However, starting in January 2024, if you reach the age of 72, you no longer have to pay any QPP on your earnings. So, currently, if you work and you're over the age of 65, and forever you are paying QPP on your earnings, on a salary or as a self-employed worker. What's going on here?Įrnie Furt: Well, they are encouraging older workers to continue to work. There's something interesting about the QPP Quebec pension plan as well. So, this is kind of nice that it does allow higher income earners, you know, those who earn more, to also benefit from a tax cut. And as long as it remains there and people can earn what they earn, as Eric Girard said, they can benefit from this tax cut.Ĭaroline Van Vlaardingen: So often Quebecers say the more you earn, the more you pay. And the good thing about it is, if you're a higher income earner, you're not clawed back this amount. So, that's pretty good at the end of the day. At the $100K level, if you're single, it means $814. If you're a couple earning $40,000, it means $56 to you. If you're a single individual earning $40,000, it means $210 to you. Let's talk again about what it will represent for individuals and couples.Įrnie Furt: Well, let's take a look at different taxable income levels. You can watch the full interview above and read the full transcript below.Ĭaroline Van Vlaardingen: So, Ernie, the finance minister is calling it the most important tax cut in recent history of Quebec, or in the history of Quebec-4.6 million Quebecers will see tax cuts. CTV News Montreal's Caroline Van Vlaardingen spoke to BDO Canada tax partner Ernie Furt about what Quebec's new budget means for taxpayers.

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