To understand how the new Quebec government budget may affect you, The duty offers you a summary of some measures that directly affect your portfolio and what you will still have to wait for.
A check for $500
If you earn less than $100,000 per year, you will receive a one-time amount of $500. This amount will be paid automatically by Revenu Québec.
If you have an income of less than $50,000 and have already received a check for $275 this winter – an exceptional measure announced last November to help Quebecers cope with the rising cost of living – the new check announced on Tuesday is in addition to the one you have already received.
In short, you will be entitled to combined assistance of up to $775 if you live alone, or $1,400 if you are in a relationship.
Rebate reduction for the purchase of electric vehicles
If you plan to buy an electric vehicle, be aware that the maximum discount granted under the Roulez vert program will be reduced as of April 1.
It passes:
— from $8,000 to $7,000 for new all-electric vehicles;
— from $8,000 to $5,000 for new plug-in hybrid vehicles;
— and $4,000 to $3,500 for used all-electric vehicles.
Expanded financial aid for students
If you are a student, you could benefit from extended financial assistance from the Government of Quebec.
According to the Legault government, the current calculation for loans and bursaries means that “some students see […] their financial assistance reduced considerably” because of the level of income of their spouse or parents. The new calculation will allow more students to have access to help.
Until now, a student whose parents earned more than $55,000 had their loans and bursaries reduced substantially. With this budget, the government is raising that threshold to $75,000. For a parent living alone, this threshold increases from $50,000 to $65,000, and for a spouse, from $48,000 to $63,000.
The government will again shoulder the interest bill on student loans for the coming year. A few thousand student parents will also be entitled to student support payments of $6,000, rather than the $4,200 previously offered.
No check (yet) to offset Hydro-Québec’s rate increases
Last week, Prime Minister François Legault announced that he wanted to send a second check to offset the anticipated growth in hydroelectricity rates. These could rise by 4 to 5% in 2023, as they are linked to the inflation of the previous year.
The CAQ government would distribute this check in a second term, if it is returned to power.
With Francois Carabin