEGISLATURE Bill 146 (2017, chapter 29) An Act to give effect mainly to fiscal measures announced in the Budget Speech delivered on 28 March 2017 Introduced 9 November 2017 Passed

More information

Tax Bulletin. Prudent 2017 Budget, Followed by an Investment-based Economic Plan. Quebec Budget, March 27, 2018

Tax Bulletin. Prudent 2017 Budget, Followed by an Investment-based Economic Plan. Quebec Budget, March 27, 2018 Prudent 2017 Budget, Followed by an Investment-based Economic Plan Tax Bulletin Quebec Budget, March 27, 2018 Quebec s economy is faring better and the Quebec government has decided to open the floodgates.

More information

QUÉBEC BUDGET SUMMARY

QUÉBEC BUDGET SUMMARY 2018-2019 QUÉBEC BUDGET SUMMARY March 27, 2018 TABLE OF CONTENTS Introduction Measures pertaining to individuals Measures pertaining to businesses Measures pertaining to commodity taxes Other measures

More information

Gradual reduction of the Health Services Fund (HSF) contribution rate for all small and medium-sized businesses (SMBs)

Gradual reduction of the Health Services Fund (HSF) contribution rate for all small and medium-sized businesses (SMBs) 2018 Issue No. 16 27 March 2018 Tax Alert Canada Québec budget 2018-19 EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses. They act as technical

More information

An Act to give effect mainly to fiscal measures announced in the Budget Speech delivered on 17 March 2016

An Act to give effect mainly to fiscal measures announced in the Budget Speech delivered on 17 March 2016 FIRST SESSION FORTY-FIRST LEGISLATURE Bill 112 (2017, chapter 1) An Act to give effect mainly to fiscal measures announced in the Budget Speech delivered on 17 March 2016 Introduced 15 November 2016 Passed

More information

Budget Additional Information on the Budgetary Measures

Budget Additional Information on the Budgetary Measures 2004-2005 Budget Additional Information on the Budgetary Measures ISBN 2-551-22485-3 Legal deposit Bibliothèque nationale du Québec, 2004 Publication date: March 2004 Gouvernement du Québec, 2004 Budget

More information

Contents Bingo Hospital Beds Tax on Lodging Computer System Update Measures concerning consumption taxes

Contents Bingo Hospital Beds Tax on Lodging Computer System Update Measures concerning consumption taxes M I N I S T È R E D U R E V E N U D U Q U É B E C Second and third quarters 2003 This issue of Tax News summarizes the measures concerning consumption taxes and the fiscal measures affecting businesses

More information

QUÉBEC FALL 2014 ECONOMIC AND FINANCIAL UPDATE

QUÉBEC FALL 2014 ECONOMIC AND FINANCIAL UPDATE QUÉBEC FALL 2014 ECONOMIC AND FINANCIAL UPDATE Minister of Finance Carlos Leitão presented his Fall 2014 Economic and Financial Update and states that the government action will help restore sound public

More information

H&R Block Canada, Inc All Rights Reserved. Copyright is not claimed for any material secured from official government sources.

H&R Block Canada, Inc All Rights Reserved. Copyright is not claimed for any material secured from official government sources. 2017 Tax Update - Quebec Textbook H&R Block Canada, Inc. 2017 All Rights Reserved Copyright is not claimed for any material secured from official government sources. No part of this book may be reproduced

More information

Fiscal Measures Relating to Individuals and Businesses and Pertaining to Consumption Taxes

Fiscal Measures Relating to Individuals and Businesses and Pertaining to Consumption Taxes Fiscal Measures Relating to Individuals and Businesses and Pertaining to Consumption Taxes This information bulletin provides an in-depth description of the changes, clarifications and application details

More information

Bill 45 (2004, chapter 21) An Act giving effect to the Budget Speech delivered on 12 June 2003 and to certain other budget statements

Bill 45 (2004, chapter 21) An Act giving effect to the Budget Speech delivered on 12 June 2003 and to certain other budget statements FIRST SESSION THIRTY-SEVENTH LEGISLATURE Bill 45 (2004, chapter 21) An Act giving effect to the Budget Speech delivered on 12 June 2003 and to certain other budget statements Introduced 12 May 2004 Passage

