I have helped hundreds of people successfully navigate from the US to Canada. If you're thinking of moving or retiring to Canada contact me today to chat about your plans.
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Phil Hogan, CPA, CA, CPA (CO)
Cross-Border Tax and Investment Specialist
Today the government of Quebec announced a one-time “counter-inflation” payment to Quebec residents that earn less than $100,000 in an effort to help Quebecers navigate an increasingly high inflationary environment.
$3.2 billion will be spent on the one-time $500 payments to Quebec residents just ahead of the October Quebec general elections.
This could be a signal to other provinces and governments to follow suit. Like the 2020/2021 Covid stimulus payments that were so popular during the pandemic we may see similar “inflation payments” be announced in the coming months from various governments.
We’ll report more on this story as it develops.
New Quebec “inflation” payment FAQ:
Is the Quebec inflation payment taxable?
TBD
When will the Quebec inflation payments be sent out?
TBD
Will the $100,000 income threshold be based on 2021 or 2022 taxes?
TBD
