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Here's everything you need to know about Quebec's 500$ payout in response to inflation



In a press release on March 22nd, the Government of Quebec announced it would be delivering a one-time payout of $500 to eligible residents in response to climbing prices in virtually all sectors.


Here's everything you need to know about your eligibility and how to claim the sum.


 

Financial Eligibility


Quebecers who made $105,000 or less, file an income tax return, and meet certain criteria will qualify for a credit.


How much am I entitled to?


If your net income for 2021 was $100,000 or less, you are entitled to a $500 tax credit.


If your net income for 2021 was more than $100,000 but less than $105,000, the $500 credit will be reduced by 10% of the amount that your net income exceeds $100,000.


For example, if you made $102,000, 10% of the supplementary $2000 would be removed from the credit. Thus, the credit would be reduced to $300.


If you end up owing income tax to the provincial government, the province has the authority to apply the credit to any amount owed.


How do I receive my credit?


If you are eligible, the tax credit will be automatically deposited into your account by the provincial government.


Recipients do not need to take any action or file any paperwork to claim the credit.


Those who have filed their income tax for 2021, and received their notice of assessment should expect to receive the credit by the end of May.


Eligibility Criteria


Those who are eligible need to have met the following criteria on or before December 31st, 2021.


- 18 years of age

- Resident in Quebec

- A permanent resident or a protected person within the meaning of the Immigration and Refugee Protection Act.

- Or a temporary resident or the holder of a temporary resident permit within the meaning of the Immigration and Refugee Protection Act who had been living in Canada for the last 18 months.


Eligibility under 18 years of age:


- Minors who are the mother or father of a child who resides with them

- Minors who are recognized as emancipated by a competent authority (ex. a court).


The response to the initiative has been mixed. One resident felt the massive expense could be put towards more pressing issues in the province.


"Not interested. They can keep all their money and fix the roads."

Quebec's higher earners feel the credit is unjust.


"Discrimination against income. Higher-income earners pay huge taxes in Quebec and see very little in return. This is another example of a very unfair tax system. I work very hard and am penalized."
 

We would love to hear from you. Connect with us in the comments and share your views on the matter.


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