Canada: The province budget 2017 for Quebec delivered

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The Finance Minister and the Economy of Quebec presented the province budget 2017 on 28th March 2017. It provides for no changes in income taxes, taxes or rates. The main tax amendments contained in the budget include the tax burden reduction in case of individuals by decreasing or eliminating the health tax, together with an instant general tax reduction by increasing the basic tax credit available to individuals. It was predicted that the compensation tax for financial organizations would be abolished from 31st March 2019 and this will be extended by five years, until 31st March 2024. The 10% increased additional deduction rate applies from 29th March 2017 in case of small and medium-sized enterprises (SMEs) that carry out their activities in the “special remote area”. Previously, the rate was 7%. Few changes will also be made in respect of tax holiday, that is, an application for a primary qualification certificate for the determinations of the tax holiday has to be made until 31st December 2020 and a new election will be announced to allow two large investment projects ran by a corporation to be considered together. These changes applies from 29th March 2017.

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