Quebec -> Budgets
Quebec Budgets
All tax measures are subject to legislative approval.
Quebec 2022 Budget - March 22, 2022
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:
|
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:
| ||||||||
| 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.
| ||
| 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 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 Relief Measures introduced re COVID-19.
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.
For complete information on fiscal measures, see Additional Information on the Fiscal Measures in the Budget Additional Information document.
2017 Economic Plan Update - November 21, 2017
October 2016 Economic Update - on Quebec Ministry of Finance website - Health Contribution eliminated effective January 1, 2017, ahead of schedule.
2016 Budget - March 17, 2016
2015 Budget - March 26, 2015
2014 Budget - June 4, 2014
| October 8, 2013 announcements re tax credits |
| November 20, 2012 Budget |
- on QC website, no new income tax measures for 2012
2011 Budget - March 17, 2011
2010 Budget - March 30, 2010
2009 Budget - March 19, 2009, and January 14, 2009 Economic Statement
2008 Budget - March 13, 2008
2007 Budget - May 24, 2007
Revised: March 22, 2022