Bulletin d information

Size: px
Start display at page:

Download "Bulletin d information"

Transcription

1 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 REFUND REGARDING MOTOR VEHICLES OF KILOGRAMS OR MORE The Québec sales tax (QST) system stipulates that large businesses cannot claim an input tax refund (ITR) regarding certain goods and services acquired in the course of their commercial activities, while small and medium-size businesses (SMB) are entitled to an ITR regarding these same goods and services. The restrictions on the granting of an ITR, applicable notably to road vehicles that must be registered pursuant to the Highway Safety Code in order to travel on public roads and on the fuel used to power the engine of such vehicles, have a particular impact on the activities of large businesses in the trucking industry, whose main expenditures relate to the purchase of motor vehicles and fuel.

2 - 2 - To prevent that the tax system influence the structure of the trucking industry where stakeholders are competing directly with each other, regardless of the size of their business, the government decided, on May 16, 1997, to extend entitlement to an ITR regarding fuel oil to all businesses. 1 In the same context, large businesses may henceforth claim an ITR for road vehicles weighing kilograms or more, since the restriction on obtaining an ITR regarding such vehicles will also be eliminated as of October 17, Accordingly, the QST that is payable after October 16, 1997 and which is not paid prior to October 17, 1997 in respect of the acquisition of a road vehicle of kilograms or more may be included in the calculation by a large business of the ITR. INCREASE IN THE FUEL TAX APPLICABLE TO FUEL OIL In view of the government s objective of eliminating the deficit, the revenue shortfall resulting from the elimination of the restriction on obtaining an ITR by large businesses regarding road vehicles of kilograms or more will be offset by an increase of 1 cent a litre in the fuel tax applicable to fuel oil. Accordingly, as of October 17, 1997, the rate of this tax which is currently of 15.2 cents a litre will be raised to 16.2 cents a litre. This increase in the fuel tax will not apply to fuel oil that vendors of this product have in stock at midnight on October 16, 1997 and in respect of which the tax has been collected in advance. Consequently, no inventory will be required. 1 Ministère des Finances Information Bulletin 97-2.

3 - 3 - NON-COLLECTION OF THE QST ON THE INTRAPROVINCIAL PORTION OF A CONTINUOUS INTERPROVINCIAL MERCHANDISE TRANSPORTATION SERVICE TO QUÉBEC Under the QST system, carriers which supply merchandise transportation services from a place in Canada outside Québec to a place in Québec, do not have to collect the tax in regard to such services. Rather, the residents of Québec who acquire such services must assess themselves in regard to such services, if they are not used exclusively in the course of their commercial activities. The current system is unfair at the competitive level for carriers which provide only the intraprovincial portion of a continuous interprovincial merchandise transportation service to Québec. These carriers must collect the QST on this portion, unlike their competitors which provide the whole of such a service. The QST system will be changed to correct this situation. Accordingly, carriers will no longer have to collect the QST on the intraprovincial portion of a continuous interprovincial merchandise transportation service to Québec if they have satisfactory documentary evidence that the intraprovincial portion is part of such a service. Thise measure has been in effect since July 1, EASING OF THE ACQUISITION OF CONTROL RULE FOR THE APPLICATION OF RESTRICTIONS ON OBTAINING AN ITR It was announced in the March 25, 1997 Budget Speech that a new measure would be implemented to determine SMB or large business status of a registrant for the application of restrictions on obtaining an ITR that are maintained for large businesses. Under the new measure, a registrant must henceforth prove its status as an SMB or large business in respect of each of its fiscal year.

4 - 4 - A special rule was stipulated to prevent a large business, by acquiring control of an SMB during the latter s fiscal year, from indirectly claiming ITRs regarding goods and services covered by the restrictions. At the time control of a corporation which is an SMB is acquired by a large business during the SMB s fiscal year, the latter and any corporation to which it is related cease to qualify as an SMB. However, by covering all corporations related to the SMB, the scope of the acquisition of control rule proved to be too large. Accordingly, this rule will be eased by having it apply to corporations associated with the SMB rather than to those related to it. This measure is effective as of March 26, CHANGES RELATING TO THE PROPERTY TAX SYSTEM FOR BUSINESSES OPERATING A NATURAL GAS DISTRIBUTION OR TELECOMMUNICATIONS NETWORK Property taxation of wireless telecommunications networks Businesses which operate a telecommunications, natural gas or electricity distribution network are subject to a special tax system under the Act respecting municipal taxation. Compensation in lieu of property taxes is payable to the ministère du Revenu according to an indicator of the income of the business (taxable income). These amounts, reduced by the collection and distribution costs, are then redistributed among the municipalities by the ministère des Affaires municipales. Technological advances in the wireless telecommunications field have enabled vast networks to be set up consisting mainly of antennas. However, given that the property base of these types of networks is considerably smaller than that of a conventional telecommunications network, it is appropriate that the businesses operating them be subject to the general system rather than the special system. Accordingly, structures that are part of a wireless telecommunications network will henceforth be included in the property assessment roll of each municipality in which they are located. For this purpose, a wireless telecommunications network means, in particular, cellular telephony, paging, wireless data transmission, air-ground communications, mobile

