Quebec Finance Minister Carlos Leitao, left, gives the thumbs up while standing with Premier Philippe Couillard, before presenting a provincial budget, Thursday, March 26, 2015 at the legislature in Quebec City. THE CANADIAN PRESS/Jacques Boissinot
Republished March 26, 2015 - 2:08 PM
Original Publication Date March 26, 2015 - 1:20 PM
QUEBEC - Highlights of Quebec's 2015-16 budget, which Finance Minister Carlos Leitao tabled Thursday:
Deficit: Balanced budget on own-source revenue of $80.7 billion
2014-15 deficit: $2.35 billion, as projected last year
Federal transfers: $19.4 billion
Taxes: No new ones
Economic growth: Two per cent
Gross debt: $197.1 billion as of March 2014; estimated to be $210.5 billion in March 2016
Health tax: Will be eliminated gradually as of 2017 for 2.1 million Quebecers; it will be fully eliminated for 4.5 million taxpayers by 2019
Corporate tax: Gradual reduction in general income tax rate to 11.5 per cent in January 2020 from 11.9 per cent, beginning in January 2017
Workforce: Employees 63 and over will receive a new tax credit of up to $602 in 2017 and $902 in 2018; for those 65 and over, the amount in 2018 will be $1,504
News from © The Canadian Press, 2015