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TAX BULLETIN - ARCHIVES 2009
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the first calendar quarter of 2010:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
     
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the fourth calendar quarter of 2009:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
     
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the third calendar quarter of 2009:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
     
  • Extracts from The Budget at a Glance published by the Minister of Finance of Quebec:
    • Increase in the Québec sales tax from 7.5% to 8.5% on January 1, 2011. Low-income households will be protected by an increase in the QST tax credit.
    • Ten year tax holiday for companies that commercialize intellectual property.
    • Extension of accelerated depreciation for manufacturing and processing equipment until the end of 2011.
    • Accelerated depreciation for computer hardware acquired before February 2011.
    • Increase in the amount of income eligible for the reduced tax rate for small businesses from $400 000 to $500 000.
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the second calendar quarter of 2009:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
     
  • Extracts from the Budget in Brief by the Minister of Finance:
    • The Government will be (...) increasing for two years all regular Employment Insurance (EI) benefit entitlements by five extra weeks and increasing the maximum benefit duration to 50 weeks from 45 weeks;
    • Increasing the basic personal amount and the top of the two lowest personal income tax brackets by 7.5 per cent above their 2008 levels;
    • Providing up to an additional $150 of annual tax savings for low- and middle-income seniors through a $1,000 increase to the Age Credit amount;
    • Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations for an estimated 4.6 million Canadian families, and provide needed stimulus to the economy;
    • Introducing a temporary 100-per-cent capital cost allowance (CCA) rate for computers acquired after January 27, 2009 and before February 1, 2011;
    • Increasing the amount of small business income eligible for the reduced federal tax rate of 11 per cent to $500,000 from the current limit of $400,000 as of January 1, 2009. 
       
  • Extracts from the web site of Department of Finance of Canada in connection with 2009 Automobile Deduction Limits and Expense Benefit Rates for Business:
    • The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2008.
    • The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2009 will remain at 52 cents per kilometre for the first 5,000 kilometres driven and 46 cents for each additional kilometre.