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Quebec 2017 Budget

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Quebec -> QC Budgets -> 2017 Budget

Quebec Budget - March 28, 2017

Full details of the budget can be found on the Finance Quebec website, with tax changes in 2017-2018 Budget Plan - Additional Information on Fiscal Measures (pdf).

All proposed changes are subject to legislative approval.

Personal Tax Changes

bulletPersonal tax credit rate will be reduced to 16%, the lowest personal income tax rate, from 20%.  As a result, the amounts of all credits are increased so that the tax reduction will be the same as it was with the 20% rate, except for the basic personal amount.  It will be increased more, so that the tax reduction is increased by $55 per person.
bulletSome tax credits will still use the 20% rate:
bulleteligible medical expenses
bulletstudent loan interest
bulletthe first $200 of gifts/donations
bulleteligible expenses to obtain medical care not provided in the region where an individual lives
bulletTax credit for persons living alone, with respect to age and for retirement income will have 2 changes:
bulletThe eligible retirement income component will be raised (grossed-up) by 25%.  For instance, for a person with $1,000 of retirement income, the amount used in the calculation will be $1,250.
bulletThe reduction rate based on household income will increase from 15% to 18.75%.
bulletHealth contribution - eliminated for 2016 for net income up to $134,095, reduced for incomes over $134,095 and up to $159,095 - refunds will be issued.  As per the October 2016 Economic Update, eliminated for 2017.
bulletThe RenoVert tax credit, a temporary refundable tax credit for eco-friendly renovations, is extended to March 31, 2018
bulletThe new refundable tax credit for bringing residential waste water systems up to standard will be available for 5 years, starting April 1, 2017.
bulletThe deduction for residents of designated remote areas will be expanded to be made available for residents of the Magdalen Islands, for 2017 and later taxation years.

Business and Other Fiscal Measures

More information on the measures below can be found in the 2017-2018 Budget Plan - Additional Information on Fiscal Measures (link above).

bulletSmall Business Deduction (SBD) - the qualification criterion re the minimum number of worked will be modified to be based on the minimum number of hours paid.
bulletIncrease in additional deduction for transportation costs of certain remote manufacturing SMEs (small & medium enterprises).
bulletIntroduction of an additional deduction for transportation costs of all SMEs located in the special remote area.
bulletImprovements to the tax holiday for large investment projects.
bulletIntroduction of an additional capital cost allowance of 35% where a business acquires manufacturing or processing equipment and computer equipment after March 28, 2017 and before April 1, 2019.
bulletHigher increases respecting the refundable tax credit for Quebec film or television production.
bulletChanges to the refundable tax credit for film production services.
bulletElimination of an applicability condition for the refundable tax credit for the production of multimedia events or environments staged outside Quebec
bulletStreamlining of the refundable tax credit for corporations specialized in the production of multimedia titles.
bulletRenewal and improvement o the refundable tax credits aimed at encouraging the creating of new financial services corporations.
bulletBroadening the refundable tax credit for ethanol production in Quebec.
bulletIncreased recognition of major investments by Fondaction in social economy enterprises.
bulletIncrease to eligible investments by Capital régional et coopératif Desjardins in the Société en commandite Essor et Coopération.
bulletExtension of the compensation tax for financial institutions and maintenance of rates for an additional five-year period.
bulletIntroduction of an allowance for community consultations in the Mining Tax Act.
bulletUse of the territorial designation of the Northern Plan in the various tax measures specific to the mining sector.

Revised: March 30, 2017

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