5 - 5 - radio-communications, personal numerical communications services and wireless services by satellite. This change becomes effective for the purposes of a municipal fiscal year beginning with that of Accordingly, the necessary changes to the assessment roll are effective as of January 1, Moroever, no collection and distribution costs will be withheld by the ministère du Revenu regarding the amounts that will be collected, as compensation in lieu of property taxes, after the date of this information bulletin from the businesses which operate wireless telecommunications networks, for the municipal fiscal years prior to Person operating a natural gas distribution or telecommunications network that is not limited to Québec The tax base for compensation in lieu of property taxes was thoroughly reorganized in the May 14, 1992 Budget Speech. An application rule concerning the geographical delimitation of this tax base was set out at that time. The legislation giving effect to this statement does not accurately reflect the underlying tax policy since it reduces the tax payable, rather than the taxable income, in the proportion represented by the gross income from the operation of a network that is reasonably attributable to other jurisdictions compared to all the gross income attributed to these other jurisdictions and to that of Québec. Consequently, a change will be made so that this proportion be applicable to taxable income, to which the tax rates will then be applied. This change applies as of taxation years ending after May 14, 1992.

6 - 6 - EXTENSION OF THE APPLICATION PERIOD OF INCREASED RATES OF THE TAX CREDIT FOR DESIGN A refundable tax credit with two sections was introduced in 1994 for certain expenditures relating to eligible design activities. The first section of this tax credit concerns industrial design or fashion design activities carried out as part of an outside consulting contract. The other section enables an eligible corporation to be entitled, according to certain rules, to the refundable tax credit for design for wage expenditures incurred for designers it employs, for the fashion and furnishings sectors. For an eligible corporation that enters into an outside consulting contract, the rate of the tax credit is 20% (up to 40% in the case of an SMB 2 ) if the outside consulting contract is entered into before January 1, 1998 regarding an eligible design activity completed before January 1, In the case of the tax credit for wage expenditures, the rate is also 20% (up to 40% in the case of an SMB) if the eligible wage is incurred before January 1, These rates must subsequently be reduced to 10% (20% in the case of an SMB). The rates temporarily established to 40% for an SMB and to 20% for other corporations are extended for two more years. Accordingly, they will continue to apply to outside consulting contracts entered into before January 1, 2000, regarding an eligible design activity completed before January 1, In the case of the tax credit for wage expenditures, they will apply to eligible wages incurred before January 1, A corporation qualifies as an SMB for a taxation year if its assets shown on its books and in its financial statements for the preceding taxation year does not exceed $50 million.

7 - 7 - CHANGES TO THE TAX CREDIT FOR THE ACQUISITION OF LESS POLLUTING DRY-CLEANING MACHINES Effective date of the measure moved forward A temporary refundable tax credit was introduced in the March 25, 1997 Budget Speech regarding expenses relating to the acquisition of dry-cleaning machines allowing the elimination or a considerable reduction of the use of perchloroethylene. This measure was part of the January 1, 1998 implementation of a specific duty applicable to the purchase of perchloroethylene. It was designed to support and accelerate modernization efforts of firms and to assist their conversion from a technology that consumes large quantities of this product to less polluting technology. It was to apply to eligible acquisition expenses incurred after December 31, 1997 and before January 1, The rate of the tax credit can reach 40% of acquisition expenses. It varies with the gross income earned from the business by the taxpayer for the taxation year preceding that during which the acquisition expenses were incurred, and according to the type of equipment acquired. To avoid penalizing eligible taxpayers who, since the Budget Speech, have undertaken the conversion of their dry-cleaning procedures to acquire technology eligible for this tax assistance, and prevent unduly delaying the necessary acquisitions of a business, the implementation of this tax credit will be moved forward. This measure applies to eligible acquisition expenses incurred as of March 26, The measure s expiration date remains unchanged, namely, December 31, In this context, the general requirement stipulated regarding the necessity for a certificate from the ministère de l Environnement et de la Faune (MEF) before acquiring the eligible equipment, is withdrawn. In all cases, this certificate must nonetheless be obtained and attached to the form stipulated by the ministère du Revenu, within time periods similar to those otherwise mentioned in the tax legislation for claiming R&D tax credits, i.e., in general, within the 18 months following the end of the taxation year during which the eligible acquisition expenses will have been incurred.

