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Quebec Economic Statement: welcome help for small business!

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  • Quebec Economic Statement: welcome help for small business!

The National Assembly just returned on November 27, following the election of a new government, and it is already sending a positive message to small business owners. The appointment of several prominent business people to cabinet positions is far from the only good news to come out of this new government.

$450 million to be invested in small business
The Quebec government released its economic statement on December 3, announcing $450 million in investments to help small businesses. This is great news to boost your competitive edge!

One of the new developments is that the provincial government will follow Ottawa’s measures to encourage investments:

  • It will accelerate depreciation for the purchase of computer hardware, manufacturing and processing equipment and clean energy generation equipment, as well as intellectual property. The depreciation rate will be 100% of the total cost of the investment in the year of acquisition.
  • For these investments, it will also introduce a permanent additional capital cost allowance of 30%.
  • For all other investments, it will introduce an enhanced capital cost allowance. 

This is a first step in the right direction, and we will continue our lobbying efforts to remind the government of the importance of keeping this approach in the spring budget.

Interesting ideas in the premier’s inaugural address
On November 28, newly elected premier François Legault presented his government’s priorities in his inaugural address. Here are some of his ideas that you will surely find interesting: 

  • Proposing concrete solutions to the labour shortage, especially by ensuring education and immigration policies are in tune with the labour market’s needs (one of our long time demands)
  • Reducing red tape for entrepreneurs (another one of our long-time demands)  
  • Improving the tax system to spur investment in businesses
  • Maximizing trade with other provinces

As we have for years, we will continue to work with the government to create a better business environment for you.  

Got any questions or concerns? Our business counsellors will be happy to take your call!