Quebec Finance Minister Eric Girard conducted his annual budget update on Thursday. These new investments mainly target four sectors: forestry, public transportation, housing and security.
The deficit for the current year remains unchanged at 11 billion and so does the objective of returning to a balanced budget in 2029-2030.
The update in a few figures
879,6
million for the next four years to public transport companies. This is in addition to the 265 million paid this year, which brings this plan to more than 1.1 billion.
500
new housing units for young people leaving the DPJ system, at a cost of 17.8 million. In total, we are talking about 184 million more to accelerate the construction of new housing over the next four years.
262,1
million dollars over three years to respond to the impacts of flooding, including $250 million to repair damage caused by Storm Debby this summer.
252
million over five years for the wood processing sector and reforestation efforts. With money from the federal government, these sums total $540 million over the next seven years.
65
years, instead of 60, the age of eligibility for the tax credit for career extension from 2025. The average retirement age has now reached almost 65, up from 61 years in 2011.
18
additional cell sites in Bas-Saint-Laurent, Mauricie and Saguenay–Lac-Saint-Jean. An investment of $16 million over two years to ensure adequate cellular coverage to meet the population’s security needs.
11
billion, budget deficit forecast for this year after obligatory payments to the Generations Fund. The same amount as the forecast announced in March. The return to balanced budget remains set for five years, i.e. 2029-2030. But the CAQ government’s plan to get there remains to be known during the next budget.
10
million to increase work income supplements for social assistance recipients, with the aim of supporting their transition to the labor market.
9,9
billion will go to debt service for 2024-2025, or 166 million more than planned. This increase is explained by the higher deficit than expected in 2023-2024 and higher interest rates at the start of the financial year.
1,2
percent, the growth in Quebec’s gross domestic product (GDP) for 2024. Double the forecast of 0.6% made in March. Growth in economic activity is expected to accelerate further in 2025 and reach 1.5%.