8 - 8 - Furthermore, the eligible equipment covered by a written lease contract concluded after March 25, 1997, day of the Budget speech, may constitute eligible equipment provided it is acquired by the eligible taxpayer. In this case, the conditions of eligibility will be considered when the equipment is leased, to determine whether older machinery has been replaced by the eligible equipment. When the equipment, originally leased, has been acquired by the taxpayer, he will be required to demonstrate to the MEF that it satisfies the requirements for obtaining a certificate. Technical changes Regarding the eligibility of used equipment, to simplify the application of this measure, the rule to the effect that the equipment must not have been put in use more than five years before its acquisition is replaced by a rule to the effect that the equipment must not have been acquired more than five years after its manufacture. Finally, the rule concerning the fact that the capital cost of used equipment must not exceed the capital cost of such equipment when first put in use is withdrawn. CHANGE TO THE STOCK SAVINGS PLAN (SSP) REGARDING THE NUMBER OF EMPLOYEES OF THE ISSUING CORPORATION In general, according to the existing terms and conditions of the SSP, a corporation which intends to proceed with a public issue of shares under this plan must, in particular, have had, throughout the 12 months preceding the date of the receipt for the final prospectus, at least five full-time employees who are not insiders as understood by the Securities Act or persons to whom they are related. To determine if this criterion is satisfied, account is taken of certain corporate reorganizations such as the amalgamation of liquidation of corporations. For a public issue of shares for which the receipt of the final prospectus (or prospectus exemption) has been granted after the date of publication of this information bulletin, the period of 12 months throughout which a corporation must have at least five full-time employees will be eased. This period will be reduced to six months provided the corporation has already proceeded with a public issue of shares under the SSP and a category of shares of its capital stock is listed on the Montréal Exchange on the date of the final prospectus (or prospectus exemption).

9 - 9 - INTERPROVINCIAL TAXATION Reserve for capital gains The disposal of an asset which is a fixed asset and whose value has increased since it was acquired by a taxpayer generates the realization of a capital gain. This gain is generally the difference between the proceeds of disposal of the asset and its tax cost. However, when the proceeds of disposal of an asset which is a fixed asset are not entirely receivable during the year of the sale, the taxation of a portion of the capital gain realized can be carried forward to the years when the balance of the sale price is to be received. However, at least 20% of the gain must be included annually in calculating income, which creates a reserve period of five years at most. Federal and Québec tax legislation are identical in this regard. However, each is independent in the sense that a separate reserve can be requested from each level of government. The existence of a Québec reserve distinct from the federal reserve can give rise to transactions to avoid provincial capital gains tax. To correct this situation, Québec s tax legislation will be changed so that the maximum amount of reserve that can be claimed for Québec tax purposes, in calculating a taxpayer s capital gain, can no longer exceed the amount allowed as a deduction in this regard for federal tax purposes. This change will apply to disposals made during taxation years of a taxpayer ending after the publication date of this information bulletin.

10 Tax attributes of a taxpayer who becomes liable for Québec tax Québec s tax legislation stipulates that a taxpayer who has been allowed a deduction under federal legislation, while he was not subject to taxation in Québec, is deemed to have benefited from this deduction for the application of Québec legislation. This presumption applies in regard to a deduction in the calculation of income and a deduction in the calculation of taxable income. These rules are designed to ensure that the tax attributes of a taxpayer who becomes subject to taxation in Québec are essentially the same at the Québec and federal levels, so that a taxpayer does not benefit twice from the same deduction at the provincial level. However, these rules do not apply in regard to all the tax attributes of a taxpayer, in particular concerning the cost, capital cost or cost amount of an asset, so that a taxpayer who becomes subject to taxation in Québec can receive an unjustified tax benefit.

11 To correct this situation, Québec s legislation will be changed so that for the purposes of calculating the income of a taxpayer for a taxation year, the changes made to the cost, capital cost or cost amount of an asset of the taxpayer under federal legislation, when he was not subject to taxation in Québec, are deemed to have also been made for the application of Québec legislation. This change will apply regarding taxation years of a taxpayer that end after the publication date of this information bulletin. FEDERAL AVIATION FUEL EXCISE TAX REFUND PROGRAM On March 5, 1997, the federal government released the details of the aviation fuel excise tax refund program announced on November 27, Under this program, air transportation companies active in Canada can obtain a refund of the federal excise tax paid on aviation fuel, in return for waiving their right to apply their tax losses against their taxable income. The tax refund will be added in calculating the company s income, except to the extent that the company s tax losses are reduced according to the provisions of the program. No measure similar to this federal program will be implemented in Québec s tax system. Consequently, an amount added for purposes of calculating the federal income of an air transportation company which receives benefits under this program will not have to be included in calculating its income for Québec tax purposes. In addition, the excise tax refund obtained as compensation for losses will not reduce expenditures allowable as a deduction, nor constitute a taxable amount under Québec s tax legislation. Finally, the amount of an air transportation company s tax losses will remain unchanged for Québec tax purposes. 3 Federal Department of Finance Release

