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Quebec 2015 Budget

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Quebec   ->   QC Budgets -> 2015 Budget

Quebec Budget - March 26, 2015

Full details of the budget can be found on the Finance Quebec website.  All proposed changes are subject to legislative approval.

Personal Tax Changes

bulletTax credit for experienced workers will be enhanced beginning in 2016.  The age of eligibility will be lowered over a period of 2 years, from 65 to 63.  The maximum amount of eligible work income on which the tax credit is calculated will be increased gradually to $10,000 for all workers age 65 and over.  The tax credit will also be reducible based on work income.
bulletHealth contribution - gradual elimination starting January 1, 2017, completely eliminated by 2019.
bulletTax shield introduced as of tax year 2016 - new refundable tax credit for low and middle income taxpayers.  Details can be found in the Additional Information on Fiscal Measures - see link below.
bulletAge amount tax credit - age of eligibility will increase from 65 in 2015 by 1 year each year, until it is age 70 in 2020.
bulletSolidarity tax credit will be revised, with the amount to be determined annually rather than monthly, based on information in the tax return.  The amount determined will continue to be paid as of July in the following year, but depending on the value determined, the tax credit will be paid on a monthly, quarterly or annual basis.  Payments beginning in July 2016 will be determined based on the 2015 tax return.
bulletNew assistance program for seniors to partially offset a municipal tax increase pursuant to a new assessment roll - to receive the grant for a particular year, an individual must apply in the tax return, beginning with the tax return filed for taxation year 2015.

Business Income Tax Changes

bulletGeneral corporate income tax rate will be reduced from the current rate of 11.9% to 11.8% in 2017, 11.7% in 2018, 11.6% in 2019, and 11.5% in 2020.
bulletOnly some of the corporations currently eligible for the small business deduction (SBD) will be able to continue claiming the full or partial amount of the deduction, as eligibility criteria will be added, including the requirement to have more than 3 employees.  See page A.39 of the Additional Information on Fiscal Matters document (link below).  Changes will apply to a taxation year beginning after December 31, 2016.
bulletManufacturing SMBs (small and medium businesses) - changes will be made to the additional deduction to extend eligibility for the additional deduction to corporations in the primary sector and modify the calculation parameters - effective for taxation years beginning after December 31, 2016.
bulletHealth Services Fund contribution rate will be gradually reduced for SMBs in the service and construction sectors.
bulletReduction of maximum tax credit rates for investments relating to manufacturing and processing equipment, effective for eligible expenses incurred after December 31, 2016.
bulletIncrease in refundable tax credit for on-the-job training periods.
bulletRefundable tax credit for integration of IT in manufacturing SMBs - extended for 2 years, rate of tax credit reduced, tax credit extended to corporations in the primary sector.
bulletRevision of many refundable tax credits for businesses.
bulletChange to the calculation of a taxable benefit of an employee for the purposes of a refundable tax credit.

More detailed information on taxation changes can be found in the 2015-2016 Budget Plan - Additional Information on Fiscal Measures (pdf).

Revised: September 20, 2017

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