Posted Apr 11, 2010 in LifeStyle | 0 Comments

What Does the 2010 Quebec Budget Mean for Me?

On March 30, 2010, Quebec’s Minister of Finance Raymond Bachand announced the Quebec government’s budget for 2010. With a $4.5 billion deficit, the government has a serious need for cash – and you, the Quebec resident, are going to give them some. Here’s a few of the planned measures that will impact YOU:

Health Contribution

So much for free healthcare! Starting July 1, 2010, adults will be required to contribute for health care. The price tag? $25 per adult for 2010, $100 per adult for 2011 and $200 per adult as of 2012.

Fuel Tax

We often don’t notice the tax on gas when we’re filling up our cars, as it is integrated into the price that you see. The 15.2 cent per litre fuel tax will be increased by 1 cent per litre every April 1st until 2013-2014, when it will reach 19.2 cents. The impact? On a 20 gallon fuel tank (approx 76 litres), $0.76 increase per fill up for this year – but by 2014, this translates into $3.04 per fill up. Now imagine you go to the gas station every week – that’s an extra $158 per year.

QST Rate Increase

Shopping becomes more expensive, as QST rates will rise from 7.5% to 8.5% as of January 1, 2011, for a combined rate of 13.925%, and will increase further to 9.5% as of January 2012, resulting in a combined sales tax rate of 14.975%.

Be Honest!

The budget also increases the prison sentence for taxpayers found guilty of tax evasion – from a 2 year sentence to 5 years less one day. So unless you like wearing orange, pay up, and pay honestly.

DON’T FORGET! Tax filing for individuals is due April 30th, so get them in!

For more information, go to:

Finances Quebec

Ernst and Young

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