Quebec harmonizes its tax policy after Ottawa’s deferral on capital gains

Posted February 4, 2025 10:19 am.
Quebec decided to harmonize the province’s tax system following Ottawa’s recent decision not to increase the capital gains inclusion rate.
Finance Minister Dominic LeBlanc announced on Friday that his government was postponing implementation of the capital gains inclusion rate increase from June 25, 2024 to January 1, 2026.
The measure aims to increase the portion of capital gains on which businesses pay tax from one-half to two-thirds. The policy would also apply to individuals with capital gains in excess of $250,000.
“The government is simplifying Quebec’s tax system by harmonizing it with certain measures announced by the Government of Canada,” said Quebec Finance Minister Eric Girard on Monday.
The Minister also confirmed that charitable donations made up to February 28, 2025 will be eligible for tax assistance for the 2024 tax year, to mitigate the impact of the Canada Post strike at the end of the year.
“These changes will also offer support to charities in the essential work they do,” he added.
–This report by La Presse Canadienne was translated by CityNews