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Québec’s Budget Summary 2018

MEASURES PERTAINING TO INDIVIDUALS

Introduction of a first-time home buyers’ tax credit
A new non-refundable first-time home buyers’ tax credit will be introduced as of the 2018 taxation year.

An individual who is resident in Québec at the end of a taxation year may deduct, in the calculation of the individual’s tax otherwise payable for the year, where a qualifying home in respect of the individual is acquired in the year, the product obtained by multiplying $5,000 by the rate of 15%. Thus, the maximum value of the tax credit will be $750.

An individual’s unused portion of the first-time home buyers’ tax credit will not be transferable to the individual’s spouse under the mechanism for transferring the unused portion of certain non-refundable tax credits to the spouse.

 

READ MORE  › ENG_QcBudget2018

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