News Article

2017 Provincial Budget Roundup: Part 3

Posted: May 16, 2017 By: Walter Harder
Posted in: Breaking News

In case you missed it during tax season, several provinces announced tax changes to their regimes. In this third and final installment of the Provincial Budget Roundup series, we will present a brief summary of the tax provisions from Quebec, the Maritimes and the Territories:

Northwest Territories (Feb 1)

  • No new tax measures were announced

New Brunswick (Feb 7)

  • The small business tax rate decreases from 3.5% to 3.0% effective April 1, 2017

Note that the New Brunswick Education amount was eliminated as of December 31, 2016

Nunavut (Feb 22)

  • The provincial budget contained no income tax measures
  • The Education and Textbook amounts were not mentioned in the budget and have not been previously eliminated

Quebec (Mar 28)

  • The Health tax was eliminated retroactive to 2016 for Quebecers with income below $134,059 and reduced for those with income between $134,059 and $159,059; the tax is eliminated entirely for 2017
  • The exempt income level was increased from $11,635 to $14,590 for 2017
  • For most non-refundable credits, the credit rate was decreased from 20% to 16% along with a consequential increase in the amounts so that the tax reduction remains unchanged
  • The RenoVert tax credit was extended for one year
  • A new refundable credit was introduced for bringing waste water systems up to standards; the credit is available from April 1, 2017, to March 30, 2022

Prince Edward Island (Apr 4)

  • 2% increase in Basic Personal Amount, Spousal Amount and Amount for Eligible Dependants ($8,160 and $6,930) for 2017
  • Provincial Education Amount will not be eliminated for 2017

Newfoundland and Labrador (Apr 6)

  • The budget contained no income tax measures
  • The temporary gas tax introduced in Budget 2016 will be decreased by 8.5 cents per liter on June 1, 2017, and an additional 4 cents per litre on December 31, 2017
  • The Education Amount was not mentioned in the budget and no legislation has been introduced to eliminate it
  • The budget announced that the education amount will be retained even though the federal amount was eliminated
  • The OETC (Overseas Employment Tax Credit) was eliminated for 2017
  • Additional funds were allocated to increase the NT Child Benefit

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