Older workers: Quebec revises the tax credit for career extension
CTV
Workers aged 60 to 64 will no longer be entitled to the tax credit for career extension, which could represent tax savings of $1,540 per year.
Workers aged 60 to 64 will no longer be entitled to the tax credit for career extension, which could represent tax savings of $1,540 per year.
Finance Minister Eric Girard presented an economic update on Thursday in which he said he was continuing to review tax expenditures in order to identify savings for the government.
The career extension tax credit was introduced in 2012 to encourage older Quebecers to stay in the workforce.
“Since the introduction of the tax credit, Quebec has caught up in the labour market participation of these individuals," Girard's statement reads.
The average retirement age, which was 61.3 in 2011, will rise to 64.7 in 2023.
The Legault government has therefore decided to raise the age of eligibility for the tax credit to 65, starting in the 2025 tax year.
Workers between the ages of 60 and 64 in 2025 will no longer be eligible, representing an average reduction in tax assistance of $973 for approximately 200,000 taxpayers.
