QUEBEC, 25 November 2021 / CNW Telbec / – The Quebec Ministry of Finance today announced that the indexation rate, which will apply as of January 1, 2022, with respect to the parameters of the personal income tax system, social assistance and some government rates, will be 2.64%.
$ 917 million to protect the purchasing power of Quebecers
The indexation rate of 2.64% protects the purchasing power of Quebecers to the tune of nearly $ 917 million.
Indexing the parameters of the personal income tax system corresponds to tax relief of $ 898 million for taxpayers. Thus, the value of most tax measures in the personal income tax system will increase by a level equivalent to the rise in consumer prices in Quebec in 2021.
In addition, indexation will allow the most disadvantaged Quebecers to benefit from additional financial assistance of nearly $ 70 million under social assistance programs whose benefits will be indexed.
Finally, the indexation rate will apply to government fees that are not yet subject to an indexation rule or set annually. Indexation reflects the increase in the cost of paid services without increasing the user’s share of the cost of the service. For a full year, indexation will generate nearly $ 51 million in additional revenue, which will be used to maintain the quality of public goods and services.
The document entitled Parameters of the personal income tax regime for 2022 presents the main changes resulting from the indexation announced today and is available on the website of the Ministère des Finances at www.finances.gouv.qc.ca.
SOURCE Ministry of Finance
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