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Quebec 2007 Budget

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Quebec -> QC Budgets -> 2007 Budget

Quebec 2007 Budget - May 24, 2007

bullet2008 tax bracket thresholds will be increased from the 2007 levels of $29,290 and $59,585 to $32,000 and $64,000.
bullettax changes effective for 2007:
bulletoption to split retirement income between spouses
bulletchanges will be made to the tax credit for minor children engaged in vocational training or post-secondary studies to make it fairer and more favourable to parents.
bulletthe tax credit for adult children who are students will be replaced by a transfer mechanism for the recognized parental contribution.
bulletthe portion of the tax credit for tuition fees and examination fees that a student does not use may be transferred to a parent or grandparent.
bulletintroduction of a refundable tax credit to be paid into an RESP, similar to the Canada education savings grant (CESG), that will enable families that contribute to an RESP after budget day (Feb 20, 2007) to obtain financial assistance of up to a lifetime maximum of $3,600 per child.
bulletincrease in the tax credit for retirement income from $1,000 to $1,500
bulletintroduction of a refundable tax credit for people providing respite to informal caregivers
bulletgranting of the refundable tax credit for child care expenses regardless of the amount of earned income
bulletincrease in the rate of the tax credit for the treatment of infertility from 30% to 50%, for the third or any additional attempt at in vitro fertilization.  A new series is considered to begin after the birth of a living, viable child.

For more information see the Quebec government Budget 2007 website.

Revised: September 20, 2017

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