Give Quebec’s Low-Income Seniors $ 700, PQ Urges Legault

The PQ says the money earned from Quebec’s lower-than-expected deficit should be used to help older people “get through these tough times.”

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The Parti québécois proposes a one-time refundable $ 700 tax credit to help people 65 and older who earn less than $ 35,000 per year before taxes “get through these tough times.”

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In a telephone interview with Presse Canadienne, PQ finance critic Martin Ouellet said his party hopes the François Legault government will add the measure to its November 25 mini-budget.

He estimates that it could help more than a million people at a cost of $ 716 million.

Older people “are the first to live in situations of poverty since their income is fixed,” said Ouellet. “There are not many retirement plans that are indexed to inflation; once my RRSP is accounted for, I only have fixed income from the régie des rentes, so each increase in inflation has a direct impact. “

Consumer price inflation reached 4.4 percent in September, the latest month for which data is available. The Bank of Canada normally aims to keep the annual inflation rate between one and three percent.

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According to the latest statistics from Statistics Canada, in 2019, five percent of Quebecers aged 65 and over lived below the poverty line.

With a deficit smaller than the 2021-22 budget forecast, Ouellet said the savings should be used to fund the tax credit.

The Legault government will announce its new deficit projections as part of the November 25 economic update.

The tax credit proposed by the PQ would only be distributed once because it would be included in the November budget adjustment. However, Ouellet says the party would like to see tax credits for the elderly in the next provincial budget, which will be presented in March.

Prime Minister François Legault has already said that he wants to “put money back in the pockets of Quebecers” on November 25 to help with the rising cost of living.