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Highlights of the Quebec 2020 economic update

Highlights of the Quebec 2020 economic update

No significant tax measures released

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Quebec's Minister of Finance Éric Girard delivered the province's 2020 economic and fiscal update on November 12, 2020 alongside a seven-page information bulletin of related fiscal measures.

The economic and fiscal update anticipates a deficit of $12.35 billion for 2020-201 before its deposits in the Generations Fund of $2.65 billion, bringing the budgetary balance, before use of the stabilization reserve, to a deficit of $15 billion.

The update does not adjust corporate or personal tax rates or introduce any significant tax measures. The Quebec information bulletin introduces tax measures to:

  • Extend the credit on employers contribution to the health services fund (i.e., the HSF credit) for employees on paid leave during COVID-19. As a result, the credit, which is granted to eligible employers that qualify for the Canada Emergency Wage Subsidy (CEWS), is extended to December 19, 2020
  • Extend the refundable tax credit for Gaspésie and certain maritime regions of Québec to December 31, 2025 (the eligibility period for this tax credit was initially scheduled to end on December 31, 2020)
  • Adjust the exemptions allowed for the purpose of calculating the premium payable under the public prescription drug insurance plan
  • The annual premium payable by an adult is determined on the basis of family income, from which an exemption amount is subtracted. Information bulletin 2020-13 shows the amount of each of the allowable exemptions for 2020, according to household composition.

For more information, please contact your KPMG adviser.

Information is current to November 17, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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