12 DETAILS OF THE CALCULATION OF THE PRESCRIPTION DRUG INSURANCE PREMIUM COLLECTED BY THE MINISTÈRE DU REVENU The Québec government recently implemented a general prescription drug insurance plan which guarantees all Quebecers fair access to the prescription drugs made necessary by their state of health. The coverage provided by the Régie de l assurancemaladie du Québec is financed by a premium payable, for the first time, in regard to the 1997 taxation year. In order to take into account the ability to pay of each taxpayer, deductions are allowed in calculating the premium payable by the beneficiary of the public prescription drug insurance plan. The amount of these deductions is set so as to exempt from payment of this premium a person or couple who receives the maximum guaranteed income supplement from the federal government. If necessary, these deductions also include amounts of essential needs for a child recognized in the tax system. In this context, the first child of a single-parent family is considered as a spouse. Given that the maximum guaranteed income supplement is indexed quarterly, changes must be made to the amounts of the deductions used in calculating the prescription drug insurance premium for The amounts of the deductions allowed in calculating the premium payable by a beneficiary, announced on July 3, 1997 in the ministère des Finances Information Bulletin 97-4, will accordingly be replaced by the amounts shown in the following table. DEDUCTIONS VARYING WITH FAMILY SITUATION Prescription drug insurance (1997). 1 adult, no children $ adult, 1 child $ adult, 2 children or more $ adults, no children $ adults, 1 child $ adults, 2 children or more $22 200

13 For the purposes of calculating the prescription drug insurance premium for 1998 and subsequent years, the amounts of these deductions will be adjusted automatically, by regulation, to reflect the quaterly indexation of the maximum guaranteed income supplement and, if necessary, the increase in the amounts of recognized needs for a child in the tax system. RESTRICTION ON THE REFUNDABLE TAX CREDIT FOR THE QST REGARDING INCARCERATED PERSONS In the March 25, 1997 Budget Speech, significant changes were made to the refundable tax credit for the QST. These changes are designed to improve this tax credit while making it simpler for individuals who are entitled to it, that is to say for those who devote a large part of their income to the consumption of essential goods. To comply more closely with the objectives of this measure, the tax legislation will stipulate that an individual will not be entitled to the tax credit if he is incarcerated, at the end of the year, in a prison or similar establishment for one or more periods totaling more than six months during the year. In addition, such a person will not be considered in the calculation of the tax credit for the QST of another individual, and his income will not be taken into account in determining his spouse s tax credit for the QST. This exclusion will apply for purposes of calculating the tax credit for the QST as of the 1997 taxation year. CLARIFICATION CONCERNING THE TAXATION OF CERTAIN INCOME The use of informers to solve crimes has become widespread. However, it may be complex to determine the exact nature, for income tax purposes, of payments made in exchange for information.

14 Accordingly, the tax legislation will be changed so that such payments, whether paid as a lump sum or otherwise, will henceforth be subject to income tax as income from other sources. However, this change will not apply to amounts paid to cover expenses or regarding an allowance which would not be otherwise taxable under the legislation, in calculating employment income. The tax regulations will also be changed so that payments made to an informer constitute remuneration and that the payer is required to make the necessary source withholdings, which will generally be equivalent to those applicable to payments made under a pension plan. These changes will apply in regard to amounts paid after the publication date of this information bulletin under an agreement concluded after such date. However, the payer s obligation to make source withholdings will only become effective for amounts paid after October 31, TECHNICAL CHANGE TO THE CALCULATION OF TAX CREDITS REDUCED BY INCOME In the March 25, 1997 Budget Speech, a simplification in the calculation of tax credits reduced by income was announced. This simplification is based notably on the introduction of a single reduction threshold for all such credits, set at $ It was stated at the time that these tax credits would be granted solely in proportion to the number of days in the year during which the taxpayer resided in Canada. To further simplify the application of these parameters, the tax legislation will be changed to stipulate that for the purposes of calculating the tax credits reduced by income, the income of a taxpayer who resides in Canada for part of the year will be deemed equal to the amount that would have corresponded to his income for such year had he resided in Canada throughout the year. Consequently, it will no longer be necessary to set up calculation rules designed to grant these tax credits solely in proportion to the number of days of residence in Canada.

