2022 Quebec Budget Highlights
Individuals
- No increase in personal tax rates.
- A new one-time refundable tax credit of $500 will be introduced for individuals 18 and over with net income below $100,000 in 2021, with a gradual reduction for individuals with net income between $100,000 and $105,000.
- Removal of the deadline applicable to the 25% additional tax credit for major cultural gifts.
- The eligibility period to obtain a refundable tax credit for residential septic system upgrades will be extended for service agreements entered into until March 31, 2027.
Businesses
- No increase to corporate tax rates.
- Extension of the eligibility period for businesses to double their tax credit claim relating to investment and innovation expenses incurred until December 31, 2023.
- Extension and adjustments to various credits in the oil and biofuel industries.
Other
- Quebec will be spending $1 million annually to combat economic crime involving crypto assets which will include conducting complex investigations of cryptocurrency activities.