The change will apply from the first day of the first calendar quarter beginning at least 180 days after the date on which the bill implementing these measures is assented to. ADDITIONAL INFORMATION Section A Additional Information on the Fiscal Measures . To fight against tax evasion and unreported work in public building cleaning services, the Government has extended the application of the Attestation de Revenu Québec in respect of persons registered for the QST, except for building managers. Quebec: 2019–20 Budget SUMMARY The Province of Quebec’s budget for fiscal year 2019–20 (Budget; FY20) projected balanced books1 through FY24 as expected (chart 1, p.2). Les consultations prébudgétaires de janvier 2019 serviront à l’élaboration du prochain budget du Québec. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. This budget marks a historic turning point for Québec in many respects. To increase the potential of Quebec’s economy, Budget 2019–2020 provides for initiatives totalling nearly $3.7B. According to the master of the public purse, the budget was prepared “based on your priorities”. The strongest economic growth in nearly 20 years, Québec is reducing its debt through the Generations Fund, Budget Speech 2018-2019 — The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Webcast. 5 . In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. 5 MINISTÈRE DES FINANCES DU QUÉBEC, Budget 2019-2020 – Additional Information, March 21, 2019, p. B.5. The Province has estimated a $4.5 billion surplus (before deposits into the Generations Fund) in FY 2019/20, slightly higher than the $4.1 billion expected in the fall fiscal update. Press Releases. A media availability will follow. Québec has posted its strongest economic growth in nearly 20 years, and we are taking concrete action today to improve Quebecers’ quality of life. For that purpose, a strategic committee uniting the two agencies was set up. Such authorization would give Revenu Québec access to that information when it is provided by the jurisdiction. In addition, owing to the positive findings of an independent analysis and the popularity of the pilot project to promote the purchase of used electric vehicles, used all-electric vehicles will now be covered by the Drive Green program. No changes are proposed to the corporate tax rates or the CA$500,0001 small-business limit. Québec City, March 21, 2019 - Aéro Montréal is delighted by this budget, which recognizes the importance of artificial intelligence for the growth of Québec companies and the economy.Through a financial commitment of $329 million over five years, the Québec government intends to accelerate the adoption of artificial intelligence by companies. This change will apply to investment projects for which an application for an initial qualification certificate is filed after the day of the budget speech. On 21 March 2019, Québec Finance Minister Éric Girard tabled the province’s fiscal 2019/20 budget. Budget 2019/20 provides $11.5 million over five years to enhance the current Audit industrie 4.0 program for businesses in the manufacturing sector, and to expand it to benefit businesses in other sectors. The additional deduction rate reaches the maximum where the proportion of activities in the primary or M&P sector is 50% or more and is reduced linearly where the proportion is between 50% and 25%. This budget presents major initiatives aimed at addressing the concerns of Quebecers and at implementing a long-term vision that will enable Québec to take charge of its future. • Furthermore, to encourage workers to extend their career, the government is proposing an increase in the tax incentive already offered to experienced workers. To reduce Québec households’ energy consumption and foster the use of renewable energy sources, the Government is maintaining a number of green construction and renovation programs for high-energy-performance homes, namely: For the period 2018 to 2023, $330 million in funding will be earmarked for improving energy use in the residential sector. ** CCPCs engaged in M&P activities in Québec may be eligible for a reduction in the regular small-business rate. This change will apply to investment projects for which an application for an initial qualification certificate is filed after March 21, 2019. © 2020 EYGM Limited. March 22, 2019 GLOBAL ECONOMICS ... Scotiabank Economics, Finances Québec. Additional data on the international activities of companies with operations in Québec will be published in Statistiques fiscales des sociétés (Corporate Tax Statistics). Tax Insights: 2018 Québec budget: New QST registration rules for digital supplies by non-resident suppliers. Starting in 2019, the additional contributions for childcare service will be reduced by $0.70 a day. To encourage small and mid-size businesses (SMBs) to hire or retain workers aged 60 or over, a refundable tax credit to foster the retention of experienced workers will be introduced. According to Finance Minister Éric Girard, the aim of the first CAQ government budget is to invest now to control our future. Section D . The amount of the cumulative sustainable development certification expenses of an operator, at a particular time, will correspond to the amount by which the aggregate of the sustainable development certification expenses incurred by the operator before that time, but after the day of the budget speech, exceeds the aggregate of the amounts deducted by the operator on account of the sustainable development certification allowance in the calculation of the operator’s annual profit for a fiscal year ended before that time. This budget marks a historic turning point for Québec in many respects. