Personal Tax

1. Keep Your Tax Documents Organized
Save your T4, Relevé slips (RL-1, RL-31, etc.), RRSP receipts, medical receipts, and other tax documents in one place to make filing easier and more accurate.

2. Claim All Eligible Credits and Deductions
Don't miss valuable tax savings such as medical expenses, childcare expenses, RRSP contributions, charitable donations, and Quebec tax credits you may qualify for.

3. File Your Tax Returns on Time
In Quebec, most individuals must file both a CRA (federal) and a Revenu Québec (provincial) tax return. Filing on time helps avoid penalties and ensures you continue receiving benefits and tax credits.

4. Report All Sources of Income
Include employment income, self-employment income, investment income, rental income, and any other taxable income to avoid reassessments or penalties.

5. Consider Professional Tax Assistance
A qualified tax professional can help you maximize your refund, identify federal and Quebec tax credits, reduce errors, and ensure your returns are filed correctly.

Small Business Tax

1. Keep Business and Personal Finances Separate
Use a dedicated business bank account and credit card to simplify bookkeeping, track expenses, and prepare your tax returns.

2. Track Every Business Expense
Save receipts and record expenses throughout the year to claim all eligible business deductions and reduce your taxable income.

3. Stay on Top of GST/QST
Know when you need to register for GST/QST, collect the correct amounts, file your returns on time, and remit the taxes you collect to avoid penalties and interest.

4. Keep Accurate Financial Records
Maintain organized records of sales, expenses, payroll, invoices, and bank transactions to make tax filing easier and support your claims if you're audited.

5. Work with a Tax Professional
A tax professional can help reduce your tax bill, ensure compliance with both CRA and Revenu Québec requirements, and help your business stay on track.

Corporate Tax

1. Keep Business and Personal Expenses Separate

Using separate business bank accounts and credit cards makes bookkeeping easier, helps maximize legitimate deductions, and reduces issues if your corporation is reviewed by the CRA or Revenu Québec.

2. Claim Every Eligible Business Expense

Many corporations miss valuable deductions. Common deductible expenses include:

  • Office rent

  • Business insurance

  • Professional fees

  • Employee salaries

  • Vehicle expenses (business use)

  • Office supplies

  • Software subscriptions

  • Marketing and advertising

  • Internet and phone costs

  • Business travel and meals (subject to tax rules)

Good record-keeping ensures you receive every deduction you're entitled to.

3. Plan How You Pay Yourself

For incorporated business owners, choosing between salary, dividends, or a combination of both can significantly affect taxes, CPP/QPP contributions, RRSP room, and personal cash flow. The best option depends on your corporation's profits and your personal financial situation.

4. Don't Miss Filing and Payment Deadlines

Late corporate tax filings and payments can result in unnecessary penalties and interest. Maintain an annual tax calendar for:

  • Corporate income tax returns

  • GST/HST and QST returns

  • Payroll remittances

  • T4 and RL-1 slips

  • Annual corporate filings

Planning ahead helps avoid costly surprises.

5. Take Advantage of Available Tax Credits and Small Business Incentives

Many Quebec corporations qualify for valuable tax savings, including the Small Business Deduction (SBD) if they meet the eligibility requirements. For taxation years beginning after April 29, 2026, Quebec increased the SBD rate from 8.3% to 9.3%, reducing the tax burden on eligible active business income. Other provincial and federal tax credits may also be available depending on your industry and activities.