15 HARMONIZATION WITH FEDERAL MEASURES EXTENDING THE TIME FOR NEW ASSESSMENTS In general, under federal tax legislation, the normal assessment period of three or four years can be extended to six or seven years, depending on the circumstances. These additional time limits are provided for, in particular, in the case where a new assessment for a taxation year results from an operation in which a taxpayer and a non-resident person with whom he is not at arm s length are parties. A similar assessment time limit has been announced to enable the issuing of new assessments following the reduction, according to the tax legislation, of an amount a corporation is supposed to have renounced under the rules relating to flow-through shares 4. Québec s tax legislation will be changed to incorporate, with adaptations on the basis of its general principles, these two measures. The measure mentioned in the first paragraph will apply to situations for which the normal time limit for assessment will not be expired the day of the publication date of this information bulletin. The measure mentioned in the second paragraph will apply on the same date as the one retained for federal tax purposes. 4 Federal Bill C-69, paragraph 103(4).

16 - 16 -

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

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

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

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

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

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

JUNE 3 LUNCHTIME TAX CONFERENCE REFERENCE DOCUMENT. Taxation Service

JUNE 3 LUNCHTIME TAX CONFERENCE REFERENCE DOCUMENT. Taxation Service 1 JUNE 3 LUNCHTIME TAX CONFERENCE REFERENCE DOCUMENT By Taxation Service 2 1. DEDUCTIBILITY OF ENTERTAINMENT EXPENSES 1.1 GENERAL RULE Entertainment expenses are defined as amounts paid or payable for

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

Consumer Taxes INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS

Consumer Taxes INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Consumer Taxes TVQ. 206.1-10 Particulars regarding the phasing out of the ITR restrictions applicable to large businesses

More information

TAX MEASURES ANNOUNCED AT THE TIME THE TABLING OF THE GOVERNMENT ACTION PLAN TO FOSTER AN EXECUTIVE-DRIVEN ECONOMY

TAX MEASURES ANNOUNCED AT THE TIME THE TABLING OF THE GOVERNMENT ACTION PLAN TO FOSTER AN EXECUTIVE-DRIVEN ECONOMY ISSN 2368-8874 February 21, 2017 2017-3 TAX MEASURES ANNOUNCED AT THE TIME OF @SUJET THE TABLING OF THE GOVERNMENT ACTION PLAN TO FOSTER AN EXECUTIVE-DRIVEN ECONOMY This information bulletin explains in

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

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

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

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

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 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 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

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

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

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

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

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

Adjustments to Various Fiscal Measures

Adjustments to Various Fiscal Measures Adjustments to Various Fiscal Measures This information bulletin provides a detailed description of the changes made to certain fiscal measures. These changes, mostly of a technical nature, are designed

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

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. 1102.1-1 Disposition of a Québec Property, a Québec Resource Property or a Life Insurance Policy by a Non-Resident

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

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

Choose a building block. Wolters Kluwer Canada. Quebec 2017 Budget Dispatch A BUDGET FOR TODAY AND TOMORROW Choose a building block. Wolters Kluwer Canada Quebec 2017 Budget Dispatch A BUDGET FOR TODAY AND TOMORROW Wolters Kluwer Canada Date: March 28, 2017 Disclaimer Readers are urged to consult their professional

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

ADJUSTMENT OF THE EXEMPTION THRESHOLDS FOR THE PUBLIC DRUG INSURANCE PLAN AND OTHER MEASURES

ADJUSTMENT OF THE EXEMPTION THRESHOLDS FOR THE PUBLIC DRUG INSURANCE PLAN AND OTHER MEASURES ADJUSTMENT OF THE EXEMPTION THRESHOLDS FOR THE PUBLIC PRESCRIPTION @SUJET DRUG INSURANCE PLAN AND OTHER MEASURES This information bulletin specifies the amount of each exemption granted for the purposes

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

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

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

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

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

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

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

2007 Ontario Budget Commentary

2007 Ontario Budget Commentary 2007 Ontario Budget Commentary March 22, 2007 Introduction Finance Minister Greg Sorbara today delivered the Province s 2007 Budget. This is the Liberal Government s last Budget before this October s provincial

More information

IMP /R1 Disposition of Certain Taxable Québec Property Date of publication: January 31, 1995

IMP /R1 Disposition of Certain Taxable Québec Property Date of publication: January 31, 1995 INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Income Tax IMP. 1097-1/R1 Disposition of Certain Taxable Québec Property Date of publication: January 31, 1995 Reference(s):

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

GLOBAL INDIRECT TAX. Canada. Country VAT/GST Essentials. kpmg.com TAX

GLOBAL INDIRECT TAX. Canada. Country VAT/GST Essentials. kpmg.com TAX GLOBAL INDIRECT TAX Canada Country VAT/GST Essentials kpmg.com TAX b Canada: Country VAT/GST Essentials Canada: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to GST/HST?

