New changes coming to 2023 tax year! (Québec)

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 For 2023, the tax rates dropped from:

• 15% to 14% for taxable income up to $49,275;
• 20% to 19% for taxable income more than $49,275, but not more than $98,540

The expenses related to working remotely due to COVID-19 has been removed.

Contribution can be deducted against your income! But withdrawal may be subject to tax unless you meet first home buyer eligibility. The maximum amount of contribution is $ 8000. 

 Starting in 2023, you can claim the adapted work premium if you or your spouse on December 31 received benefits under the Basic Income Program paid by the Ministère de l'Emploi et de la Solidarité sociale. 

 As of 2023, if you dispose of (sell, transfer, exchange, give, etc.) a residential property (including rental property or a right to purchase) that you owned for less than 365 consecutive days and no life event justified the disposition, we will consider that you flipped the property. 

On July 1, 2023, the contribution rates for the Québec prescription drug plan were increased, and the maximum premium was raised from $710 to $731. The maximum premium for 2023 is therefore $720.50.

You do not have to pay a premium if any of the following situations apply to you:

• You did not have a spouse on December 31, 2023, and your income is $18,910 or less.
• You had a spouse on December 31, 2023, and you and your spouse's income totals $30,640 or less.
• You are covered by your or your spouse's private health insurance
• You become non-resident.

Any cheque or money order with 10,000 dollars or more will not be accepted. Only bank transfer is allowed for such amount.

Please visit the Revenu Québec !