We’re pleased to invite you to update your knowledge on developments of the International Accounting Standards Board (IASB), the IFRS Interpretations Committee and other regulators over the past year by joining us at this webinar. This is a quick, simple and easy way to navigate through complexities.

We will be providing an overview of the following, among others:

  • Newly published or amended International Financial Reporting Standards (IFRS);
  • The IASB’s work plan;
  • Regulatory developments.

Our speakers: Gilles Henley, CPA, CA, Partner – Risk Management and Accounting Research, Diane Joly, CPA, CA, Senior Manager – Risk Management and Accounting Research, Brian Toman, CPA, CA, Senior Manager – Risk Management and Accounting Research and Caroline Lessard, CPA, CA, Manager – Risk Management and Accounting Research at Raymond Chabot Grant Thornton.

Each participant who attends the webinar will be able to take a test at the end of the session. A training certificate, which applies for training hours recognized by the Quebec CPA Order (OCPAQ), will be given to each participant who passes the test.

This information session is offered free of charge by Raymond Chabot Grant Thornton (in French only).

Register today! (Password: rcgt112301)

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General Partners of a Limited Partnership and GST/HST

Are the General Partners of a Limited Partnership Required to Collect GST/HST on Payments or Distributions Received from Their Partnerships?

On September 8, 2017, the Minister of Finance presented new legislative proposals regarding limited partnerships. Under these new measures, certain distributions made by limited partnerships to general partners will henceforth be subject to the GST/HST.

Partnerships are covered by specific rules prescribed by the Excise Tax Act. The practical effect of these rules is that services provided by a partner to its partnership in his/her capacity as partner are not considered as being provided by the partner but rather by the partnership in connection with its activities.  The partner would therefore not be considered as having provided a service and would not have to collect any GST/HST in this regard.

In order to apply these rules, the critical question is to determine whether or not a service is rendered “as a partner of the partnership”. The answer to this question needs to be determined based on particular facts, such as the partnership agreement, the nature of the services rendered and their relation to the partnership’s activities and the partner’s normal activities and remuneration, as applicable.

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To see the webinar on estate planning (in French), click here.

You can also download the document here.

It’s a well-known saying that only two things in life are certain, death and taxes. Estate planning is important to ensure that your wishes are carried out and to minimize the overall tax burden on your estate when you die.

Our tax experts will go over various matters to consider so that your heirs can benefit from your estate in the best possible tax conditions while ensuring sound overall wealth management.

They will provide the answers to many questions, including:

  • What happens if I die without a will?
  • Who pays the taxes after I die?
  • Do I have enough life insurance to cover my family’s financial needs?
  • Will my heirs have to deal with my business partners?

This French webinar is offered at no charge by Raymond Chabot Grant Thornton. Participants may ask questions online.

France Vézina

Lorange-Danielle-RCGT-Cantons-Estrie

Danielle Loranger

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The Québec government announced a number of tax measures geared towards innovative corporations in its last budget. These new measures are added to those already in place (SR&ED tax credits, First Patent program) to foster research and development (R&D) in Québec, but also the commercialization of the resulting inventions.

Deduction for qualified innovative manufacturing corporations

The deduction for qualified innovative manufacturing corporations (or “DIMC”) is particularly intended for corporations in the manufacturing and processing sector that cannot claim the small business deduction. The purpose of the DIMC is to encourage a qualified innovative manufacturing corporation to profit in Québec from a patent it has been granted as the result of scientific research and experimental development (R&D) work that it carried out in Québec. The DIMC will enable such a corporation to reduce its taxable income for a taxation year by an amount equal to a portion of the value of a qualified patented part integrated into qualified property that the corporation sold.

Fiscal legislation has been amended so that a qualified innovative manufacturing corporation can deduct, in calculating its taxable income for a taxation year, a specified annual percentage of the lesser of:

  • the total value of all qualified patented parts incorporated into qualified property that the corporation sold;
  • the DIMC ceiling, which is equivalent to 50% of net income earned on the sale or lease of qualified property shown in the separate accounts of the particular company.

Qualified patented part

The term qualified patented part, for a particular taxation year, refers to an invention for which the corporation owns or co-owns a patent under the Patent Act or any other legislation of a jurisdiction other than Canada having the same effect.

The Couillard government is hoping to foster investment in the innovative manufacturing sector, to maintain intellectual property in the province and to make Québec businesses more competitive. It also wants to encourage the production and commercialization of goods resulting from patents on Québec inventions. Finally, the government wants to encourage innovative companies to bring Québec to the forefront for high added-value manufacturing and R&D activities.

However, unfortunately the companies targeted for this measure are those mainly carrying on manufacturing and processing activities in Québec and operating a business with at least $15 million in paid-up capital.

However, unfortunately the companies targeted for this measure are those mainly carrying on manufacturing and processing activities in Québec and operating a business with at least $15 million in paid-up capital.

Given the complexity of this tax incentive, it is a good idea to talk to a patent officer and to one of our tax professionals in order to put in place measures allowing for the preparation and filing of R&D patent applications and making it possible to determine income from this intellectual property to claim the deduction.

Please come and talk to us about this!