Quebec aims to facilitate access to property and the acquisition of a first home, thanks to new tax incentives announced Thursday by the Minister of Finance, Eric Girard, at a press briefing.
At a time when the real estate market is in turmoil across the country, encouraging aspiring owners, the Legault government will change its regulations to match its programs with those set by the federal government and intended for consumers. of a first property in its most recent budget, presented in April.
The preferred tool is the tax-free savings account (TFSA).
Ottawa has created a tax-free savings account for the purchase of a first property (TFSA), whose contributions will be deducted. Income accrued on this account is not subject to tax and withdrawals made for the purpose of obtaining a first residence are not taxable. This measure will take effect in 2023.
L ‘unity of Quebec in this federal tax measure is worth approximately $ 75 million per year, in 2026-2027 dollarsaccording to Minister Girard’s estimates.
Quebec is also improving the tax credit provided for the purchase of a first home, which will increase from $ 750 to an amount of up to $ 1,500. Approximately 70,000 first-time home buyers can benefit from it each year.
The inflation forecast has been revised upwards
The announced changes were recorded in the information bulletin published on Thursday by the Ministry of Finance. Minister Eric Girard invited the press for the occasion.
However, he was surprised by many questions about a possible new check for $ 500 that the government could provide to counter the effects of inflation. A possibility raised by Prime Minister François Legault on May 31, telling opposition parties he was trying to buy in the next election.
I am announcing a tax bulletin to be published today, and you, you want me to give you the electoral platform of government, which I will not do today.said Minister Girard, somewhat pleased with the situation.
However, he admitted that he needed to change the forecast made in the last budget regarding inflation. We planned 4%, it was too low, I can tell you now, it will be more therehe went down. Inflation looks set to approach 6%.
Our intentions will be clarified during the election campaign, and financial actions will require a budget statement.said the Minister.
Radio Canada
Source: Radio-Canada