More information

BULLETIN D INFORMATION

BULLETIN D INFORMATION BULLETIN D INFORMATION 2001-13 December 20, 2001 Subject: Improvement to fiscal policy regarding employee benefits, introduction of a refundable tax credit for the renewal of the stock of taxi vehicles

More information

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2017

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2017 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2018 November 2017 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2018 Legal deposit November 2017 Bibliothèque et Archives nationales du Québec ISSN

More information

October 29, 2010

October 29, 2010 Changes to Various Fiscal Measures This information bulletin provides an in-depth description of the application details of certain fiscal measures. These measures concern, among others, the adjustment

More information

Bill 117 (2011, chapter 1) An Act giving effect to the Budget Speech delivered on 30 March 2010 and to certain other budget statements

Bill 117 (2011, chapter 1) An Act giving effect to the Budget Speech delivered on 30 March 2010 and to certain other budget statements FIRST SESSION THIRTY-NINTH LEGISLATURE Bill 117 (2011, chapter 1) An Act giving effect to the Budget Speech delivered on 30 March 2010 and to certain other budget statements Introduced 4 November 2010

More information

Bill 63. An Act to amend the Taxation Act, the Act respecting the Québec sales tax and various legislative provisions.

Bill 63. An Act to amend the Taxation Act, the Act respecting the Québec sales tax and various legislative provisions. SECOND SESSION THIRTY-NINTH LEGISLATURE Bill 63 An Act to amend the Taxation Act, the Act respecting the Québec sales tax and various legislative provisions Introduction Introduced by Mr. Raymond Bachand

More information

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 October 2010 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 Legal deposit - Bibliothèque et Archives nationales du Québec October 2010 ISBN

More information

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2013

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2013 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2014 November 2013 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2014 Legal deposit - Bibliothèque et Archives nationales du Québec November 2013 ISBN

More information

SUMMARY UPDATE ON QUÉBEC`S ECONOMIC AND FINANCIAL SITUATION. By FBL Taxation

SUMMARY UPDATE ON QUÉBEC`S ECONOMIC AND FINANCIAL SITUATION. By FBL Taxation SUMMARY UPDATE ON QUÉBEC`S ECONOMIC AND FINANCIAL SITUATION By FBL Taxation INTRODUCTION Please note that this is not an exhaustive account of all the measures contained in the Update on Québec`s Economic

More information

Canada: Québec issues budget

Canada: Québec issues budget 28 March 2018 Global Tax Alert News from Americas Tax Center Canada: Québec issues budget 2018-19 EY Global Tax Alert Library The EY Americas Tax Center brings together the experience and perspectives

More information

November 9, 2007

November 9, 2007 Measures designed to ensure the continuity of Capital régional et coopératif Desjardins and encourage the growth of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) This information bulletin

More information

Tax Alert Canada. Quebec 2014 fall economic update

Tax Alert Canada. Quebec 2014 fall economic update 2014 Issue No. 60 4 December 2014 Tax Alert Canada Quebec 2014 fall economic update EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses. They

More information

Bill 41 (2006, chapter 36) An Act to again amend the Taxation Act and other legislative provisions

Bill 41 (2006, chapter 36) An Act to again amend the Taxation Act and other legislative provisions SECOND SESSION THIRTY-SEVENTH LEGISLATURE Bill 41 (2006, chapter 36) An Act to again amend the Taxation Act and other legislative provisions Introduced 8 November 2006 Passage in principle 16 November

More information

Section 1. Revenue Measures 1. MEASURES CONCERNING INDIVIDUALS New $3.5-billion income tax reduction... 1

Section 1. Revenue Measures 1. MEASURES CONCERNING INDIVIDUALS New $3.5-billion income tax reduction... 1 Section 1 Revenue Measures 1. MEASURES CONCERNING INDIVIDUALS... 1 1.1 New $3.5-billion income tax reduction... 1 1.1.1 General income tax reduction as of July 1, 2001... 1 1.1.2 Earlier introduction of

More information

Source Deductions Return 2018

Source Deductions Return 2018 TP-1015.3-V 2018-01 1 of 6 Source Deductions Return 2018 You must give this form, duly completed, to your employer or payer so that the income tax to be withheld from the amounts paid to you can be determined.

