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TAX BULLETIN - ARCHIVES 2015
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the 4th calendar quarter of 2015:
    • 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 News Release published by Finance Canada:
    • Reducing the small business tax rate to 9 per cent by 2019—putting an estimated $2.7 billion back into the pockets of job-creating small businesses and their owners between now and 2019–20.
    • Providing manufacturers with a 10-year accelerated capital cost allowance to encourage productivity-enhancing investment in machinery and equipment.
    • Increasing the Tax-Free Savings Account annual contribution limit to $10,000, effective for 2015 and subsequent years.
       
  • Extracts from Additional Information (2015-2016 Budget) published by Finance Québec:
    • Gradual elimination of the health contribution as of January 1, 2017
    • The general corporate tax rate in Québec is 11.9%. However, a Canadian-controlled private corporations with paid-up capital of $10 million or less enjoy a tax rate reduction of 3.9 percentage points on the first $500 000 of annual income—the business limit—from an eligible business,46 which lowers the tax rate from 11.9% to 8% on the first $500 000 of income (...)The general corporate tax rate will be reduced from the current rate of 11.9% to 11.8% in 2017, 11.7% in 2018, 11.6% in 2019 and, ultimately, 11.5% in 2020
    • Gradual reduction of the Health Services Fund contribution rate for SMBs from 2.7% to 2.25% over a three-year period beginning in 2017
    • Allow large businesses to claim an ITR in respect of property and services to which the restrictions currently apply, at the rate of 25% in 2018, 50% in 2019, 75% in 2020 and, ultimately, 100% as of 2021
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the 3rd calendar quarter of 2015:
    • 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 2nd calendar quarter of 2015:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
       
  • Watch out about fake forms W-8BEN used in IRS tax scams!
     
  • Extracts from the web site of Department of Finance of Canada in connection with 2015 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 2014.
    • The limit on the deduction of tax-exempt allowances paid by employers to employees that use their personal vehicle for business purposes for 2015 will be increased by 1 cent to 55 cents per kilometre for the first 5,000 kilometres driven and to 49 cents for each additional kilometre. 
       
  • Rates, thresholds and amounts applicable to source deductions and contributions for 2015 as published by Revenue Quebec.
     
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the first calendar quarter of 2015:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
       
  • Extracts from CCH Tax Reference Booklet 2014-2015

    Personal Income Tax Rates - Quebec (2014)

    Income Tax Bracket

     $

    Effective Rate

    %

    Marginal Rate
    Interest & Ordinary Income  % Capital Gains  % Canadian Dividends
    Eligible

    %

    Non-Eligible

    %

    11 138   0.00 12.53 6.26 -0.02 à 0.00   3.92
    14 131   2.65 28.53 14.26 5.64 à 5.66 14.49
    41 495 19.71 32.53 16.26 11.16 à 11.18 19.21
    43 953 20.43 38.37 19.19 19.22 26.10
    82 985 28.87 42.37 21.19 24.74 30.82
    87 907 29.62 45.71 22.86 29.35 34.76
    100 970 31.71 47.46 23.73 31.77 36.83
    136 270 35.79 49.97 24.98 35.22 39.78

    Corporate Income Tax Rate - Quebec (December 31 Tax Year)
    2015 2014
    % %
    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 26.90