More information

Notices of Ways and Means Motions and supplementary information on the Budget. December 11, Ministere des Finances Canada

Notices of Ways and Means Motions and supplementary information on the Budget. December 11, Ministere des Finances Canada Res HJ13 A29b 1979 budget Papers Notices of Ways and Means Motions and supplementary information on the Budget December 11, 1979 Department of Finance Canada Ministere des Finances Canada Budget Papers

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

Canada: Taxation Law Overview

Canada: Taxation Law Overview Canada: Taxation Law Overview Stikeman Elliott LLP Taxation Law Overview Income Tax... 2 General... 2 Taxation of Canadian Residents (Basic Principles)... 2 Taxation of Non-Residents of Canada (Basic Principles)...

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

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

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

2015 FEDERAL BUDGET SUMMARY

2015 FEDERAL BUDGET SUMMARY 2015 FEDERAL BUDGET SUMMARY April 21, 2015 TABLE OF CONTENTS PERSONAL INCOME TAX MEASURES...2 TAX-FREE SAVINGS ACCOUNT...2 HOME ACCESSIBILITY TAX CREDIT...2 Eligible Individuals...2 Eligible Dwellings...2

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

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

BACKGROUND DOCUMENT. September 2014 AN OVERVIEW OF THE QUÉBEC TAXATION SYSTEM

BACKGROUND DOCUMENT. September 2014 AN OVERVIEW OF THE QUÉBEC TAXATION SYSTEM BACKGROUND DOCUMENT September 2014 AN OVERVIEW OF THE QUÉBEC TAXATION SYSTEM BACKGROUND DOCUMENT September 2014 AN OVERVIEW OF THE QUÉBEC TAXATION SYSTEM AN OVERVIEW OF THE QUÉBEC TAXATION SYSTEM Legal

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

General Information Concerning the QST and the GST/HST

General Information Concerning the QST and the GST/HST Ministère du Revenu du Québec www.revenu.gouv.qc.ca General Information Concerning the QST and the GST/HST This guide is provided for information purposes only, and does not replace the statutes, regulations

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

Non-Profit Organizations

Non-Profit Organizations Non-Profit Organizations and Taxation revenu.gouv.qc.ca This publication is available on our website. This publication is provided for information purposes only. It does not constitute a legal interpretation

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

In Brief. Contents. Gouvernement du Québec Ministère du Revenu

In Brief. Contents. Gouvernement du Québec Ministère du Revenu 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 NewsThird quarter 1998 In Brief RL slips and summaries must be filed on time As a rule, employers and payers must file, for each calendar year, RL-1,

More information

INCORPORATING YOUR FARM BUSINESS

INCORPORATING YOUR FARM BUSINESS INCORPORATING YOUR FARM BUSINESS If you carry on a farm business, and have significant income, transferring the farm business to a corporation may provide some benefits as there are tax planning opportunities

More information

HARMONIZATION WITH CERTAIN FEDERAL FISCAL MEASURES

HARMONIZATION WITH CERTAIN FEDERAL FISCAL MEASURES HARMONIZATION WITH CERTAIN FEDERAL FISCAL MEASURES This information bulletin presents the position of the Ministère des Finances et de l Économie concerning certain fiscal measures in the Economic Action

More information

SECTION 85 TRANSFERS - ADDITIONAL TAX CONSIDERATIONS

SECTION 85 TRANSFERS - ADDITIONAL TAX CONSIDERATIONS SECTION 85 TRANSFERS - ADDITIONAL TAX CONSIDERATIONS This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on various types of corporate reorganisations.

More information

2012 FEDERALBUDGETANALYSIS. March29,2012

2012 FEDERALBUDGETANALYSIS. March29,2012 2012 FEDERALBUDGETANALYSIS March29,2012 TABLEOFCONTENTS PersonalIncomeTaxMeasures BusinessIncomeTaxMeasures InternationalTaxationMeasures SalesandExciseTaxMeasures OtherMeasures PERSONAL INCOME TAX MEASURES

More information

BUDGET Quebecers and Their Disposable Income. Greater Wealth

BUDGET Quebecers and Their Disposable Income. Greater Wealth BUDGET 2012-2013 Quebecers and Their Disposable Income Greater Wealth for All Paper inside pages 100% This document is printed on completely recycled paper, made in Québec, contaning 100% post-consumer

More information

CENTRE NATIONAL DES NOUVELLES TECHNOLOGIES DE QUÉBEC (CNNTQ) 1

CENTRE NATIONAL DES NOUVELLES TECHNOLOGIES DE QUÉBEC (CNNTQ) 1 CENTRE NATIONAL DES NOUVELLES TECHNOLOGIES DE QUÉBEC (CNNTQ) 1 The Centre national des nouvelles technologies de Québec (CNNTQ) brings together information technology and multimedia businesses in a delimited

More information

Excise and GST/HST News

Excise and GST/HST News Excise and GST/HST News No. 63 Winter 2007 Table of Contents Notice of Ways and Means Motion... 1 Exemption for midwifery services... 4 Application for direct sellers to use the alternate collection method...

