June 24, 2024

The Queens County Citizen

Complete Canadian News World

Legault gift certificates are coming

Legault gift certificates are coming

The discovery of the Council of Ministers completed, Francois Legault can now continue the debate and ask his Finance Minister Eric Girard to send “checks” aimed at partially absorbing the increase in prices for consumption.

I refer here to the CAQ leader’s election commitment to soon pay a one-time financial aid of $400 to $600 to more than 6 million Quebec taxpayers to help them cope with rising living costs.

The total cost of this flagship election promise: $3.5 billion.

After Finance Minister Eric Girard presents the new mini-budget – possibly in early December – “gift certificates” will be sent to the cottages.

by Revenue Quebec

Quebecers earning less than $50,000 will receive a “cheque” for $600. Those who win between $50,000 and $100,000 will receive a $400 “gift certificate.”

Next December, Revenue Quebec will be responsible for the massive check distribution operation. You don’t have to do anything to receive this Coquist gift.

Revenu Québec will use the 2021 tax returns to distribute the checks. When I say “checks,” we understand that this includes direct deposits.

In specific terms, the new checks will be distributed to 6.4 million taxpayers earning less than $100,000 in the same way that the previous $500 aid was sent.

Even for the rich

Allow me a parenthesis. To be clear, does Francois Legault’s CAQ government really need to pay an $800 “anti-inflationary aid” to a couple with each member earning $100,000 or a total income of $200,000? Absolutely not!

In my opinion, it would have been more relevant and socially appropriate to limit this anti-inflation aid to those earning less than $75,000 (single) or less than $120,000 (with spouse).

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The hundreds of millions of dollars (or perhaps $1 billion) saved by lowering the eligibility limit could be used to help those with incomes below 35,000. $.

Help for seniors

Another new CAQ financial aid measure whose necessity is questionable.

Seniors age 70 and older living on low incomes will benefit from a significant increase in the amount of the tax credit for senior assistance.

This refundable tax credit increases from $400 to $2,000 for seniors whose household income is less than $24,195 (single) or $38,340 (with spouse) annually. Above these earnings, the credit gradually decreases.

This attractive bonus will come into effect immediately after filing Income Tax Return 2022.

Notice to those affected: The sooner you file your 2022 provincial income tax return, the sooner you’ll get access to the support amount enhancement.

The CAQ government estimates that this new measure will benefit 1.1 million seniors aged 70 and above. This would allow them to share a total of $1.6 billion annually.

A big year of gifts

It is in the last third of the current financial year 2022-2023, that is from December to next March, that the Francois Legault government will pay us the biggest tax gifts of its new mandate until October 2026.

From December to next March, the CAQ government will grant us election gifts worth $5.5 billion. It includes $3.5 billion in one-time anti-inflation aid, $1.6 billion in enhancements to the refundable tax credit for assistance to seniors, and $420 million in tax cuts.

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For the other four fiscal years, i.e. from 2023-2024 to 2026-2027, the tax gifts (generalized tax cut, improved assistance to the elderly) are about $3.3 billion annually.

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