The unveiling of the Council of Ministers having been done, François Legault can now walk the talk and ask his Minister of Finance, Eric Girard, to send “checks” aimed at partially absorbing the price increase to the consumption.
I am referring here to the CAQ leader’s election commitment to shortly pay one-time financial assistance ranging from $400 to $600 to more than six million Quebec taxpayers, in order to help them deal with the increase in Cost of life.
Total cost of this flagship election promise: $3.5 billion.
It is following the tabling of a new mini-budget by the Minister of Finance, Eric Girard – probably at the beginning of December – that the “gift certificates” will be sent to the cottages.
BY REVENUE QUEBEC
Quebecers earning an income of less than $50,000 will receive a “cheque” for $600. Those who win between $50,000 and $100,000 will be entitled to a “gift certificate” of $400.
Revenu Québec will be in charge of the vast check distribution operation next December. You don’t have to do anything to receive this caquiste gift.
Revenu Québec will use the 2021 tax returns to distribute the checks. When I say “cheques”, we understand that this includes direct deposits.
In concrete terms, new checks will be distributed in the same way as when the previous $500 assistance was sent to the 6.4 million taxpayers earning less than $100,000.
EVEN TO THE RICH
Allow me a parenthesis. Frankly, was it really necessary for the CAQ government of François Legault to pay “anti-inflation aid” of $800 to a couple in which each member earns an income of $100,000, or $200,000 in total? Absolutely not!
In my opinion, it would have been much more relevant and socially appropriate to limit this anti-inflation assistance to those who earn less than $75,000 (single person) or less than $120,000 (with spouse).
The hundreds of millions of dollars (or possibly $1 billion) saved by lowering the eligibility ceiling could have been used to further increase assistance for the less well-off, such as those with incomes below 35,000. $.
HELP FOR SENIORS
Another new CAQ financial aid measure, the urgency of which is beyond doubt.
Seniors aged 70 and over who live on a low income will benefit from a sharp increase in the amount of the tax credit for senior assistance.
This refundable tax credit will increase from $400 to $2,000 for seniors whose family income is less than $24,195 per year (for a single person) or $38,340 (with a spouse). Above these incomes, the credit will be gradually reduced.
The entry into force of this attractive bonus will be available as soon as the income tax return for 2022 is filed.
Notice to those affected: the sooner your 2022 provincial income tax return is filed, the sooner you will have access to said support amount enhancement.
The CAQ government estimates that this new measure will benefit 1.1 million seniors aged 70 and over. This will allow them to share an annual sum of $1.6 billion.
A BIG YEAR OF GIFTS
It is in the last third of the current fiscal year 2022-2023, that is from December to next March, that the government of François Legault will pay us the biggest tax gifts of its new mandate going until October 2026.
For the period from December to next March, the CAQ government will grant us electoral gifts worth $5.5 billion. This includes one-time anti-inflation assistance of $3.5 billion, the enhancement of the refundable tax credit for assistance to seniors of $1.6 billion, and $420 million in tax reductions.
During the four other fiscal years, that is from 2023-2024 to 2026-2027, the tax giveaways (generalized tax reduction, enhancement of assistance for seniors) will amount to approximately $3.3 billion per year.