More information

TAX EXPENDITURES 2006 EDITION

TAX EXPENDITURES 2006 EDITION TAX EXPENDITURES 2006 EDITION Tax Expenditures - 2006 Edition ISBN-13: 978-2-550-48191-1 (printed version) ISBN-10: 2-550-48191-7 (printed version) ISBN-13: 978-2-550-48192-8 (PDF) ISBN-10: 2-550-48192-5

More information

Source. Deductions Return

Source. Deductions Return Source 2019 Deductions Return 1 of 6 You must give this form, duly completed, to your employer or payer so that the income tax to be withheld from the amounts paid to you can be determined. Be sure to

More information

CHANGES TO VARIOUS OF A FISCAL NATURE

CHANGES TO VARIOUS OF A FISCAL NATURE ISSN 2368-8874 June 30, 2016 2016-7 CHANGES TO VARIOUS MEASURES @SUJET OF A FISCAL NATURE This information bulletin is intended to make public changes to various measures that may affect individuals, businesses

More information

Bulletin d information

Bulletin d information Bulletin d information Gouvernement du Québec Ministère des Finances 97-5 October 16, 1997 Subject: Eligibility of large businesses for input tax refunds regarding trucks and other tax measures INPUT TAX

More information

BULLETIN D INFORMATION

BULLETIN D INFORMATION BULLETIN D INFORMATION 2000-4 June 29, 2000 Subject: New fiscal measures to support social and economic activity in Québec This information bulletin describes details of new fiscal measures aiming at supporting

More information

QUÉBEC BUDGET ANNOUNCEMENT

QUÉBEC BUDGET ANNOUNCEMENT Finance Minister Carlos Leitão presented the 2014-2015 Quebec Budget on June 4, stating: With Budget 2014-2015, the government is taking the first step on the critical path we must travel to finally restore

More information

INCENTIVES FOR INNOVATION IN QUÉBEC DOCUMENT PREPARED BY NOUR SAADI ET AURÉLIE LANCTÔT 1 MARCH 7 TH 2016

INCENTIVES FOR INNOVATION IN QUÉBEC DOCUMENT PREPARED BY NOUR SAADI ET AURÉLIE LANCTÔT 1 MARCH 7 TH 2016 INCENTIVES FOR INNOVATION IN QUÉBEC DOCUMENT PREPARED BY NOUR SAADI ET AURÉLIE LANCTÔT 1 MARCH 7 TH 2016 1 Edited by Sara Shearmur. This is a discussion paper produced by students. It served as a pedagogical

More information

Ontario 2019 Budget Dispatch

Ontario 2019 Budget Dispatch Choose a building block. April 11, 2019 Wolters Kluwer Canada Editorial Wolters Kluwer Canada Ontario 2019 Budget Dispatch Protecting What Matters Most Wolters Kluwer Canada Date: April 11, 2019 Disclaimer

More information

Québec. Table of Contents Acts 2015 Regulations and other Acts Index

Québec. Table of Contents Acts 2015 Regulations and other Acts Index Gazette officielle DU Québec Part 2 No. 6 10 February 2016 Laws and Regulations Volume 148 Summary Table of Contents Acts 2015 Regulations and other Acts Index Legal deposit 1st Quarter 1968 Bibliothèque

More information

Quebec budget After six consecutive years of deficits [ ] Quebec is finally returning to budget balance in

Quebec budget After six consecutive years of deficits [ ] Quebec is finally returning to budget balance in 2015 Issue No. 20 26 March 2015 Tax Alert Canada Quebec budget 2015-16 After six consecutive years of deficits [ ] Quebec is finally returning to budget balance in 2015-16. EY Tax Alerts cover significant

More information

TAX FACTS & FIGURES. April 2018

TAX FACTS & FIGURES. April 2018 TAX FACTS & FIGURES April 2018 Tax Facts and Figures is produced by Welch LLP as an information service with the understanding that it does not render accounting, legal or other professional advice. The

More information

2003 Federal Budget Commentary

2003 Federal Budget Commentary 2003 Federal Budget Commentary Building the Canada We Want Introduction Deputy Prime Minister and Finance Minister John Manley tabled his first budget today in the House of Commons. This is the Liberal

More information

R E G U L A T I O N INTERPRETATION AND RULES OF GENERAL APPLICATION. 0R1. In this Regulation, Act means the Taxation Act (chapter I-3).

