Tax season is right around the corner and those who are filing their own income taxes should note any changes to the income tax rates in Québec for the 2023 taxation year.
For residents of Quebec looking for extra money or ways to supplement inflation, the Quebec government offers several benefits and credits throughout December that could put you in a better spot financially. The Quebec government is disbursing several credits and benefits including the Quebec Pension Plan (QPP), Family Allowance, Shelter Allowance, Old Age Security and the Canada Workers' Benefit, to name a few.
After announcing an indexation worth $2 billion a year for Quebecers, and pushing forward several changes regarding credits and benefits, Quebec residents can expect increases to the solidarity tax credit, family allowance and more in 2024.
The provincial government is implementing a number of initiatives to help Quebecers during these tough times including indexing the tax system and providing further social assistance benefits, all of which will be adjusted to inflation. After announcing an indexation worth $2 billion a year for Quebecers, and pushing forward several changes regarding credits and benefits, Quebec residents can expect increases to the solidarity tax credit, family allowance and more.
The due date for filing an income tax return (ITR) for the financial year 2023 is July 31, 2023. Under the Income-Tax Act, several penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities., Personal Finance News, Times Now