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Quebec will double the tax credit for the purchase of the first property

Quebec will double the tax credit for the purchase of the first property

Finance Minister Eric Girard said Quebec’s tax credit for buying a first home will increase from $750 to $1,500, announcing a series of tax adjustments aimed at aligning with the latest federal budget.

In addition to this measure, which should affect approximately 70,000 first home buyers annually, Quebec will follow in the footsteps of the federal government, which has decided to tackle “real estate fluctuations.”

Thus, from 1Verse In January 2023, those who buy and renovate a home for resale in the next 12 months will see their earnings taxed in Quebec, as in Ottawa.

Revenu Québec will also begin paving the way for the entry into force of the new tax-free savings account, in 2023, for the first home purchase (CELIAPP) announced in the federal budget.

manpower shortage

Mr. Gerrard also announced various cuts to better meet the labor shortage.

Thanks to the adjustments, the Finance Minister estimates that more than 13,000 businesses will now be able to take advantage of the refundable tax credit that enhances retention of experienced workers and the refundable tax credit for people with severe employment restrictions.

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