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Quebec 2014 Budget

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Quebec   ->   QC Budgets -> 2014 Budget

Quebec Budget June 4, 2014

Full details of the budget can be found on the Finance Quebec website, with the highlights found in the Budget at a Glance document (pdf file).

Tax measures proposed in the budget include the following items.  All changes are subject to legislative approval.

bulletCreation of the Quebec Taxation Review Committee to take stock of Quebec's tax system and recommend ways to improve it.
bulletStepping up efforts to fight tax evasion.

Business Income Tax Changes

bulletManufacturing SME (small and medium enterprise) corporate income tax rate will be lowered from 8% to 6% effective June 5, 2014, and will be lowered to 4% effective April 1, 2015, at which time it will correspond to the Canadian average.
bulletAdditional deduction for transportation costs of eligible manufacturing SMEs that are far from large centres - the deduction will increase according to the remoteness of the SMEs.  The amount of this deduction may reach 6% of gross income for a taxation year.
bulletHoliday from the contribution to the Health Services Fund on salaries paid will be granted to eligible SMEs that hire a specialized employee to foster innovation.  The list of recognized jobs for this reduction can be found in the Additional Information on the Fiscal Measures of the Budget (link below).  See also Reduced Contribution to the Health Services Fund for the Hiring of Specialized Workers, on the Revenue Quebec website.
bulletTax incentives to promote the modernization and renewal of vessels at Quebec shipyards:
bulletadditional capital cost allowance (CCA) of 50% for the construction or renovation of vessels.
bulletpossibility for shipowners to create a tax-free reserve, with a view to modernizing or renewing their fleet of vessels.
bullet20% reduction in business tax credit rates, the elimination or suspension of certain tax measures announced since September 2012, and caps on certain fiscal measures for business capitalization.
bulletExisting mining tax regime maintained in order to preserve stability.

Personal Income Tax Changes

bulletSeniors:
bulletTax credit for experienced workers enhanced, to be calculated on the first $4,000 (increased from $3,000) of eligible work income in excess of the first $5,000 of such income.  This will be effective with the 2015 taxation year.
bulletCreation of a refundable tax credit of 20% of eligible expenses, up to $200, for certain physical, artistic and cultural activities.  This will be available for an individual who is age 70 or older on December 31 of a taxation year, but excludes an individual who:
bullethas income greater than $40,000 (indexed starting January 1, 2015) for the year; or
bulletis exempt from tax for the year under certain sections of the Taxation Act.
bulletImplementation of a loan program adapted for seniors to facilitate the payment of property taxes.
bulletTaxpayers under 65 will no longer be able to split pension income with a spouse.

Sales Tax Changes

bulletTobacco tax increased by $4 per carton of 200 cigarettes as of midnight June 4, 2014
bulletStandardization of the tax rates respecting alcoholic beverages sold for consumption at home (rates increased) and sold in restaurants and bars for consumption on-site (rates lowered), as of August 1, 2014.

More detailed information on taxation changes can be found in the Budget 2014-2015 document Additional Information on the Fiscal Measures of the Budget (pdf).

Quebec Election April 7, 2014

The Quebec government has changed hands from the Parti Quebecois to the Liberals prior to the approval of the budget presented below.  The Quebec National Assembly meets again on May 6, 2014 to start the next legislative session.  It is not known at this time when the Liberals will present a new budget.

Quebec Budget February 20, 2014

There were no significant tax announcements in the 2014-2015 budget.  This budget did not pass, so no changes from it were enacted.

Full details of the budget can be found on the Finance Quebec website, with the highlights found in the Budget at a Glance document (pdf file).

Tax measures proposed in the budget included the following items.

Tax Measures

bulletThe rate of the tax credit for the purchase of CRCD shares will be reduced from 50% to 45%
bulletImprovement to the tax credit to foster the modernization of the tourism accommodation offering in the regions

Many federal budget measures will also be retained by Quebec, including but not limited to the measures relating to:

bulletaddition of certain expenses to the list of expenses eligible for the medical expense tax credit
bullet

introduction of a tax credit for search and rescue volunteers

bulletelimination of graduated rate taxation for certain trusts and estates
bulletdonations in the context of death
bulletextension of carry-forward period for gifts of ecosensitive land made by an individual, from 5 years to 10 years
bulletincrease in thresholds determining how frequently employers must remit withholdings at source

For a complete list of the federal budget measures retained, see the Budget Plan page I.13

Revised: October 18, 2017

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