March 17, 2016, No. 2016-11. Today, Quebec’s Minister of Finance and the Economy, Carlos Leitão, delivered the province’s 2016 budget. The budget is balanced and the government anticipates that it will maintain balanced budgets in the future.
The most significant aspects of the budget are the reduction of the health contribution and its revocation in 2018, the reduction of the Health Services Fund contribution for small and medium-sized businesses (SMBs), the introduction of a deduction for innovative manufacturing corporations which lowers the tax rate to 4%, a new temporary refundable tax credit for major digital transformation projects and several changes to other tax credits.
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