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23 March 2020

Quebec announces economic response measures

From March 16 to 19, Quebec has unveiled various economic response measures, totaling $11 billion so far, to provide assistance to individuals and businesses affected by the current situation. The response includes $8.3 billion in tax flexibility measures and $2.5 billion in financing support to Quebec businesses. These measures include:

  • Concerted temporary action program for businesses
  • Flexibility measures respecting existing loans and loan guarantees
  • Temporary aid for workers
  • Income support for retirees through a reduction in required minimum withdrawals from registered retirement income funds (RRIFs)
  • Tax administrative measures providing flexibility for taxpayers

Quebec's response has taken into consideration, and for certain elements has been harmonized with, the federal government's March 18 Economic Response Plan.

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.

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ATTACHMENT

Full text of this Tax Alert

Document ID: 2020-0643

 

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