In his last budget before an election this coming fall, Finance Minister Eric Girard has taken advantage of a robust economy to provide some relief to taxpayers from the pressures caused by inflation. The following are some of the highlights of interest.
- A one-time cost of living support payment of $500 per adult with net income for 2021 of $100,000 or less. This support payment will be paid as part of their 2021 income tax assessment.
- An extension of the program to have the government pay the interest on student loans through to March 31, 2023.
- For businesses, an extension of the temporary increase in the tax credit relating to investment and innovation through to the end of 2023. For the Montreal region, this credit is 20% of eligible investments.
Quebec Budget – March 22, 2022
The extension of the “Roulez Vert” program through to March 31, 2027 with rebates on new electric vehicles of up to $7,000, on plug-in hybrids of up to $5,000 and on used electric vehicles of up to $3,500.
To help Quebec’s culture, the temporary donation tax credit on cultural donations is being made permanent. Here, first-time donations between $5,000 and 25,000 will result in a tax credit of 25%. This credit should be in addition to the usual charitable donation credits.
Should you have any questions regarding the above programs, please feel free to give us a call or contact us today.