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2022-2023 Québec Budget Summary

The Quebec Finance Minister, Eric Girard,  presented the 2022-2023 budget on March 22, 2022. The Quebec government forecasts to return to a balanced budget for 2027-2028 with the deficit estimated at $6.45 billion for 2022-2023. The budget did not contain many new tax measures and there were no increases to the personal and corporate income tax rates. The budget proposes a one-time cost of living payment of $500 per eligible individual with a 2021 net income of $100,000 or less to cope with the rising costs of living. The amount would be reducible for net income exceeding $100,000 but not more than $105,000. The payment would be nil when net income reaches $105,000. The payment would be an instalment of a refundable tax credit for eligible individuals and would be made automatically by Revenu Québec generally in the 2022 calendar year after the 2021 income tax return is filed. In addition, the budget announced an extension of the temporary increase in the tax credit related to investment and innovation to December 31, 2023.

For details of some of the highlights in the Quebec budget please click on the link to read more and be sure to contact your SLF adviser with any questions you may have.