More information

2015 Federal Budget Federal Budget s Tax Measures. RBC Wealth Management Services

2015 Federal Budget Federal Budget s Tax Measures. RBC Wealth Management Services RBC Wealth Management Services 2015 Federal Budget 2015 Federal Budget s Tax Measures A summary of the key tax measures that may have a direct impact on you. Federal Minister of Finance Joe Oliver delivered

More information

TAX FLASH BULLETIN Federal Budget Highlights

TAX FLASH BULLETIN Federal Budget Highlights TAX FLASH BULLETIN 2017 Federal Budget Highlights On March 22, 2017, Federal Finance Minister Bill Morneau tabled the Liberals second federal budget. The Minister forecasts the current fiscal year will

More information

Personal Income. Tax Reduction

Personal Income. Tax Reduction Personal Income Tax Reduction B E N E F I T S F O R A L L T A X P A Y E R S Personal Income Tax Reduction Benefits for all taxpayers FOREWORD FOREWORD By the Deputy Prime Minister and Minister of State

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

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

Federal Budget Commentary 2011

Federal Budget Commentary 2011 On March 22, 2011 the Honourable Jim Flaherty, Minister of Finance, presented his sixth Budget to the House of Commons. \ The Government's fiscal positions include deficits in the years 2010/2011 ($40.5

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

Contents. Application. Summary INCOME TAX INTERPRETATION BULLETIN

Contents. Application. Summary INCOME TAX INTERPRETATION BULLETIN INCOME TAX INTERPRETATION BULLETIN NO.: IT-269R4 DATE: April 24, 2006 SUBJECT: REFERENCE: INCOME TAX ACT Part IV Tax on Taxable Dividends Received by a Private Corporation or a Subject Corporation Sections

More information

Regulation respecting supplemental pension plans (R-15.1, r.1) and related provisions ***********************

Regulation respecting supplemental pension plans (R-15.1, r.1) and related provisions *********************** Regulation respecting supplemental pension plans (R-15.1, r.1) and related provisions *********************** Office consolidation Updated to 1 January 2010 Last amendment 1 January 2010 t This document

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

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

December 21, 2010

December 21, 2010 Changes to Various Fiscal Measures This information bulletin provides a detailed description of the application details of various fiscal measures. The changes are technical in nature for the most part

More information

Effective Occupation of Taxation Fields in Québec

Effective Occupation of Taxation Fields in Québec Commission on Fiscal Imbalance Effective Occupation of Taxation Fields in Québec Background Paper for public consultation Commission sur le déséquilibre fiscal COMMISSION ON FISCAL IMBALANCE EFFECTIVE

More information

Information Technology Development Centres 1 (CDTIS)

Information Technology Development Centres 1 (CDTIS) Information Technology Development Centres 1 (CDTIS) Information technology development centres (CDTIs) were established to bring together corporations in designated buildings to encourage the creation

More information

Government revenues in Canada

Government revenues in Canada HJ2449 G68 1994 c.2 Basic facts Government revenues in Canada January 1994 RESERVE COPY I COPIE DE LA RESERVE CanadU 1, 11 1:1,[ 1,Df4fIrl i, Basic facts Government revenues in Canada January 1994 FINANCE

More information

Res HD C2C A Better Pension System. Saving for Retirement: A Guide to the Tax Legislation. March Lud. CanadU

Res HD C2C A Better Pension System. Saving for Retirement: A Guide to the Tax Legislation. March Lud. CanadU Res HD7105.45 C2C38 1988 A Better Pension System Saving for Retirement: A Guide to the Tax Legislation March 1988 Lud CanadU A Better Pension System 11 #1[1:14b5r111111 FOR Saving for Retirement: A Guide

More information

SECTION 85 TRANSFERS - ADDITIONAL TAX CONSIDERATIONS

SECTION 85 TRANSFERS - ADDITIONAL TAX CONSIDERATIONS SECTION 85 TRANSFERS - ADDITIONAL TAX CONSIDERATIONS This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on various types of corporate reorganisations.

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

2012 FEDERAL BUDGET. Tax highlights from the 2012 federal budget PERSONAL TAX MATTERS. Personal income tax rates

2012 FEDERAL BUDGET. Tax highlights from the 2012 federal budget PERSONAL TAX MATTERS. Personal income tax rates 2012 FEDERAL BUDGET By Jerry S. Rubin, B.E.S., B.Comm.(Hons), CMA, TEP, CFP Tax highlights from the 2012 federal budget Finance Minister James Flaherty tabled the 2012 federal budget on March 29, 2012.

