Almost one year after being elected, Premier François Legault and his finance minister Eric Girard have released an economic update. Economic growth will continue in Quebec and the forecasted growth is revised to 2.4% in 2019 and 1.8% in 2020.
Since the 2018 elections, the new government has granted tax incentives to businesses in specific industries, namely the media companies and the taxi industry, and for businesses investing in their productivity or for those retaining experienced workers aged 60 and up. However, today’s economic statement does not announce any new measures targeting our clients’ businesses.
The following are the tax measures of particular interest to Quebec families:
An increase in the maximum family allowance amount starting January 2020 to $2,515 per year per child, without reduction based on the child’s rank in the family, with the minimum annual amount increasing to $1,000 per child.
Starting in 2019, families will no longer have to pay the additional contribution for subsidized childcare services, meaning that all parents will pay a single reduced amount of $8.25 per day.
As always, should you wish to discuss further any of the topics covered in this summary, please give us a call.