R E G U L A T I O N INTERPRETATION AND RULES OF GENERAL APPLICATION. 0R1. In this Regulation, Act means the Taxation Act (chapter I-3). chapter I-3, r. 1 Regulation respecting the Taxation Act Taxation Act (chapter I-3, s. 1086) R.R.Q., 1981, c. I-3, r. 1. TITLE I INTERPRETATION AND RULES OF GENERAL APPLICATION title I; O.C. 1981-80, title

More information

Budget. Reducing Income Tax

Budget. Reducing Income Tax 2004-2005 Budget Reducing Income Tax 2004-2005 Budget Reducing Income Tax ISBN 2-550-42379-8 Legal deposit Bibliothèque nationale du Québec, 2004 Publication date: March 2004 Gouvernement du Québec, 2004

More information

MONTRÉAL FOREIGN TRADE ZONE AT MIRABEL (ZCIMM)

MONTRÉAL FOREIGN TRADE ZONE AT MIRABEL (ZCIMM) MONTRÉAL FOREIGN TRADE ZONE AT MIRABEL (ZCIMM) To foster optimum utilization of the airport facilities at Mirabel and attract strategic companies that contribute to the development of Mirabel and strengthen

More information

Bill 15 (2006, chapter 13) An Act to amend the Taxation Act and other legislative provisions

Bill 15 (2006, chapter 13) An Act to amend the Taxation Act and other legislative provisions SECOND SESSION THIRTY-SEVENTH LEGISLATURE Bill 15 (2006, chapter 13) An Act to amend the Taxation Act and other legislative provisions Introduced 9 May 2006 Passage in principle 30 May 2006 Passage 9 June

More information

2018 FALL ECONOMIC UPDATE SUMMARY QUÉBEC

2018 FALL ECONOMIC UPDATE SUMMARY QUÉBEC 2018 FALL ECONOMIC UPDATE SUMMARY QUÉBEC December 3, 2018 TABLE OF CONTENTS Introduction Measures pertaining to individuals Measures pertaining to businesses Appendix Notice to Users 1 INTRODUCTION The

More information

these important tax changes are summarized below. Billed-Basis Accounting

these important tax changes are summarized below. Billed-Basis Accounting Budget Season 2017 Business Tax Changes IN THIS ISSUE Budget Details Federal British Columbia Manitoba Saskatchewan Quebec Ontario Yukon New Brunswick Nova Scotia Other Provinces/Territories Budget season

More information

Analysis of certain measures implemented by the Québec government on the tax burden of Quebecers

Analysis of certain measures implemented by the Québec government on the tax burden of Quebecers Samson Bélair/Deloitte & Touche inc. 1, Place Ville Marie Bureau 3000 Montréal (Québec) H3B 4T9 Canada Tel.: 514 393-7115 Fax: 514 390-4122 www.deloitte.ca June 20, 2006 Mr. Luc Monty Assistant Deputy

More information

THE ECONOMIC PLAN In Brief

THE ECONOMIC PLAN In Brief March 2018 THE ECONOMIC PLAN In Brief Quality of Life and Mobility A STRONG ECONOMY The strongest economic growth in nearly 20 years 1.7 2.9 1.2 2.5 1.5 1.2 2.4 1.9 2.0 1.9 1.0 1.4 1.8 1.0 1.4 3.0-0.8

More information

Québec. Table of Contents Acts 2017 Regulations and other Acts Draft Regulations Index

Québec. Table of Contents Acts 2017 Regulations and other Acts Draft Regulations Index Gazette officielle DU Québec Part 2 No. 10 7 March 2018 Laws and Regulations Volume 150 Summary Table of Contents Acts 2017 Regulations and other Acts Draft Regulations Index Legal deposit 1st Quarter

