2018 Quebec provincial budget commentary
Minister of Finance Carlos Leitão tabled the 2018 Quebec provincial budget on March 27, 2018. The government announced that the budget will remain balanced for a fourth consecutive year.
In 2018-2019, consolidated revenue is $109.6 billion, with growth of 2.2%, while consolidated expenditure stands at $108.7 billion, with growth of 4.5%. In addition, deposits of dedicated revenues in the Generations Fund amount to $2.5 billion in 2018-2019.
The government will begin the repayment of the debt by paying $2 billion per year over the next five years through the Generations Fund, which was created in 2006.
On the tax side, there were no increases announced to personal tax rates but a reduction of the rates of the dividend tax credit for both eligible and non-eligible dividends was announced. Changes to corporate tax rates were announced to standardize the tax rates for small and medium-sized businesses.
Please note that these changes are still proposals until passed into law by the provincial government. Let our experienced advisors assist you with understanding these potential changes and the impact they may have on you and your family’s financial strategy.
To access the complete summary, please speak to your Assante advisor today.