Legislation in Quebec (Bill 42) received first reading on 7 November 2019.
The bill contains measures previously announced in Quebec’s 2019 budget and information bulletins since 2017. The bill includes the following tax provisions:
Capital cost allowance
Capital cost allowance (CCA) measures introduce an additional 30% CCA on certain depreciable property acquired after 3 December 2018, and would create a separate class for all property subject to the additional 30% CCA.
In addition, there are measures providing that:
Tax credits introduced or amended include:
Other tax measures
The bill includes measures that would:
Read a November 2019 report prepared by the KPMG member firm in Canada
* $ = Canadian dollar
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.