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The province of Quebec’s Annual Budget

The province of Quebec’s Annual Budget

 

Quebec Finance Minister Eric Girard presented his 2020-2021 budget by delivering his budget speech at the National Assembly of Quebec on Tuesday, the 10th March 2020. The $118-billion budget for 2020-21 represents a 5.1 per cent increase over the previous year.  In this 2020-2021 budget, the Quebec government wants to pour more money into health care and education this year, while trying to convince Quebecers that the CAQ Government is serious about reducing greenhouse gases by caring about environment. In the annual Budget, tabled in the National Assembly, Finance Minister Eric Girard reported a $1.9 billion surplus last year, thanks in part to a booming economy where the unemployment rate is very low. The Coalition Avenir Quebec(CAQ) Government said it would devote $6.7 billion over six years to deal with climate change to build a green economy. In line with international commitments, the province aims to reduce its greenhouse gas emissions by 37.5 per cent below its 1990 level by 2030.

. This is Quebec Premier Francois Legault government’s second budget in which Finance Minister Eric Girard wants to tackle two big goals: getting the province on track to meet its greenhouse gas emission targets and increasing the economy’s productivity.

The other main high lights of the province of Quebec’s budget are as follows

  1. The Government wants to spend $15.8 billion for public transit, including electric transit projects in Montreal, Laval, Longueuil, Quebec City, Gatineau and Chambly.
  2. Education: $1.5 billion will be invested into education in the next five years, with: – $817 to keep kids in school and improve educational success, in part by hiring more teachers and other professionals. – $550 million to boost the number of college and university graduates. -$137 million over five years for Kindergarten for four-year-olds etc..
  3. The Quebec Government wants to spend $1.3 billion to encourage businesses to reduce greenhouse gas emissions with conversion and energy-efficient projects.
  4. Flood mitigation: $473 million

5.Sustainable agriculture: $125 million

6.. The tax credit for caregivers is doubled and simplified with assistance of up to $2,500 per year. Some 30,000 more people will now be eligible.

  1. $1.5 billion for regional economic development and natural resources.
  2. The government is budgeting $5.4 billion over five years, including $1.1 billion this year, for health and social services.
  3. $1 billion over the next five years to boost business competitiveness, including $556 million for the C3i, a new tax credit to upgrade equipment and software, and $334 to support innovation.
  4. The budget includes $5.9 billion over the next five years to put money back into Quebecers’ pockets, reiterating that it has already returned $182 million to homeowners this year as it moves toward a single school tax rate.

The CAQ government is boasting of an all-time low unemployment rate, a rapid increase in household income and a rise in the standard of living above that of Ontario or Canada as a whole. Because of strong public finances, Girard characterized the economy as resilient and able to manage potential upcoming concerns, including the financial impact of COVID-19.

Source: CTV news and CBC news

Former professor, writer and advisor to CBNA

Montreal, Quebec, 11th March 2020

 

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