No individual would be subject to exemptions under the joint and several estate tax proposal. Not even the farmers.
Although the value of certain agricultural land in Quebec rose in 2021 to more than 20,000 dollars per acre, the owners of plots of land would not have the possibility of evading the measure, confirmed to the To have to Québec solidaire (QS) press officer Sandrine Bourque.
In the case of an estate, the Left Party’s tax model provides that each dollar of net assets over $1 million is taxed at 35%. However, in Quebec, many farmers operate on land obtained from their parents and grandparents. It was 56% in 2016, according to the Ministry of Agriculture, Fisheries and Food of Quebec.
In practice, the owner of land obtained by inheritance worth two million dollars would have to pay $350,000 in taxes—provided he had no major debts.
In a press scrum in Gatineau on Tuesday, two Quebec solidaire candidates and economic experts, Simon Tremblay-Pepin and Mathieu Perron-Dufour, assured that a very small number of farmers would be affected by these payments.
” Usually, [les producteurs agricoles] are heavily indebted, which means that their net assets are well below one million,” said Mr. Tremblay-Pepin.
“The one in a million isn’t trivial either. It is precisely to exempt if we have a small piece of land somewhere, continued Mr. Perron-Dufour. Statistically, that won’t be a problem. »
In addition to the estate tax, QS promises an additional 0.1% tax for citizens who have net assets of $1 million to $10 million. For this bracket, this would represent an additional tax of $1,000 per $1 million.
For the bracket of 10 million to 99 million, the tax rate increases to 1%. Above 100 million, the rate is 1.5%.
The sums collected thanks to the tax on large fortunes would be used in particular to finance the tax holiday proposed by Québec solidaire, in addition to its climate plan.
With The Canadian Press