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. Application date . 4:45 Arguably the most ambitious of these promises is the creation of a network of free kindergarten classes for four-year-olds. Renewed economic and fiscal health provides a solid foundation on which to build the future of Québec. Below are the highlights of the principal tax measures included in the budget. It will be calculated on the employer contributions paid by the corporation in respect of such an employee. The proposals also include a new additional CCA. To encourage a greater number of experienced workers to remain longer in or to re-enter the labor market, the age of eligibility for the tax credit will be lowered from 61 to 60 years starting in the 2019 taxation year. Québec City, March 21, 2019 – The tabling of the Quebec budget today once again brings Raymond Chabot Grant Thornton to issue comments and publish its tax bulletin, which was drafted during the day by a team of tax experts present at the lock-up in Québec City. Changes will be made to the refundable duties credit for losses of an operator, to take into account the introduction of the sustainable development certification allowance. 2019-2020 Budget: More money for our businesses, but more work needs to be done. March 28, 2018. To do so, the corporation or partnership must apply in writing to the Minister of Finance before 1 January 2021, but not later than the date it submits its first application for the annual certificate for its investment project. This change may also apply to investment projects in respect of which a corporation or partnership has already applied for an initial qualification certificate on or before the day of the budget speech, but which begin to be carried out after the day of the budget speech. This is a new permanent additional CCA of 30% for investments in respect of: Together with the increase in the depreciation rate to 100%, the new additional capital cost allowance will allow businesses to deduct 130% of the value of their eligible investment in computing their taxable income. All Rights Reserved. Québec City, March 21, 2019 – Without offering any direct measures to support mineral development in Québec, the first budget tabled by the Legault government includes some promising measures to accelerate the issue of environmental … Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Remarks and Discussion. Consequently, households that receive income from child support payments may see their benefit amount go down or be deemed ineligible for the program because such income is added to the household’s other income sources. QUEBEC CITY -- The Quebec government presented its 2020-2021 budget on Tuesday with a focus on the future: a green economy, education and improving services for Quebecers in need. The investments made aim, in particular, at facilitating the technological, digital and green transition of SMBs in these sectors. Extension of the Attestation de Revenu Québec will apply to public-building cleaning contracts in the amount of $10,000 or more. To encourage experienced workers to remain in or re-enter the labor market, the tax system grants them a tax credit that allows them to eliminate the income tax payable on a portion of their work income. The administrative terms and conditions as well as the information to be provided to Revenu Québec will be specified at a later date. Show article references#Hide article references, Primary sector and Manufacturing and Processing (M&P) small -business tax rate*,**, An increase to 100% in the depreciation rate in respect of computer hardware, manufacturing and processing equipment, clean energy generation equipment and intellectual property, The introduction of enhanced depreciation through an enhancement of the usual accelerated capital cost allowance in the year of acquisition in respect of all other types of investment, The implementation of a new permanent additional capital cost allowance of 30% applicable in respect of computer hardware, manufacturing and processing equipment, clean energy generation equipment and intellectual property, A 15-year tax holiday on a corporation’s income from eligible activities, A 15-year holiday from employer contributions to the Health Services Fund (HSF) regarding the portion of wages paid attributable to time devoted to eligible activities, The Chauffez vert program, which grants homeowners financial assistance for the replacement of fossil-fuel heating systems with systems that use electricity or other renewable sources of energy, The Rénoclimat program, which grants financial assistance for insulation work or work affecting the airtightness of a home, replacement of windows and doors, and installation and replacement of mechanical systems to reduce energy consumption in homes, The Novoclimat program, which grants financial assistance for the construction of homes that offer energy performance that exceeds the norms in