More information

PROVINCIAL BUDGET COMMENTARY MARCH 26, For Clients and Associates of MacGillivray Hamilton

PROVINCIAL BUDGET COMMENTARY MARCH 26, For Clients and Associates of MacGillivray Hamilton PROVINCIAL BUDGET COMMENTARY MARCH 26, 2009 For Clients and Associates of MacGillivray Hamilton Introduction Finance Minister Dwight Duncan delivered Ontario s 2009 Budget on March 26, 2009. The Budget

More information

Income Tax APPLICATION OF THE ACT

Income Tax APPLICATION OF THE ACT INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Income Tax LAF. 94.1-1/R7 Waiver or Cancellation of Interest, Penalties or Charges Date of publication: July 23, 2013 Reference(s):

More information

PART 9 LEVIES 2. Page 1 Part 9

PART 9 LEVIES 2. Page 1 Part 9 PART 9 LEVIES 2 OVERVIEW: LEVIES 2 SECTION 123 CASH CARDS 2 SECTION 123A DEBIT CARDS 2 SECTION 123B CASH, COMBINED AND DEBIT CARDS 2 SECTION 123C PRELIMINARY DUTY: CASH, COMBINED AND DEBIT CARDS 4 SECTION

More information

TAX LETTER. January 2019

TAX LETTER. January 2019 TAX LETTER January 2019 TWO RDTOH ACCOUNTS STARTING IN 2019 ACCELERATED CAPITAL COST ALLOWANCE: RESPONSE TO U.S. CORPORATE TAX CUTS RE-ALLOCATION OF PROCEEDS ON SALE OF LAND AND BUILDING CAPITAL DIVIDENDS

More information

THE MARCH 29, 2012 FEDERAL BUDGET

THE MARCH 29, 2012 FEDERAL BUDGET THE MARCH 29, 2012 FEDERAL BUDGET This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on the March 29, 2012 Federal Budget. Although these proposals are

More information

IMP /R1 Tax Treatment of Certain Expenses (Interest and Property Taxes) in Relation to Land Date of publication: November 30, 1994

IMP /R1 Tax Treatment of Certain Expenses (Interest and Property Taxes) in Relation to Land Date of publication: November 30, 1994 INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Income Tax IMP. 164-1/R1 Tax Treatment of Certain Expenses (Interest and Property Taxes) in Relation to Land Date of publication:

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

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 Quebecers and Their Retirement. Accessible Plans for All

BUDGET Quebecers and Their Retirement. Accessible Plans for All BUDGET 2012-2013 Quebecers and Their Retirement Accessible Plans for All Paper inside pages 100% This document is printed on completely recycled paper, made in Québec, contaning 100% post-consumer fibre

More information

THE BUDGET SPEECH

THE BUDGET SPEECH 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 Premier trimestre quarter 1999 On March 9, 1999, the Deputy Prime Minister and Minister of State for the Economy and Finance, Bernard Landry,

More information

Tax Incidence Analysis First & Second Omnibus Tax Bills

Tax Incidence Analysis First & Second Omnibus Tax Bills Tax Incidence Analysis Prepared by the Tax Research Division, Minnesota Department of Revenue June 18, 2014 2014 First & Second Omnibus Tax Bills Chapter 150 (H.F. 1777 as enacted on March 21, 2014) and

More information

TAX INITIATIVES TAX OPTION GRADUATED FLAT COMPETITIVE

TAX INITIATIVES TAX OPTION GRADUATED FLAT COMPETITIVE Taxation C1 TAX INITIATIVES Major changes to personal income tax policy across Canada became effective for the 2001 tax year. The most important change has been the replacement of the tax-on-tax system

More information

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

Convention between Canada and the United States of America With Respect to Taxes on Income and on Capital

Convention between Canada and the United States of America With Respect to Taxes on Income and on Capital Convention between Canada and the United States of America With Respect to Taxes on Income and on Capital This consolidated version of the Canada-United States Convention with Respect to Taxes on Income

More information

Consumer Taxes. Disclosures Program, which is available on the CRA website.

Consumer Taxes. Disclosures Program, which is available on the CRA website. INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Consumer Taxes ADM. 4/R7 Voluntary Disclosure Program Date of publication: November 7, 2016 This version of bulletin ADM.

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

Refundable Tax Credit for Gaspésie and Certain Maritime Regions of Québec OLD SYSTEM

Refundable Tax Credit for Gaspésie and Certain Maritime Regions of Québec OLD SYSTEM GASPÉSIE AND CERTAIN MARITIME REGIONS CALENDAR YEARS 2000 TO 2015 Refundable Tax Credit for Gaspésie and Certain Maritime Regions of Québec OLD SYSTEM SUMMARY A corporation that is eligible for the tax

More information