Québec Budget of May 24, 2007: Measures concerning individuals

In the Budget Speech of May 24, 2007, the Québec Minister of Finance, Monique Jérôme-Forget, confirmed that the government would be maintaining all of the measures announced in the Budget of February 20, 2007.

However, tax reductions will be more generous than those announced previously. The reductions will be in the form of higher thresholds for each of the brackets in the tax table and an increase in the basic personal amount.

As of January 1, 2008, the tax table thresholds will be raised. The lowest tax bracket will apply to the first $37,500 of taxable income; the middle bracket will apply to the portion of taxable income that is over $37,500 but not over $75,000; and the highest bracket will apply to the portion of taxable income that is over $75,000. The tax rates remain at 16%, 20% and 24% respectively.

The basic personal amount will be set at $10,215. This amount will include both the amount of recognized essential needs and the minimum complementary amount.

As of January 1, 2009, the tax table thresholds and the basic personal amount will be indexed annually.

For further information, see page A.5 in Additional Information on the Budgetary Measures, published by the Ministère des Finances.

Article source: http://www.revenuquebec.ca/en/centre-information/actualite/2007/2007-06-13_3.aspx?rss=1