2024 Quebec Budget Highlights
INDIVIDUALS
- No increase to individual tax rates.
- Enhancements are made to refundable tax credits for families with a handicapped child. In addition, the eligibility and assessment criteria will be simplified and the conditions for which the credit can be claimed will be expanded.
BUSINESSES
- No increase to corporate tax rates.
- Enhancements are made to various refundable and non-refundable tax credits in the film, television, and multimedia industries.
- The 6% non-refundable tax credit for the development of e-business will be increased annually by 1% until it reaches 10% in 2028. At the same time, the 24% refundable tax credit will be decreased by 1% each year until it reaches 20%. Qualifying wage limit adjustments will also be made whereby businesses may also be eligible for credits relating to employees earning more than $83,333 annually.
- The tax credit used to reduce wage levies paid by a corporation with a total payroll of less than $7.5M to employees aged 60 or over will be eliminated.