Quebec’s new budget includes a reduction in the income tax rate for small and medium-sized businesses, bringing it into line with Ontario’s rates. Businesses will pay 3.2 percent on their first $500,000 of taxable revenue, down from four percent.
“This is a budget that should help restore business confidence,” said Michel Leblanc, chief executive of the Chamber of Commerce of Metropolitan Montreal.
“Quebec didn’t raise personal taxes, it gave small businesses a tax break and it didn’t put austerity measures in place for now. The message this sends to businesses is that it’s a good time to invest.”
At the same time, groups like Manufacturiers et Exportateurs du Québec warned that the budget lacks measures to address staffing shortages in some sectors.