effect, The Éconologis program, which offers free advice to low-income households to help them make their homes more energy efficient. Additionally, $16M is earmarked annually In order to increase the number of Québec exporting businesses and support the diversification and consolidation of export markets, Budget 2019/20 provides $35 million over five years to enhance the Exportation program. This change may also apply to investment projects in respect of which acorporation has already applied for an initial qualification In response to this observation, the 2019-2029 Québec Infrastructure Plan calls for . This is a list of governments by annual expenditures, in Canadian dollars. For 2019-2020, we’re talking $5.6 billion, of which $3.1 billion will go to the Generations Fund investment portfolio and $2.5 billion to the Stabilization Reserve Fund. The CAQ unveiled its new budget Thursday. * The rate on capital gains is one-half the ordinary income tax rate. The Exportation program aims at preparing Québec businesses to export and supports them in the development and diversification of their markets. The tax credit will be renamed the tax credit for career extension as of the 2019 taxation year. Back to news Québec government budget for 2019-2020 : A BUDGET THAT SUPPORTS THE MINING SECTOR… INDIRECTLY. *** The federal small-business rate was reduced from 10.0% to 9.0% effective 1 January 2019. Minister of Finance Bill Morneau will speak about the 2019 Budget and the Government's plan to invest in the middle class at an event hosted by the Chambre de commerce et d'industrie de Québec. With this budget, the government is also beginning to repay the debt. 4 December 16, 2019 2019-11 Prescribed currencies In the March 27, 2018 Budget Speech,3 the Québec government announced that the QST system would be changed so that suppliers with no physical or significant presence in Québec (hereinafter Industrie 4.0 is the interconnection of equipment and systems, combined with the use of the Internet and data collection. Here are the highlights of the 2018-2019 budget. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. With this reduction, families with an income below $78,320 will no longer pay the additional contribution and families with an income above that amount will pay a lower contribution (maximum additional contribution of $13.20). In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Table B provides a summary of Québec personal income tax rates for 2019. The indicators will enable measuring and monitoring of base erosion and profit shifting in Québec. In so doing, we are creating more leeway to fund public services and further invest in our infrastructure. Table C shows the combined federal and provincial personal income tax rates for 2019 for taxable income above $106,555. In 2019–2020, consolidated revenue is expected to be $115.6 billion, a growth of 3.2% year-over-year, while consolidated expenditures will amount to $113.0 billion, also growing 3.2% over the previous fiscal year. Budget 2019/20 raises the exemption for income from child support payments from the calculation of government financial assistance. The objective of the Programme Innovation Bois is to encourage investment by businesses and research centers so as to support the creation of innovative products and processes in the forestry sector. No changes to personal income tax rates were announced in the budget. There are no changes to the eligibility criteria, eligible activity sectors and designated regions. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Exhibit 99.25. The proposals also include an accelerated investment incentive that provides for a temporary enhanced CCA deduction of up to three times the normal first-year CCA deduction for other capital assets subject to the CCA regime, with a few exceptions. 2019-2020 QUÉBEC BUDGET SUMMARY . Section H - "Québec's Financial Situation" from "Budget 2019‑2020 - The Québec Economic Plan - March 2019", March 21, 2019. Plan to Ensure Tax Fairness . QUÉBEC CITY, March 10, 2020 /CNW Telbec/ - Aéro Montréal welcomes the government's commitment to support the productivity and competitiveness of Québec companies and applauds measures that will help, starting immediately, to create an environment conducive to investment, innovation and a stronger, green economy. The tax credit such a corporation can claim on employer contributions paid in respect of an eligible employee will be calculated at a rate of 75% and can total as much as $1,875 annually. Section B . 80 of 2019. Highlights. Carlos J. Leitão The enhanced allowance is reduced to two times the normal first-year CCA in the 2024/2027 period. For the new category of workers aged 60 and workers aged 61 to 64 years, the maximum amount of eligible work income on which the tax credit will be calculated for workers aged 60 to 64 will be $10,000. How can digital government connect citizens without leaving the disconnected behind? In Canada, governments at the federal, provincial, territorial and municipal levels have the power to spend public funds. The Minister provides for the maintenance of a balanced budget for the next five years without using the stabilization reserve. Briefly, this refundable tax credit will be granted to qualified corporations that employ an eligible employee or a specified employee.  