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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.

bullet2022-2023 projected deficit $3 billion, followed by $35 million for 20223-2024, and increased surpluses in subsequent years
bulletno personal or corporate income tax changes
bulletone-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:
bullet18 years of age or older
bulletresiding in Quebec
bulletbased 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:

bulletReturn to a balanced budget by 2027-2028
bulletEnhancement of the refundable tax credit for childcare expenses
bulletExceptional 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.
bulletExtension for 2 years the temporary enhancement to student financial assistance announced in July 2021.
bulletEnhancement 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:

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

Proposed Personal Tax Measures

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

bulletEnhancement/revision of the refundable tax credit for home-support services for seniors, for 2022 and subsequent taxation years:
bulletThe rate will be increased by 1% each year starting in 2022. It is currently 35%, and will reach 40% in 2026.
bulletA reduction mechanism will be introduced applicable to dependent seniors, based on family income above the reduction threshold.
bulletThe reduction mechanism for non-dependent seniors will be revised to better reflect family income.
bulletincrease in eligible expenses for seniors living in a rental apartment building.
bulletDividend 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).

bulletsmall business corporate income tax rate reduced from 4% to 3.2% for corporation tax years ending after March 25, 2021.
bulletinstalment payments may be adjusted, as applicable, as of the first instalment following the day of the budget speech.
bullettemporary 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.
bullettemporary increase in the refundable tax credit rate for on-the-job training periods, for Mar 26, 2021 to Apr 30, 2022.
bulletelimination of requirement to obtain advance ruling for R&D tax credits
bulletaddition of restrictions to certain tax incentives

Proposed Quebec Sales Tax Measures

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

bulletClarifications 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).

bulletmodifications to tax advantaged funds
bulletmaintenance of the compensation tax for financial institutions
bulletamendments to the mining tax act
bulletmeasures concerning trusts
bulletautonomous 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.

2018 Budget - March 27, 2018

2017 Economic Plan Update - November 21, 2017

2017 Budget - March 28, 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

2013 Budget

bulletOctober 8, 2013 announcements re tax credits
bulletNovember 20, 2012 Budget

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


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