The government plans to postpone by four years certain elements pertaining to the electricity discount programs, namely (i) the Electricity Discount Program Applicable to Consumers Billed at Rate L, (ii) the Electricity Discount Program to Promote Greenhouse Development and (iii) the Electricity Discount Program for Large Power Consumers Served by Off-Grid Systems.
Starting in January 2020, the amounts of the family allowance for all children from the same family will be standardized regardless of the number of children.
Increases in the family allowance
Increase in 2020
Effective retroactively to January 1, 2019, parents will no longer have to pay the additional contribution when they file their income tax return.
All parents will pay a single reduced amount of $8.25 per day for 2019.
The tax legislation provides for the deemed disposition of property at fair market value in certain circumstances. This is the case, for example, on a person’s death or on the 21st anniversary of a trust.
Briefly, subject to the provision of security satisfactory to the Minister of Revenue, a deceased individual’s legal representative or a trust may elect to defer, for a maximum period of 20 years, the payment of Québec income tax attributable to the deemed disposition of eligible shares.
The tax legislation will be amended so that the expression “eligible share”, for the purposes of the 20-year tax payment deferral measure, means:
Where the eligible shares that will be deemed to have been disposed of are shares of the capital stock of a private corporation, the portion of the tax the payment of which may be deferred in respect of all shares, each of which is an eligible share of a particular class of the capital stock of the private corporation, will be equal to the product obtained by multiplying the amount of tax resulting from the deemed disposition of such eligible shares of the particular class by the proportion of the fair market value of the assets of the private corporation attributable to a large block of shares or a portion of a large block of shares of the capital stock of a qualified public corporation over the fair market value of all assets of the private corporation.
Moreover, where the proportion of the fair market value of the assets of a private corporation attributable to a large block of shares or a portion of a large block of shares of the capital stock of a qualified public corporation over the fair market value of all assets of the private corporation is more than 95%, this proportion will be deemed to be equal to 100% and a full deferral of the payment of tax may be granted.
These amendments will apply to a deemed disposition of an eligible share that occurs on or after November 7, 2019.