Quebec Budget Announcement: 2014 - 2015

Finance Minister Carlos Leitão presented the 2014-2015 Quebec Budget on June 4 , stating: “With Budget 2014-2015, the government is taking the first step on the critical path we must travel to finally restore fiscal balance.” This budget includes a mix of spending cuts and incentives. The tax measures you will find particularly interesting include:

A 20% reduction in the rates of tax credits - A 20% reduction in rates is applied to approximately 30 business tax credits that are within the Quebec tax system.

A manufacturing SME tax rate reduction - A reduction of the tax rate for manufacturing SMEs on their first $500,000 of taxable income:

• Reduced from 8% to 6% starting on June 5, 2014
• Reduced from 6% to 4% starting April 1, 2015