taxnews.ey.comPrint

26 March 2021

Québec budget 2021-22 discussed

Québec Finance Minister Éric Girard tabled the province's fiscal 2021-22 budget on March 25. The budget contains tax measures affecting individuals and corporations. The budget contains no new taxes and no tax increases; however, it includes a reduction in the small business tax rate and a change in the rate of the tax credit for non-eligible dividends. The minister anticipates a deficit of $15.0 billion for fiscal 2020-21 and $12.3 billion for fiscal 2021-22, with reduced deficits for each of the next five fiscal years. The government's objective is to restore fiscal balance by 2027-2028.

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

———————————————
ATTACHMENT

Full text of Tax Alert

Document ID: 2021-0638

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement