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Quebec Budgets

All tax measures are subject to legislative approval.

Quebec 2025 Budget - March 25, 2025

Quebec 2024 Budget - March 12, 2024

Quebec 2023 Budget - March 21, 2023

Quebec 2022 Budget - March 22, 2022

Quebec Fall Economic and Financial Update - November 25, 2021

Quebec 2021 Budget - March 25, 2021

Quebec 2020 Economic Update - June 19, 2020

Quebec 2020 Budget - March 10, 2020

Quebec 2019 Fall Economic Update - November 7, 2019

Quebec 2019 Budget - March 21, 2019

Quebec 2018 and Earlier Budgets

Quebec 2025 Budget - March 25, 2025

For the complete budget see Budget 2025-2026 and the Budget Plan

Personal/Business Measures:

Review of tax expenditures initiated in the 2024 Budget has been completed. Budget 2025 is announcing efforts to improve the tax system, representing near $3 billion over 5 years. Results of the review of tax expenditures in Budget 2025:

	harmonizing the rate of tax on insurance premiums and that of the QST
	refocusing on higher value-added IT activities with a tax credit for the development of e-business integrating artificial intelligence (CDAE)
	refocusing of the tax credit relating to resources on critical and strategic minerals
	eliminating the tax shield as of January 1, 2026
	eliminating the tax credit for political party contributions as January 1, 2026
	gradually restoring the balance between the property tax and the public utilities tax (PUT)
	increasing the threshold for the luxury vehicle tax and withdrawing the incentive exemption applicable to electric vehicles and plug-in hybrids.
	eliminating 9 other little-used tax measures

Quebec 2024 Budget - March 12, 2024

See Budget 2024-2025 Budget Plan on the Quebec website.

Financial outlook

	Projecting deficits to peak at $8.5 billion in 2025-2026 and then gradually reduce.
	No balanced budgets in the 5-year forecast.
	Net debt increases from $208.7 billion in 2022-2023 to $269.4 billion in 2028-2029.

Personal/Business Measures:

No changes to the personal income tax system.

Effective January 1, 2025, elimination of the retirement pension reduction for seniors with disabilities.

Comprehensive review of the government's tax and budgetary expenditures will be initiated in the spring.

As of midnight March 12, 2024, the price of a carton of 200 cigarettes increases by $2, with a second $2 increase effective January 6, 2025.

Abolition of the tax credit for businesses to foster the retention of experienced workers, since it has not produced the expected results.

Optimizing certain tax assistance measures for businesses, including:

	tax credit for development of e-business and tax credit for multimedia titles - harmonizing the level of refundability in the base rates
	refocusing tax assistance to the information technology sector on the highest value-added jobs; and
	tightening tax assistance for visual effects and animation by targeting it to labour expenditures.

Enhancing the tax credit for Quebec film or television production by increasing the cap on labour expenditures from 50% to 65% of production costs.

Increasing the base rate of the tax credit for film production services from 20% to 25%.

Quebec 2023 Budget - March 21, 2023

See Budget 2023-2024 - Budget in Brief

Bill 49 An Act to give effect to fiscal measures announced in the Budget Speech delivered on 21 March 2023 and to certain other measures

Personal Income Tax Measures

tax rates for bottom 2 2023 tax brackets reduced by 1 percentage point

tax rate for personal tax credits also reduced, from 15% to 14%

Certain personal tax credit amounts will be increased for 2023 so that the actual tax reduction from these will not change

Tax credits for volunteer firefighters and search and rescue volunteers will increase from $3,000 to $5,000

The government plans to increase the housing component of the Solidarity Tax Credit as of July 2023

changes to optimize the impacts of Quebec's tax-advantaged funds

Beginning in the 2024 taxation year, the tax credit for labour-sponsored funds will be available only to taxpayers whose taxable income is equal to or below the threshold of the top tax bracket ($119,910 for 2023).

The Quebec Tax & RRSP Savings Calculator for 2023 has been revised for the tax rate changes. You may have to refresh your browser to see the changes.

Corporate Income Tax Measures

new tax holiday for large investment projects, replacing the current tax holiday that will expire on December 31, 2024.

new measure takes place March 22, 2023, and businesses will have until December 31, 2029, to submit their projects

improvements to the tax credit for the production of events or multimedia environments staged outside Quebec

increase in parameters of the book publishing tax credit for qualified corporations

More information on tax measures can be found in the Budget Plan (pdf).

Quebec 2022 Budget - March 22, 2022

Bill 33, An Act amending the Taxation Act, the Act respecting the Quebec sales tax and other provisions, Date of assent June 8, 2022 - gives effect to fiscal measures announced in various Information Bulletins published in 2020, 2021 and 2022, as well as measures announced in the 2022 Budget.

Bill 6, An Act to give effect to fiscal measures announced in the Budget Speech delivered on 22 March 2022 and to certain other measures, Date of assent March 15, 2023.

Bill 7, An Act respecting the implementation of certain provisions of the Budget Speech of 22 March 2022 and amending other legislative provisions, at Committee stage as of March 21, 2023.

For the complete budget see Quebec 2022-2023 Budget Index.

2022-2023 projected deficit $3 billion, followed by $35 million for 20223-2024, and increased surpluses in subsequent years

no personal or corporate income tax changes

one-time cost of living support payment of $500 will be made to adults with an income of $100,000, reduced at a rate of 10% for every dollar of personal net income exceeding $100,000, reducing to zero at net income of $105,000. Eligibility requirements as of December 31, 2021:

	18 years of age or older
	residing in Quebec
	based on information provided in the 2021 tax return - payment will be made as soon as the tax return is processed by Revenu Quebec. There may be a delay for those returns processed before March 22nd, while the returns are reprocessed.

