April 19, 2024

Quebec to Harmonize Certain Tax Measures with Federal 2024 Budget

On April 18, 2024, the Ministère des Finances du Québec announced its intention to amend Québec’s tax legislation and regulations to incorporate, with adaptations on the basis of their general principles, measures relating to:

  1. the increase in the lifetime capital gains exemption;
  2. the introduction of the Canadian Entrepreneurs’ Incentive;
  3. the increase in the capital gains inclusion rate and consequential measures, with the exception of the stock option deduction, which will be the subject of a subsequent announcement to take into account Québec’s particularities in this regard;
  4. the increase in the withdrawal limit for the Home Buyers’ Plan and the temporary repayment relief for this plan.

In the absence of federal legislation, and since other consequential amendments and additional details will be announced by the federal government in the coming months, the Ministère des Finances du Québec could issue further details on these measures at a later date.

Moreover, the amendments to the Québec tax system will be adopted only after the assent of any federal legislation or the adoption of any federal regulation giving effect to the retained measures, taking into account the technical amendments that may be made prior to the assent or adoption. For greater clarity, these amendments will be applicable on the same dates as the federal measures with which they are harmonized.



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