More information

Tax Expenditures Edition

Tax Expenditures Edition Tax Expenditures 2003 Edition 2003-2004 Budget Tax Expenditures ISBN 2-550-40547-1 Legal deposit Bibliothèque nationale du Québec, 2003 Publication date: March 2003 Gouvernement du Québec, 2003 TAX EXPENDITURES

More information

INVESTISSEMENT QUÉBEC. Tax Measures Department

INVESTISSEMENT QUÉBEC. Tax Measures Department TAX CREDIT FOR GASPÉSIE AND CERTAIN MARITIME REGIONS OF QUÉBEC IN THE FIELDS OF MARINE BIOTECHNOLOGY, MARICULTURE, MARINE PRODUCTS PROCESSING AND RECREATIONAL TOURISM INVESTISSEMENT QUÉBEC Tax Measures

More information

Québec focus on jobs. Shaping an innovative economy. Corporate Taxation Reform. An economic development strategy for job creation

Québec focus on jobs. Shaping an innovative economy. Corporate Taxation Reform. An economic development strategy for job creation Québec focus on jobs Shaping an innovative economy Corporate Taxation Reform Gouvernement du Québec Ministère des Finances An economic development strategy for job creation FOREWORD The reform of corporate

More information

PROVINCIAL BUDGET JUNE 4, 2014

PROVINCIAL BUDGET JUNE 4, 2014 PROVINCIAL BUDGET JUNE 4, 2014 SUMMARY Produced by Tax Services INTRODUCTION Please note that this is not an exhaustive summary of all the measures proposed in the budget. Should you require further information

More information

Bill 59. An Act to amend the Taxation Act, the Act respecting the Québec sales tax and various legislative provisions.

Bill 59. An Act to amend the Taxation Act, the Act respecting the Québec sales tax and various legislative provisions. FIRST SESSION FORTIETH LEGISLATURE Bill 59 An Act to amend the Taxation Act, the Act respecting the Québec sales tax and various legislative provisions Introduction Introduced by Mr. Nicolas Marceau Minister

More information

Bill 30 (2001, chapter 44)

Bill 30 (2001, chapter 44) SECOND SESSION THIRTY-SIXTH LEGISLATURE Bill 30 (2001, chapter 44) An Act to amend the Act respecting income support, employment assistance and social solidarity and other legislative provisions Introduced

More information

BULLETIN D INFORMATION

BULLETIN D INFORMATION BULLETIN D INFORMATION 2002-13 December 19, 2002 Subject: Clarifications concerning gifts made to political education organizations whose mission is to promote the sovereignty of Québec, designation of

More information

April 21, 2015 CPA CANADA FEDERAL BUDGET COMMENTARY

April 21, 2015 CPA CANADA FEDERAL BUDGET COMMENTARY April 21, 2015 CPA CANADA FEDERAL BUDGET COMMENTARY TABLE OF CONTENTS BUSINESS INCOME TAX MEASURES... 4 Reduced Small Business Tax Rate... 4 Dividend Tax Credit (DTC) Adjustment for Non-eligible Dividends...

More information

NEW FISCAL MEASURES TO ENCOURAGE CULTURAL PHILANTHROPY

NEW FISCAL MEASURES TO ENCOURAGE CULTURAL PHILANTHROPY NEW FISCAL MEASURES TO ENCOURAGE CULTURAL PHILANTHROPY July 3, 2013 2013-6 This information bulletin provides a detailed description of the fiscal measures that will be implemented in response to the recommendations

More information

tax expenditures 2007 edition

tax expenditures 2007 edition tax expenditures 2007 edition Tax Expenditures - 2007 Edition Legal deposit - Bibliothèque et Archives nationales du Québec November 2007 ISBN 978-2-550-51133-5 (Printed version) ISBN 978-2-550-51134-2

More information

Bill 2 (2009, chapter 5)

Bill 2 (2009, chapter 5) FIRST SESSION THIRTY-NINTH LEGISLATURE Bill 2 (2009, chapter 5) An Act giving effect to the Budget Speech delivered on 24 May 2007, to the 1 June 2007 Ministerial Statement Concerning the Government s

More information

Bulletin d information

Bulletin d information Bulletin d information Gouvernement du Québec Ministère des Finances 99-5 November 26, 1999 Subject: Easing of eligibility conditions for the refundable tax credit for home support of older persons and

More information

MEASURES RELATING TO THE TAX CREDITS FOR TUITION AND EXAMINATION FEES AND THE LODGING TAX

MEASURES RELATING TO THE TAX CREDITS FOR TUITION AND EXAMINATION FEES AND THE LODGING TAX MEASURES RELATING TO THE TAX CREDITS FOR TUITION AND EXAMINATION FEES AND THE LODGING TAX This information bulletin provides a detailed description of the application details of the reduction of rate of

More information

MEASURES RELATING TO THE STOCK SAVINGS PLAN II AND TO THE LODGING TAX

MEASURES RELATING TO THE STOCK SAVINGS PLAN II AND TO THE LODGING TAX MEASURES RELATING TO THE STOCK SAVINGS PLAN II AND TO THE LODGING TAX This information bulletin provides a detailed description of the application details of qualification for the stock savings plan II

More information

Quebec budget summary

Quebec budget summary 2013-2014 Quebec budget summary November 20, 2012 Table of Contents 2013-2014 QUEBEC BUDGET SUMMARY Page INTRODUCTION... 1 1 MEASURES PERTAINING TO INDIVIDUALS... 1 1.1 Restructuring of the health contribution...

More information

Additional Information on the Budgetary Measures

Additional Information on the Budgetary Measures 1999-2000 BUDGET Additional Information on the Budgetary Measures Gouvernement du Québec Ministère des Finances 1999-2000 Budget Additional Information on the Budgetary Measures Section 1 Revenue Measures

More information

Bulletin d information

Bulletin d information Bulletin d information Gouvernement du Québec Ministère des Finances 97-4 July 3, 1997 Subject: Improved tax assistance for the marine industry and other tax measures IMPROVED TAX ASSISTANCE FOR THE MARINE

More information

Budget confirms a return to fiscal balance in

Budget confirms a return to fiscal balance in FEBRUARY 20, 2014 HIGHLIGHTS Parental contribution for childcare services Increased measures against tax evasion and unreported work Harmonizing of certain measures in the Federal budget Budget 2014-2015

More information

2018 British Columbia budget summary

2018 British Columbia budget summary 2018 British Columbia budget summary February 2018 Tax Alert February 20, 2018, Finance Minister Carole James tabled British Columbia s 2018 19 budget. This is the first full budget presented by the province

More information

TAX FLASH BULLETIN Federal Budget Highlights

TAX FLASH BULLETIN Federal Budget Highlights TAX FLASH BULLETIN 2016 Federal Budget Highlights On March 22, 2016, Federal Finance Minister Bill Morneau tabled the much anticipated first federal budget from the Liberal Party. The minister forecasts

More information

Income Tax INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS

Income Tax INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Income Tax IMP. 726.20.1-1 Additional Capital Gains Exemption in respect of Certain Resource Properties Date of publication:

More information

Regulations and other Acts

Regulations and other Acts Part 2 GAZETTE OFFICIELLE DU QUÉBEC, September 17, 2014, Vol. 146, No. 38 1967 Regulations and other Acts M.O., 2014-04 Order number V-1.1-2014-04 of the Minister of Finance, September 4, 2014 Securities

More information

THE QUÉBEC BUDGET FOR

THE QUÉBEC BUDGET FOR M I N I S T È R E D U R E V E N U D U Q U É B E C Tax NewsFirst quarter 1998 This issue is primarily a summary of the measures concerning consumption taxes, corporation income tax and personal income tax,

More information

May 2018 CCPC PASSIVE INVESTMENT INCOME PROPOSALS THE INCOME ATTRIBUTION RULES ADOPTION TAX CREDIT PRESCRIBED INTEREST RATES AROUND THE COURTS

