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2021 Quebec Budget Highlights
Today, the Honourable Minister of Finance Eric Girard released Quebec's 2021-22 Budget. The document sets forth a delay to the plan of returning to balance in two years by instead focusing on post-pandemic recovery through a range of investments. A return to balance is now set to take seven years with an expected $12.3 billion deficit this fiscal year in what the Minister calls a "pandemic budget" for the province.
This new budget sees Quebec planning to inject $15 billion dollars into the economy over the coming five years into the health and education sector along with targeting areas of economic growth.
A notable highlight for Quebec CPB Canada members includes the announcement that small- and medium-sized businesses in Quebec who currently pay a four per cent tax on their revenues, will be taxed at 3.2 per cent starting April 1st. This will place Quebec businesses on level with what Ontario businesses currently pay.
The over 400-page budget will be digested further in the coming days and CPB Canada will update any notable findings that may arise within this blog post.
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