1. Québec Introduces New Foreign-Property Reporting Form (TP-1079.8.BE-V)
Revenu Québec has released a major new filing requirement for taxpayers and partnerships holding foreign property outside Canada with a total cost greater than $100,000 at any time during the year.
Key details:
-
Applies to taxation years and fiscal periods ending after December 30, 2025
-
Very high penalties for non-filing:
-
$500/month (up to $12,000), doubled after official demand
-
Additional 5% of total cost if >24 months late
-
For false statements: greater of $24,000 or 5% of cost
-
-
Reassessment period extended by three years if related income was unreported
Impact:
This is now one of the strictest foreign-asset reporting regimes in Canada. Québec taxpayers with foreign investments, rental properties, or interests in offshore entities should prepare early.
2. Québec Releases 2026 Withholding, Payroll & Employer Rates
Revenu Québec also published its 2026 source deduction parameters. Important highlights include:
-
Indexation: 2.05%
-
New tax brackets and revised personal credit amounts
-
QPP 2026: Max earnings $74,600; combined contribution rate 6.30%
-
QPIP 2026: Employee rate 0.430%, employer 0.602%
-
HSF: Updated rates depending on employer payroll size
-
Eliminated deductions for foreign specialists and international seamen (no new claims after Mar 25, 2025)
Action for employers: Update payroll software and HR systems before January 2026 to avoid withholding errors.
3. Federal Insolvency Regulations — Draft Amendments Released
The federal Department of Justice has published proposed amendments to the Bankruptcy and Insolvency General Rules and CCAA Regulations.
What’s changing:
-
Modernized filing procedures
-
Updated trustee reporting obligations
-
Alignment with Budget 2025 statutory changes
Deadline: Public comments are open until December 29, 2025.
Looking Ahead
We continue monitoring federal and provincial releases, including:
-
CRA 2025 motor-vehicle benefit and expense rates
-
Upcoming Canada Gazette Part I publications
-
Provincial tax bulletins and HST/PST changes
Updates will be included in your Saturday Weekly Tax Briefing.
Need quick tax answers?
Try our new AsraniCPA Virtual Tax Assistant — available 24/7 for CRA questions, T1/T2 filing, HST, payroll and more.
Start here: https://asranicpa.ca/ask-asranicpa