May 2018 CCPC PASSIVE INVESTMENT INCOME PROPOSALS THE INCOME ATTRIBUTION RULES ADOPTION TAX CREDIT PRESCRIBED INTEREST RATES AROUND THE COURTS TAX LETTER May 2018 CCPC PASSIVE INVESTMENT INCOME PROPOSALS THE INCOME ATTRIBUTION RULES ADOPTION TAX CREDIT PRESCRIBED INTEREST RATES AROUND THE COURTS CCPC PASSIVE INVESTMENT INCOME PROPOSALS Overview

More information

An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in

An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in FIRST SESSION FORTY-FIRST LEGISLATURE Bill 28 An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 Introduction Introduced by Mr.

More information

Changes to the tax credit for the development of e-business

Changes to the tax credit for the development of e-business Changes to the tax credit for the development of e-business This information bulletin describes the changes to the refundable tax credit for the development of e-business. For information regarding the

More information

Canadian tax alert British Columbia budget highlights. February 20, 2018

Canadian tax alert British Columbia budget highlights. February 20, 2018 Error! No text of specified style in document. Canadian tax alert 2018-2019 British Columbia budget highlights February 20, 2018 The Minister of Finance, Carole James, presented the British Columbia 2018

More information

Year-end Tax Planning Guide for 2017

Year-end Tax Planning Guide for 2017 Year-end Tax Planning Guide for 2017 Would you like to reduce your income taxes? Although tax planning should be a year-long activity, there is still some time left to implement a few tax strategies that

More information

QUÉBEC BUDGET SUMMARY. UDGET SUM February 20, 2014

QUÉBEC BUDGET SUMMARY. UDGET SUM February 20, 2014 2014-2015 QUÉBEC BUDGET SUMMARY UDGET SUM February 20, 2014 TABLE OF CONTENTS Introduction Measures pertaining to individuals Measures pertaining to businesses Other measures Notice to users 1 INTRODUCTION

More information

2009 Budget Brief PERSONAL INCOME TAX MEASURES. Basic personal amount

2009 Budget Brief PERSONAL INCOME TAX MEASURES. Basic personal amount Finance Minister Jim Flaherty tabled the 2009 Federal Budget on Tuesday January 27, 2009. The budget proposals contained somewhat extensive tax proposals to help promote spending in hopes of stimulating

More information

Special Report: Canada Federal Budget 2016

Special Report: Canada Federal Budget 2016 dentons.com Special Report: Canada Federal Budget 2016 This annual publication is produced by the Tax Group at Dentons Canada LLP together with Wolters Kluwer CCH. This edition contains editorial comments

More information

TAXATION IN QUÉBEC 2003

TAXATION IN QUÉBEC 2003 TAXATION IN QUÉBEC 2003 TAXATION IN QUÉBEC 2003 Published by the Vice-présidence Stratégies, marketing et communications Updated by PricewaterhouseCoopers, in collaboration with the Direction des stratégies

More information

EMPLOYEE STOCK OPTIONS

EMPLOYEE STOCK OPTIONS TAX LETTER May 2015 EMPLOYEE STOCK OPTIONS FOREIGN EXCHANGE GAINS AND LOSSES CAREGIVER AND INFIRM DEPENDENT CREDITS MAKING TAX INSTALMENTS EARNED INCOME FOR RRSP PURPOSES AROUND THE COURTS EMPLOYEE STOCK

More information

PERSONAL INCOME TAX MEASURES

PERSONAL INCOME TAX MEASURES PERSONAL INCOME TAX MEASURES DISABILITY TAX CREDIT NURSE PRACTITIONERS The disability tax credit is a 15-per-cent non-refundable tax credit that recognizes the impact of non-itemizable disability-related

More information

Budget Paper D TAXATION ADJUSTMENTS

Budget Paper D TAXATION ADJUSTMENTS Budget Paper D TAXATION ADJUSTMENTS TAXATION ADJUSTMENTS Contents Summary of 2002 Tax Measures... 1 Education Support Levy... 2 Personal Income Tax... 2 Non-refundable tax credit amounts... 2 Learning

