News and publications
* The news we receive about members are published in the language in which they were communicated to us.
Results
Search warrants and professional secrecy
Further to an article titled “Protecting Privacy” that appeared in the December 2014 issue of CPA Magazine, we wish to reiterate some of the principles of professional secrecy which must be adhered to by all Quebec CPAs.
News
GST- QST - Election for closely related persons
In January 2015, Revenu Québec published new form FP-4616 which replaces form FP-2025 for making an election with respect to closely related persons for GST/QST purposes. For all the new terms and requirements applicable to joint elections covered under section 156 of the Excise Tax Act, read the article written on behalf of the working group on taxation and commodity taxes that was published in November 2014.
Expert advice and resources
Tax treatment of automobile expenses
In keeping with the principle of harmonized tax legislation regarding automobiles, the various limits and rates governing the deductibility of automobile expenses and the calculation of the value of the taxable benefits relating to the use of automobiles contained in Quebec’s tax legislation and regulations will be the same in 2015 as those applicable under the federal tax system. Refer to the information bulletin published by Quebec’s Ministère des Finances
Expert advice and resources
Improvements to the tax holiday for large investment projects
Last week, Quebec’s Minister of Finance announced improvements to the tax holiday granted to businesses that will be carrying out large investment projects in Quebec. Read full details in the latest Information Bulletin published by the Ministère
Expert advice and resources
Refund of overpayments of the contribution to the HSF made by SMBs entitled to the reduced contribution rate
SMBs eligible for the reduced contribution rate for the health services fund (HSF) can determine the actual amount of their contribution for the year when they file their 2015 Summary of Source Deductions and Employer Contributions. If applicable, SMBs will receive a refund of overpayments. For more information
Expert advice and resources
Defined benefit plans
ASPE Briefing — Section 3462, Employee Future Benefits: A focus on defined benefit plans will assist you in the application of Section 3462, Employee Future Benefits, for private Canadian companies applying accounting standards for private enterprises (ASPE). Download a copy
Expert advice and resources
Annual financial reports for SHQ-subsidized organizations
The financial report guides and model for the AccèsLogis Québec, Logement abordable Québec and Achat-rénovation programs and for the HLM public program are now available online.The models and guides for the multiprogram financial statements will be posted online in a few weeks.
Expert advice and resources
Annual registration fee of trusts operating a commercial enterprise
Did you know that trusts operating a commercial enterprise registered before 2014 are required to pay their annual registration fee to the Registraire des entreprises? The payment must be enclosed with the trust’s annual updating declaration and not its income tax return. To learn more
Expert advice and resources
Form T1135 now online
Canadian residents who own foreign property costing more than $100,000 can now file Form T1135, Foreign Income Verification Statement, electronically for 2014 and subsequent taxation years. See full details
Expert advice and resources
Brief submitted as part of the Quebec government’s prebudget consultations
The CPA Order is recommending modernizing Quebec taxation through a major shift towards transparency, efficiency and accessibility. This is the focus of the 11 major recommendations the CPA Order presented today to Finance Minister Carlos Leitao as part of the Quebec government’s prebudget consultations.
Briefs