PDF version —  HTML version, See measures, The Québec Economic Plan, pages C9-13, See the measure, The Québec Economic Plan, page C15, See the measure, The Québec Economic Plan, page C55, See the measure, Québec's Economic Record, page 51, See the measure, The Québec Economic Plan, page C36, $63 million for adapting the workplace to promote physical activity, See the measure, The Québec Economic Plan, page D65, See the measure, The Québec Economic Plan, page D46, Promoting the creation in Montréal of the World Artificial Intelligence Organization, Development of projects for supply chains optimized by artificial intelligence in Québec, piloted by the SCALE.AI supercluster, Nearly $475 million for projects generating jobs and prosperity in the area covered by thePlan Nord. Québec has posted its strongest economic growth in nearly 20 years, and we are taking concrete action today to improve Quebecers’ quality of life. Enhancing the Audit industrie 4.0 program. Minister of Finance, Improving access to health care and services, Increasing Quebecers’ standard of living, Supporting innovation and the transformation of the economy, Fonds d’aide aux initiatives régionales, Fonds de diversification économique pour le territoire de la MRC des Appalaches, Provide environments conducive to learning and success, Increase public transit services in Québec, Carry out three major public transit projects, Increased core funding for CEGEPs and universities, Financial support for practicums for future teachers, Addition of classrooms to meet existing needs, Addition of gymnasiums and sports facilities, Add specialized nurse practitioners to, in particular, improve access to frontline health care, Provide the population of each region with a comparable level of access to frontline and specialized services, To date, 325 family medicine groups (FMGs) have been set up, New increase in work income eligible for the tax shield, from, Improving the offering of childcare services in order to foster, Supporting regional and local mobilization for early childhood development, Funding additional measures for active aging, Increasing the number of workers for reaching out to socially isolated seniors, Supporting Aboriginal participation and input in wildlife and forestry issues, Building a new regional rehabilitation centre in Nunavik, Bringing the justice system in line with the latest technology, Enabling the justice system’s principal stakeholders to communicate effectively and efficiently, The extension of the Montréal metro blue line, The city of Québec’s strategic transportation network, Investing in regional airport infrastructure, Implementing an assistance program for regional air services, Increasing air travel in Québec and reducing airfares, Acquiring a better understanding of current and future labour needs, particularly in the regions, Having access to a sufficient workforce by, among other things, improving the integration of immigrants into the labour market and retaining experienced workers, Ensuring a skilled workforce with flexible training adapted to the needs of the labour market, Gradual reduction from 8% to 4% in the tax rate of SMBs in the service and construction sectors, as in the other sectors, Increase in and extension of the additional capital cost allowance to support the acquisition of, Broadening of the tax holiday for large investment projects to include development of digital platforms, Better electricity discounts for major projects, Additional investments for the implementation of major tourism projects, Tax credit to support digital transformation in print media companies, Broadening of the tax credit for film production to digital platforms, Support for the digital transition in the tourism industry and the construction sector, Supporting innovation in the energy sector, Deriving value from residual forest biomass, Promoting the development of biofuels in Québec, Implementation of the next Québec Water Strategy, Support for local partners in the protection and sustainable use of resources, Strengthening of the safety of public and municipal dams, Implementation of tools to support decision making during disasters, Support for territories facing economic difficulties, Funding studies aimed at developing industrial port zones and logistics hubs. … … With this budget, the government is also beginning to repay the debt. Room 8-9 ExpoCité Cannabis Framework . Canadian suppliers located outside Québec have until 1 September 2019 to register for the QST and collect the tax on supplies sold to Québec consumers. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Enhancing the Programme Innovation Bois On March 21, 2019, Finance Minister of Québec Eric Girard presented the first caquiste budget. A reduced first-year write-off of 75% of the cost will be available for property that becomes available for use in 2024 or 2025, and a 55% first-year write-off will apply for property that becomes available for use in 2026 or 2027. Erosion and Profit Shifting in Québec for more information about our organization, please visit ey.com build and... Reduced from 10.0 % to 9.0 % effective 1 January 2019 FINANCES Québec. Also beginning to repay the debt credit for career extension as of key! 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