Quebec Finance Minister Eric Girard tabled the provincial budget on Tuesday for the 2022-23 fiscal year. Here are some highlights.
— Quebec adults who earn $100,000 or less will receive a one-time payment this year of $500 to offset the impact of inflation.
— The operating deficit is projected to be $3 billion, but that figure rises to a deficit of $6.5 billion when taking into account a $3.5 billion payment into a fund dedicated to reducing the provincial debt, in accordance with Quebec law.
— GDP growth is projected to be 2.7 per cent in 2022, after it grew by 6.3 per cent in 2021, following the first year of the COVID-19 pandemic.
— Revenues for this fiscal year are estimated to be $138.5 billion, a rise of 2.2 per cent.
— Program spending will total $128 billion and debt service will be $8.8 billion.
— Spending on health care and social services will rise by 6.3 per cent, to $54 billion, and spending on the school system will increase by 5.4 per cent, to $19 billion.
— COVID-19 support programs will total $2.4 billion this fiscal year.
— Quebec’s gross debt will be $215.3 billion, or 43.1 per cent of GDP.
— Strong economic performance in 2021 led to an adjustment of $4 billion more in corporate taxes and an adjustment of $3.2 billion more in personal income taxes for the 2021-22 fiscal year.
— Quebec will receive $13.7 billion in equalization payments this fiscal year, an increase of 4.2 per cent.
This report by The Canadian Press was first published on March 22, 2022.
The Canadian Press
