2017 Provincial Budget Roundup: Part 3

In case you missed it during tax season, several provinces announced tax changes to their regimes. In this third and final installment of the Provincial Budget Roundup series, we will present a brief summary of the tax provisions from Quebec, the Maritimes and the Territories:

Northwest Territories (Feb 1)

• No new tax measures were announced

New Brunswick (Feb 7)

• The small business tax rate decreases from 3.5% to 3.0% effective April 1, 2017

Note that the New Brunswick Education amount was eliminated as of December 31, 2016

Nunavut (Feb 22)

• The provincial budget contained no income tax measures
• The Education and Textbook amounts were not mentioned in the budget and have not been previously eliminated

Quebec (Mar 28)

• The Health tax was eliminated retroactive to 2016 for Quebecers with income below $134,059 and reduced for those with income between $134,059 and $159,059; the tax is eliminated entirely for 2017
• The exempt income level was increased from $11,635 to $14,590 for 2017
• For most non-refundable credits, the credit rate was decreased from 20% to 16% along with a consequential increase in the amounts so that the tax reduction remains unchanged
• The RenoVert tax credit was extended for one year
• A new refundable credit was introduced for bringing waste water systems up to standards; the credit is available from April 1, 2017, to March 30, 2022

Prince Edward Island (Apr 4)

• 2% increase in Basic Personal Amount, Spousal Amount and Amount for Eligible Dependants ($8,160 and $6,930) for 2017
• Provincial Education Amount will not be eliminated for 2017

Newfoundland and Labrador (Apr 6)

• The budget contained no income tax measures
• The temporary gas tax introduced in Budget 2016 will be decreased by 8.5 cents per liter on June 1, 2017, and an additional 4 cents per litre on December 31, 2017
• The Education Amount was not mentioned in the budget and no legislation has been introduced to eliminate it
• The budget announced that the education amount will be retained even though the federal amount was eliminated
• The OETC (Overseas Employment Tax Credit) was eliminated for 2017
• Additional funds were allocated to increase the NT Child Benefit

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