QUÉBEC, November 25, 2021 / CNW Telbec / – The Québec Treasury announced today that the indexation rate, which starts at the 1st%.
$ 917 million to protect Quebecers’ purchasing power
The indexation rate of 2.64% protects Quebecers’ purchasing power of nearly $ 917 million.
Indexing the parameters of the income tax system equates to a tax break of $ 898 million for taxpayers. Thus, in 2021, the value of most tax measures under the income tax system will increase by a level in line with the increase in consumer prices in Québec.
In addition, indexation will enable the most disadvantaged Quebecers to benefit from additional financial assistance of nearly $ 70 million through social assistance programs whose benefits are indexed.
Finally, the indexation rate applies to government fees that are not yet subject to any indexation rule or that are set annually. The indexation reflects the increase in the cost of paid services without increasing the cost share of the service user. For a full year, indexing will generate nearly $ 51 million in additional revenue that will be used to maintain the quality of public goods and services.
The document, entitled Parameters of the Income Tax System for 2022, sets out the main changes resulting from the indexation announced today and is available on the Ministry of Finance’s website at www.finances.gouv.qc.ca.
SOURCE Ministry of Finance
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