Quebec Fall Economic and Financial Update - Nov 25, 2021

Some highlights:

	Return to a balanced budget by 2027-2028
	Enhancement of the refundable tax credit for childcare expenses
	Exceptional cost of living allowance for low- and middle-income earners, who will receive $400 per couple or $275 for a person living alone, in early 2022. This is a one-time payment.
	Extension for 2 years the temporary enhancement to student financial assistance announced in July 2021.
	Enhancement of the senior assistance amount for seniors aged 70 and over

See Update on Quebec's Economic and Financial Situation Fall 2021 on the Quebec website, for full details.

Quebec 2021 Budget - March 25, 2021

See 2021 Budget Additional Information (pdf) for Fiscal Measures - it is much better to download the pdf and open in a pdf reader, so that the bookmarks can all be viewed.

Projected budget deficits:

	$15 billion in 2020-2021
	$12.3 billion in 2021-2022

Proposed Personal Tax Measures

See 2021 Budget Additional Information page A.31 (pg 35 of the pdf).

Enhancement/revision of the refundable tax credit for home-support services for seniors, for 2022 and subsequent taxation years:

	The rate will be increased by 1% each year starting in 2022. It is currently 35%, and will reach 40% in 2026.
	A reduction mechanism will be introduced applicable to dependent seniors, based on family income above the reduction threshold.
	The reduction mechanism for non-dependent seniors will be revised to better reflect family income.
	increase in eligible expenses for seniors living in a rental apartment building.

Dividend tax credit for non-eligible dividends will be reduced from 4.01% to 3.42% of the grossed-up (taxable) dividend, for dividends received or deemed received after December 31, 2021. This corresponds to the increase in the small business deduction (SBD).

Proposed Business Tax Measures

See 2021 Budget Additional Information page A.9 (pg 13 of the pdf).

small business corporate income tax rate reduced from 4% to 3.2% for corporation tax years ending after March 25, 2021.

instalment payments may be adjusted, as applicable, as of the first instalment following the day of the budget speech.

temporary increase in the tax credit rates for investment and innovation, and other amendments. The rates are doubled for Mar 26, 2021 to Dec 31, 2022.

temporary increase in the refundable tax credit rate for on-the-job training periods, for Mar 26, 2021 to Apr 30, 2022.

elimination of requirement to obtain advance ruling for R&D tax credits

addition of restrictions to certain tax incentives

Proposed Quebec Sales Tax Measures

See 2021 Budget Additional Information page A.3 (pg 7 of the pdf).

Clarifications regarding Quebec's general intentions to harmonize the QST system with the federal GST/HST proposals related to electronic commerce supplies.

Other Measures

See 2021 Budget Additional Information page A.39 (pg 43 of the pdf).

	modifications to tax advantaged funds
	maintenance of the compensation tax for financial institutions
	amendments to the mining tax act
	measures concerning trusts
	autonomous application of the penalty for promoters of aggressive tax planning

There is of course much more to the Quebec Budget than the tax measures. For the complete budget see Quebec 2021-2022 Budget Index.

Quebec 2020 Economic Update - June 19, 2020

- on Quebec website

The economic update details the reduction of $8.8 billion to Quebec's revenue due to the economic contraction, and provides information on fiscal measures taken re COVID-19.

Tax measures:

	deadlines extended for filing personal income tax returns and paying income tax balances and contributions.
	doubling the new refundable tax credit for caregivers for 2020, and making it available to caregivers of spouses of any age and caregivers having no family relationship with the care receiver.
	implementing a single school tax rate based on the lowest effective rate in Quebec, ahead of schedule.
	deferral and reduction of tax levies on businesses, and accelerated payment of tax credits to businesses.

See also the February 12, 2021 news release re New relieving measures to help individuals hit by the pandemic.

Quebec 2020 Budget - March 10, 2020

- on Quebec website

See 2020 Budget Additional Information (pdf) for Fiscal Measures. The refundable tax credit for caregivers will be enhanced and made more accessible. There are many measures concerning businesses, but no change in personal or corporate income tax rates or dividend tax credit rates.

Quebec Fall Economic Update - November 7, 2019

- on Quebec website

Fiscal measures:

Family allowance enhanced for 2020

	Amend tax legislation to enable Revenu Quebec to pay the QST component of the solidarity tax credit to social assistance recipients without them having to file a tax return.
	Public prescription drug insurance plan exemptions adjusted for 2019.
	Amendments re deferral of payment of tax on deemed disposition of interests in a qualified public corporation.

See Information Bulletin 2019-10 re Fiscal Measures. Quebec's indexation bulletin was released on the same day as the Economic Update - see Quebec Tax Amounts Subject to Indexation.

Quebec 2019 Budget - March 21, 2019

- on Quebec website

	enhancement for 2019 of the tax credit for experienced workers, which is renamed to the Tax Credit for Career Extension
	Introduction of a refundable tax credit for SMBs to encourage them to hire or retain workers aged 60+, with maximum credit of $1,250 to $1,875 annually per employee, depending on age.
	Eligible expenses for refundable tax credit for reporting of tips to include provisions re days of leave for family obligations or health reasons
	Government will make it mandatory for individuals who operate a digital accommodation platform to register for the tax on lodging, collect the tax and remit it to Revenu Quebec, the same as operators of sleeping-accommodation establishments located in Quebec tourism regions where the tax applies.
	Revenu Quebec will establish, in cooperation with the financial market sector, a new tax slip that will make it easier to report financial market transactions to investors.