More information

NOVEMBER 2017 UPDATE THE QUÉBEC ECONOMIC PLAN

NOVEMBER 2017 UPDATE THE QUÉBEC ECONOMIC PLAN NOVEMBER 2017 UPDATE THE QUÉBEC ECONOMIC PLAN November 2017 update The québec EconomiC plan The Québec Economic Plan November 2017 Update Legal deposit November 21, 2017 Bibliothèque et Archives nationales

More information

Kelowna Vancouver Surrey Edmonton Calgary Regina Whitehorse Yellowknife WINTER 2017

Kelowna Vancouver Surrey Edmonton Calgary Regina Whitehorse Yellowknife WINTER 2017 Kelowna Vancouver Surrey Edmonton Calgary Regina Whitehorse Yellowknife Year End Tax Planning Issue WINTER 2017 Introduction Welcome to our 2017 tax planning issue, full of topics and opportunities that

More information

TAX FACTS & FIGURES. April 2017

TAX FACTS & FIGURES. April 2017 TAX FACTS & FIGURES April 2017 Tax Facts and Figures is produced by Welch LLP as an information service with the understanding that it does not render accounting, legal or other professional advice. The

More information

Bill 150 (2018, chapter 18)

Bill 150 (2018, chapter 18) FIRST SESSION FORTY-FIRST LEGISLATURE Bill 150 (2018, chapter 18) An Act to improve the performance of the Société de l assurance automobile du Québec, to better regulate the digital economy as regards

More information

Guide for Employers Source Deductions and Contributions

Guide for Employers Source Deductions and Contributions Revenu Québec www.revenu.gouv.qc.ca Guide for Employers Source Deductions and Contributions 2009 Short Version The information contained in this guide does not constitute a legal interpretation of the

More information

Tax Facts. kpmg.ca/taxfacts

Tax Facts. kpmg.ca/taxfacts Tax Facts 2017 2018 kpmg.ca/taxfacts Organization Website KPMG LLP...kpmg.ca Canada Revenue Agency....cra-arc.gc.ca Canada Border Services Agency...cbsa-asfc.gc.ca Department of Finance Canada....fin.gc.ca

More information

BUDGET TIM CESTNICK, Managing Director, Advanced Wealth Planning KEVIN TRAN, Director, Tax Advisory Services. From Thirty Thousand Feet

BUDGET TIM CESTNICK, Managing Director, Advanced Wealth Planning KEVIN TRAN, Director, Tax Advisory Services. From Thirty Thousand Feet BUDGET 2015 It s All About Balance TIM CESTNICK, Managing Director, Advanced Wealth Planning KEVIN TRAN, Director, Tax Advisory Services Table of Contents 2 Personal Tax Measures 4 Business Tax Measures

More information

Tax Alert Canada British Columbia budget

Tax Alert Canada British Columbia budget 2018 Issue No. 6 20 February 2018 Tax Alert Canada British Columbia budget 2018-19 EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses. They

More information

HARMONIZATION WITH FEDERAL TAX MESURES AND CHANGES TO VARIOUS MEASURES OF A FISCAL NATURE

HARMONIZATION WITH FEDERAL TAX MESURES AND CHANGES TO VARIOUS MEASURES OF A FISCAL NATURE ISSN 2368-8874 July 10, 2018 2018-6 HARMONIZATION WITH CERTAIN @SUJET FEDERAL TAX MESURES AND CHANGES TO VARIOUS MEASURES OF A FISCAL NATURE This information bulletin states the position of the Ministère

More information

APPLICATION AND SUBSCRIPTION FORM. québecers INNOVATING

APPLICATION AND SUBSCRIPTION FORM. québecers INNOVATING APPLICATION AND SUBSCRIPTION FORM québecers INNOVATING 1 Select one plan only Choice of Plan 2175 boulevard De Maisonneuve Est, Suite 103 Montreal, Québec), H2K 4S3 Telephone : 514 525-5505 1 800 253-6665

More information

Expiring Tax Provisions

Expiring Tax Provisions Expiring Tax Provisions The term Bush-era tax cuts or Bush tax cuts is often used to describe the tax related reductions that were contained in legislation enacted by Congress in 2001 and 2003, the Economic

More information