Highlights of the Quebec provincial budget 2022-2023

Quebec Finance Minister Eric Girard tabled the provincial budget for the 2022-23 fiscal year on Tuesday. Here are some highlights.

Quebec Finance Minister Eric Girard tabled the provincial budget for the 2022-23 fiscal year on Tuesday. Here are some highlights.

— Quebec adults who earn $100,000 or less will receive a one-time payment of $500 this year to offset the impact of inflation.

— The operating deficit is projected at $3 billion, but this figure rises to $6.5 billion taking into account a payment of $3.5 billion to a fund dedicated to debt reduction provincially, in accordance with Quebec law.

— GDP growth is expected to be 2.7% in 2022, after increasing by 6.3% in 2021, following the first year of the COVID-19 pandemic.

— Revenue for this fiscal year is estimated at $138.5 billion, an increase of 2.2%.

— Program spending will total $128 billion and debt service will be $8.8 billion.

— Spending on health and social services will increase by 6.3%, to $54 billion, and spending on the school system will increase by 5.4%, to $19 billion.

— COVID-19 support programs will total $2.4 billion this fiscal year.

— Québec’s gross debt will be $215.3 billion, or 43.1% of GDP.

— Strong economic performance in 2021 resulted in an additional $4 billion corporate tax adjustment and an additional $3.2 billion personal income tax adjustment for fiscal year 2021 -2022.

— Québec will receive $13.7 billion in equalization payments during this fiscal year, an increase of 4.2%.

This report from The Canadian Press was first published on March 22, 2022.

The Canadian Press

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