Quebec’s Finance Minister delivered the province’s 2025 budget on March 25, 2025. The budget anticipates a deficit of $13.6 billion for 2025-26 and projects deficits of $9.5 billion for 2026-27 and $5.7 billion for 2027-28. Although the budget does not include any new changes to the corporate or personal income tax rates, it announces an overhaul of the scientific research and experimental development (SR&ED) tax credit regime by introducing the tax credit for R&D, innovation and pre-commercialization (CRIC) and repealing several existing tax credits. The budget also extends the Accelerated Investment Incentive and immediate expensing measures and makes changes to the mining tax credit. In addition, the budget introduces a new reporting obligation for Quebec taxpayers that hold foreign property.
Download this edition of the TaxNewsFlash to learn more.
