New legislative amendments have enabled the Quebec government to overhaul the existing small business deduction (“SBD”) eligibility requirements.
Category: Small Business
To promote compliance with Canada’s tax laws, the CRA implemented the VDP to encourage taxpayers to voluntarily correct omissions in their tax filings.
On July 18th the Department of Finance announced sweeping tax change proposals related to the taxation of private corporations.
The Department of Finance announced its intention to lower the small business tax rate to 10%, effective January 1, 2018 and 9%, effective January 1, 2019.
Review engagement reports for fiscal periods ending on or after December 14, 2017 will contain added information compared to previous reports.
The CRA can deny paying a refund where a tax return is filed more than three years after the applicable tax year. This can result in tax consequences.
On July 18, 2017, Minister Morneau introduced draft legislation that proposes to change taxation on payments to shareholders of private companies.
Minister Morneau and the Department of Finance on July 18, 2017 introduced draft legislation that proposes to change taxation rules on the conversion of income to capital gains.
The draft legislation introduced on July 18, 2017, is proposing measures to limit the ability to claim the lifetime capital gains exemption on dispositions.
As part of the draft legislation introduced on July 18, the Department of Finance is proposing two methods for changing taxation on passive corporate income.