Québec Government Paving the Way for Stronger Growth
In light of Québec’s modest growth again this year, Finance Minister Raymond Bachand has elected to implement measures that will assist enterprises and foster their competitiveness.
Beyond the announced tax measures for individuals and enterprises, the most significant of which are detailed herein, the 2012-2013 budget includes numerous measures for both business and labour development. Of notable interest is the implementation of voluntary retirement savings plans. These plans must be offered by enterprises with five or more employees and their terms must be harmonized with federal tax measures.
Natural resource development is a business opportunity, which the government is supporting through the creation of Ressources Québec and a $500M increase in the mining and hydrocarbon envelope.
Additionally, there is no doubt that business is a central component of Mr. Bachand’s third budget, as evidenced by $1.3 billion in new capital and investments to support business development through such measures as the creation of ESSOR 2.0 and PME 2.0, and investments in the clean technologies sector.
Lastly, to support the labour sector, the government has decided to invest $361M over three years to support businesses of all sizes in developing human capital skills, as well as earmarking $60M for upgrading specialized equipment and increasing professional development.
For more information on both the provincial and federal budgets, register for our Webinar on Monday, April 2, 2012.
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