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TAX BULLETIN - ARCHIVES 2012
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the first  calendar quarter of 2013:
    • 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 by the Minister of Finance of Quebec:
    • The tax rate on income over $100 000 will be raised by 1.75 percentage points.
    • Indexing the price of heritage electricity to the cost of living.
    • A 10-year tax holiday to encourage businesses to invest in large investment projects in Québec is being introduced, the THI.
    • The specific tax on tobacco will be increased by 50¢ per pack or $4 per carton of cigarettes. The specific tax on alcoholic beverages will increase depending on the product. A bottle of beer will go up 3¢, a bottle of wine, 17¢ and a bottle of spirits, 26¢.
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the fourth calendar quarter of 2012:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
       
  • Extract from the web site of Minister of revenue of Quebec about the retention period of documents:
    • How long must you keep supporting documents?
      When we receive your income tax return, we carry out a cursory review and send you a notice of assessment.

      We generally have three years from the date of the notice of assessment to carry out a more in-depth review and, if necessary, issue a notice of reassessment (interest is calculated on any balance owing at that time).

      You must keep your income tax returns from previous years as well as all supporting documents for three years, as we may ask for them if a review of your return is eventually carried out.

      Note: If you carry on a business, you are required to keep your registers, books of account and other supporting documents for at least six years after the taxation year to which they pertain.

       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the third calendar quarter of 2012:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
       
  • Extract from Bill C-38, Part I, Income Tax Act, paragraph 9.(2.3):
    • A tax preparer shall file any return of income prepared by the tax preparer for consideration by way of electronic filing, except that 10 of the returns of corporations and 10 of the returns of individuals may be filed other than by way of electronic filing.
       
  • Extract from the web site of Revenue Québec about relevés 4:
    • In 2010, the solidarity tax credit replaced the property tax refund. Therefore, landlords will not issue—and tenants will not receive—RL-4 slips for 2011 and subsequent taxation years.
    • The 2.7 million households entitled to the solidarity tax credit must file their income tax return, including Schedule D, to receive monthly payments of the credit.
       
  • Extracts from the Budget in Brief by the Minister of Finance of Canada:
    • Increase funding for research and development by small and medium sized companies.
    • Gradually increase the age of eligibility for Old Age Security (OAS) and Guaranteed Income Supplement benefits from 65 to 67. This change will start in April 2023, with full implementation by January 2029, and will not affect anyone who is 54 years of age or older as of March 31, 2012.
    • Improve flexibility and choice by allowing Canadians the option of
      deferring take-up of their OAS benefits to a later time and receiving
      higher annual benefits.
    • Support the retirement income system with Pooled Registered Pension
      Plans that provide an accessible, large-scale and low-cost pension option
      to employers, employees and the self-employed.

       
  • Extracts from the Budget at a glance published by the Minister of Finance of Quebec:
    • Since January 2012, workers 65 and over who continue to work have been entitled to a tax credit on their work income between $5 000 and $15 000. When fully implemented, in 2016, this credit will represent a tax reduction of $1 500.
    • In addition, employers who employ workers 65 and over, will be entitled, as of 2013, to a payroll tax reduction. When fully implemented, in 2016, this will represent a reduction of $1 000 in payroll tax per worker 65 and over.
    • As of January 1, 2013, Voluntary Retirement Savings Plans will be easy for workers to access – businesses that currently do not offer a pension plan will be required to offer one to their employees, except for businesses with fewer than five employees;
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the second calendar quarter of 2012:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
       
  • Combined Personal Income Tax Rate - Quebec (2011)*:
    Taxable Income
    $
    Average Rate  %                  Marginal Rate
    Interest & Other Income
    %
     Capital Gain
    %
    Canadian Dividends
    Eligible
    %
    Other Than Eligible
    %
    10 527 0.0 12.53 6.26 -1.69 to 0.00 1.74
    13 300 2.6 28.53 14.26 4.09 to 5.78 11.74
    39 060 19.7 32.53 16.26 9.73 to 11.42 16.74
    41 544 20.5 38.37 19.19 17.97 24.05
    78 120 28.8 42.37 21.19 23.61 29.05
    83 088 29.7 45.71 22.86 28.32 33.22
    128 800 35.4 48.22 24.11 31.85 36.35

* Extract from CCH Tax Reference Booklet 2011-2012

  • Combined Personal Income Tax Rate - Ontario (2011)*:
    Taxable Income $                  Marginal Rate
    Interest & Other Income
    %
     Capital Gain
    %
    Canadian Dividends
    Eligible
    %
    Other Than Eligible
    %
    9 104 5.05 2.53 '-1.90 à 0.00 .69
    10 527 20.05 10.03 '-3.93 à 0.00 2.77
    37 774 24.15 12.08 1.85 à 3.88 7.90
    41 544 31.15 15.58 11.72 16.65
    66 519 32.98 16.49 12.50 17.81
    75 550 35.39 17.70 15.90 20.82
    78 370 39.41 19.70 18.32 23.82
    83 088 43.41 21.70 23.96 28.82
    128 800 46.41 23.20 28.19 32.57

    * Extract from CCH Tax Reference Booklet 2011-2012

  • Combined Corporate Income Tax Rate - Quebec (December 31 Tax Year)*:
      2012
    %
    2011
    %
    Income eligible to SBD 19.00 19.00
    Investment income of a CCPC    
    - Net of dividend tax refund 19.90 19.90
    -  Without dividend tax refund 46.57 46.57
    Other income 26.90 28.40

* Extract from CCH Tax Reference Booklet 2011-2012

  • Extracts from the web site of Department of Finance of Canada in connection with 2012 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 2011.
    • The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2011 will increase to 52 cents per kilometre for the first 5,000 kilometres driven and 47 cents for each additional kilometre.
       
  • 2012 federal and provincial personal tax credits returns.
     
  • On January 1, 2012, the rate of the Québec sales tax will rise from 8.5% to 9.5%. The new rate will apply to taxable supplies for which the QST will be payable as of January 1, 2012.
     
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the first  calendar quarter of 2012:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.