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TAX BULLETIN - ARCHIVES 2010
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the fourth 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 third 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%.
       
  • Extracts from The Budget at a Glance published by the Minister of Finance of Quebec:
    • Gradual implementation of a general health contribution. It will
      amount to $25 in 2010, $100 in 2011 and $200 in 2012.
    • The QST will be raised by an additional 1 percentage point on January 1, 2012. The QST will thus be 9.5% as of that date.
    • Introduction of a fuel tax increase –up to 1.5 cents per litre– to fund public transit, if the metropolitan communities of Montréal and Québec so request.
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the second 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%.
     
  • Extracts from the Budget in Brief by the Minister of Finance:
    • Budget 2010 outlines a three-point plan for returning to budget balance once the economy has recovered (...) the Government will restrain spending through targeted measures. Towards achieving this objective, Budget 2010 proposes $17.6 billion in savings over five years.
    • Budget 2010 takes further action to improve conditions for investment, enhance competition, and reduce barriers for businesses by: (...) Making Canada a tariff-free zone for industrial manufacturers by eliminating all remaining tariffs on machinery and equipment and goods imported for further manufacturing.
    • The Government will not raise taxes.
       
  • 2010 federal and provincial personal tax credits returns
     
  • Combined Corporate Income Tax Rate*
  2010 2009
Income eligible for SBD 19.0% 19.0%
Investment income of CCPC's    
- Net of dividend tax refund. 19.9% 19.9%
-  Without dividend tax refund. 46.6% 46.6%
Other income 29.9% 30.9%
_________     
* Taxation Year ending on 12-31 (Qc)  
  • Extracts from the web site of Department of Finance of Canada in connection with 2010 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 2009.
    • The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2010 will remain at 52 cents per kilometre for the first 5,000 kilometres driven and 46 cents for each additional kilometre.