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Published | Category : Income tax - individuals

Additional Income Tax Rate for High-Income Individuals

Addition of a fourth income tax rate to the personal income tax table

As of the 2013 taxation year, a fourth income tax rate is added to the personal income tax table. The new rate of 25.75% applies to taxable income over $100,000.

Beginning on January 1, 2014, the $100,000 tax bracket added to the personal income tax table will be automatically indexed each year according to the usual rules.

The amount of instalment payments determined by Revenu Québec is also adjusted, as of the 2013 taxation year, to take into account the addition of a fourth income tax rate to the income tax table.

For further information, see page H.7 in the Budget Plan, published by the Ministère des Finances et de l’Économie.

Increase in the rate applicable to the calculation of the income tax payable by an inter vivos trust

The tax rate to which inter vivos trusts not resident in Canada are subject on their property income derived from the rental of an immovable property located in Québec used primarily for the purposes of earning or producing gross revenue that constitutes rent is raised from 5.3% to 7.05% as of the 2013 taxation year.

The income tax payable by an inter vivos trust, including mutual fund trusts and specified investment flow-through trusts, is raised from 24% to 25.75% as of the 2013 taxation year.

For further information, see page H.8 in the Budget Plan, published by the Ministère des Finances et de l’Économie.

Consequential amendments

The rate for calculating income tax on children’s split income is raised from 24% to 25.75% as of the 2013 taxation year.

The special tax rate relative to an income-averaging annuity payment respecting artistic activities is raised from 24% to 25.75% as of the 2013 taxation year.

For a taxation year after 2012, tax on excess profit sharing plan amounts must be calculated at the rate of 25.75%.

The proportion of capital gains realized that must be taken into account in the calculation of adjusted taxable income (adjusted for the purpose of calculating the alternative minimum tax) is raised from 75% to 80% as of the 2013 taxation year.

The applicable rate for the purposes of calculating the refundable tax credit for childcare expenses is increased to 25.75% for individuals resident in Canada outside Québec who carried on a business in Québec and whose eligible spouse, where applicable, is not resident in Québec.

The maximum marginal income tax rate of 12% that applies to capital gains and on which certain mechanisms are based to guarantee that the government receives the income tax payable when a non-resident realizes a capital gain on the disposition of certain taxable Québec property is raised to 12.875% for all dispositions planned or carried out after December 31, 2012.

For further information, see page H.9 in the Budget Plan, published by the Ministère des Finances et de l’Économie.

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