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TAX BULLETIN - ARCHIVES 2014
  • Extracts of Finance Quebec's publication Update on Québec's Economic and Financial Situation - At a Glance:
    • Reduction of the tax rate for manufacturing SMEs, from 8% to 4%
    • Reduction of the Health Services Fund contribution rate for SMEs:
      • Reduction of the rates for SMEs in the primary and manufacturing sectors as of January 1, 2015
      • Holiday from the contribution for the hiring of specialized workers
         
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the fourth calendar quarter of 2014:
    • 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 2014:
    • 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:
    • New deficit targets: $3.1 billion in 2013–2014 and $2.35 billion in 2014–2015. Return to a balanced budget projected for 2015–2016
    • 21% reduction in tax assistance for businesses
    • Reduction from 8% to 4% in the general tax rate for manufacturing SMEs
    • The government’s objective is to cut the cost of administrative formalities imposed on businesses by 20% by 2015
    • Establishment of the Société du Plan Nord to coordinate development with all partners
    • $1.2 billion for municipal, sports, community and recreational infrastructure
     
  • Extracts from the Budget in Brief by the Minister of Finance of Canada:
    • Increases support for small business owners, farmers and fishermen by
      raising the Lifetime Capital Gains Exemption to $800,000 and indexing
      the new limit to inflation, at a cost of $110 million over five years.
    • Despite continued uncertainty in the global economy, the Government
      is on track to return to balanced budgets by 2015–16.
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the second calendar quarter of 2014:
    • 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:
    • Return to a balanced budget in 2015-2016
    • Improving the quality and efficiency of public sector:
      - implementing patient-based funding in the health network;
      - continuing the efforts requested of public bodies in regard
      to spending management;
      - reassessing the efficiency of the organization and delivery of public services within five years.
    • Ensuring funding for public services:
      - gradually raising the parental contribution for childcare services;
      - revising education cost-sharing for foreign university students.
    • Fighting against corruption and tax evasion.
       
  • Extracts from CCH Tax Reference Booklet 2013-2014

    Personal
    Income Tax Rates - Quebec (2013)
    Income Tax Bracket

    $

    Effective Rate

    %

    Marginal Rate
    Interest & Ordinary Income % Capital Gains

    %

    Canadian Dividends
    Eligible

    %

    Non-Eligible

    %

    11 038   0.00 12.53 6.26 -0.02 à 0.00 1.74
    13 994   2.65 28.53 14.26 5.64 à 5.66 11.74
    41 095 19.71 32.53 16.26 11.16 à 11.18 16.74
    43 561 20.44 38.37 19.19 19.22 24.05
    82 190 28.87 42.37 21.19 24.74 29.05
    87 123 29.63 45.71 22.86 29.35 33.22
    100 000 31.70 47.46 23.73 31.77 35.41
    135 054 35.79 49.97 24.98 35.22 38.54
Corporate Income Tax Rate - Quebec (December 31 Tax Year)
2014 2013
% %
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

Personal Income Tax Rates - Ontario (2013)

Taxable Income
 $
                Marginal Rate
Interest & Other Income

%

Capital Gain

 %

Canadian Dividends
Eligible

%

Non-Eligible %
9 574 5.05 2.53 -1.86 à 0.00 .69
11 038 20.05 10.03 -1.89 à 0.00 2.77
39 723 24.15 12.08 3.77 à 3.80 7.90
43 561 31.15 15.58 13.43 16.65
69 958 32.98 16.49 14.19 17.81
79 448 35.39 17.70 17.52 20.82
82 420 39.41 19.70 19.88 23.82
87 123 43.41 21.70 25.40 28.82
135 054 46.41 23.20 29.54 32.57
509 000 49.537 24.76 33.85 36.47
  • Extracts from the web site of Department of Finance of Canada in connection with 2014 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 2013.
    • The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business  will remain at 54 cents per kilometre for the first 5,000 kilometres driven and 48 cents for each additional kilometre.
       
  • Extract from Revenue Quebec's site about the Limits and Rates Related to the QPP for 2014:
    • The maximum pensionable earnings have been increased from $51,100 to $52,500.
    • The basic exemption is $3,500.
    • The maximum contributory earnings have been increased from $47,600 to $49,000.
    • The contribution rate has been increased from 5.10% to 5.175% for both employers and employees.
    • The maximum employee contribution has been increased from $2,427.60 to $2,535.75.
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the first calendar quarter of 2014:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.