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The Québec government’s 2013-2014 budget was tabled on November 20, 2012 by Minister of Finance and the Economy, Nicolas Marceau.
Of particular interest will be the following:
The top marginal tax rate for Quebec residents in 2013 increases from 24% to 25.75% and will apply on income over $100,000. This means that the top combined marginal tax rate on ordinary income becomes 49.97% for a Quebec resident. The top capital gains rate will be 24.99% with eligible dividends taxed at 35.22% and other dividends coming in at 38.54%.
Currently, certain refundable tax credits (e.g. SR&ED tax credits) are deemed not to be government assistance and therefore not subject to Quebec income tax. The budget makes all refundable tax credits taxable. Therefore, refundable tax credits generated from costs incurred as of November 21, 2012, are taxable. Clients should immediately implement systems to identify the costs incurred prior to November 21, 2012 in order to support the amount of credits that should not be subject to tax.
Please click here to view the budget summary for complete analysis of the significant measures that were announced.
Related Topics:Budget Announcements
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