(Québec) La décision de Québec d’imiter Ottawa en haussant l’imposition des gains en capital pourrait faire fondre le déficit historique d’un milliard de dollars, selon le ministre des Finances. Eric Girard qualifie le choix du gouvernement fédéral de « compromis intéressant ».
Sans surprise, le ministre Eric Girard a eu à défendre mardi lors de l’étude des crédits de son ministère la décision du gouvernement Legault d’ajuster le régime fiscal québécois pour l’harmoniser aux mesures proposées dans le budget fédéral, dont l’augmentation du taux d’inclusion des gains en capital.
Ce choix qui a été notamment dénoncé par l’opposition et les entreprises manufacturières a été confirmé par le gouvernement dans les jours suivant le dépôt du budget Freeland, la semaine dernière. (1) « On savait que les gens voulaient savoir rapidement si on allait s’harmoniser, on s’était donné 72 heures », a expliqué le ministre, pressé de questions par le député libéral Fred Beauchemin.
Eric Girard a assuré qu’une analyse interne a été effectuée pour mesurer les impacts à une telle mesure, qui lui rapportera 3 milliards de dollars en cinq ans, selon ses estimations. « [On a fait] an analysis of the impacts [sur les] marginal investments […]there is no impact,” underlined the minister, who also argued that the decision was taken to avoid “complexity in the Quebec tax system”.
Furthermore, Mr. Girard specified that the tax on capital gains will allow Quebec to collect more during the first years, which will have an effect on the budget deficit.
“The 3 billion is not distributed equally [dans le temps] because we keep the old rate until June 25. The federal government has planned significant inflows of funds in the current year, which means that for us, in fact, the deficit which was forecast at 11 billion risks being around 10 billion,” explained Eric Girard in response to the MP for Marguerite-Bourgeoys.
The effects will be “higher in the first year and lower for the second and third year,” continued Mr. Girard. Increasing the tax on capital gains could bring the Quebec state around 600 to 700 million annually from years 4 and 5, added the minister.
Capital gain is income from the sale of property that has increased in value such as a second home, a chalet, a plex or shares (the main residence is excluded for tax purposes). Currently, we pay tax, both federally and provincially, on half of capital gains. This is preferential treatment compared to that applied to work income.
Under the federal budget tabled Tuesday, as of June 25, the inclusion rate – the portion of capital gains that is taxable – will increase from half (50%) to two-thirds (66.7%) for all which exceeds $250,000. Ottawa estimates that the measure will affect 40,000 Canadians. The Minister of Economy and Energy, Pierre Fitzgibbon, specified last week that this will affect 10,000 people in Quebec.
An “interesting compromise”
Eric Girard said Tuesday that Ottawa’s decision is an “interesting compromise” while “several hypotheses” were circulating as to how the Trudeau government would seek new revenue. The scenario of increasing the portion of taxable capital gains to 75% was part of “the noise” he was hearing, he revealed.
“My fear was that the federal [irait] up to 75%, which he did not do,” he rejoiced. Mr. Girard did not specify specifically why such a rate worried him.
During the 2012 elections, the Coalition Avenir Québec promised to increase the taxation of capital gains, by increasing the inclusion rate from 50% to 75%.
– With Tommy Chouinard and Charles Lecavalier