Quebec Finance Minister Eric Girard, centre, presents the budget speech at the legislature in Quebec City, Tuesday, March 25, 2025 Quebec Premier Francois Legault, right, reads the document. THE CANADIAN PRESS/Jacques Boissinot
March 25, 2025 - 2:16 PM
Quebec Finance Minister Eric Girard introduced his budget on Tuesday, under a cloud of possible U.S. tariffs on Canadian goods that he forecasts will average 10 per cent in the next two years. Here are some highlights:
— Deficit of $13.6 billion, or 2.2 per cent of GDP, including payments of about $2.2 billion into a fund dedicated to paying down debt.
— Return to a balanced budget by fiscal year 2029-30.
— Total spending on government operations of $156.1 billion, an increase of 1.8 per cent, excluding debt servicing.
— Debt servicing of $9.7 billion, bringing total government spending to $165.8 billion.
— Real GDP growth, which accounts for inflation, of 1.1 per cent in 2025 and 1.4 per cent in 2026.
— Increase of $11 billion over three years for infrastructure projects, for total spending of $164 billion over 10 years.
— $5.4 billion over five years, including $1.3 billion in 2025-26, to help stimulate the economy and help companies affected by U.S. tariffs.
— Contingency reserve of $2 billion to be used if economic growth is lower than projected.
— Net debt of $235.8 billion as of March 31, representing 38.7 per cent of GDP.
— Equalization payment from the federal government of $13.6 billion, an increase of 1.9 per cent.
— $125 annual fee for owners of electric vehicles to go toward road maintenance, starting in 2027.
This report by The Canadian Press was first published on March 25, 2025.
News from © The Canadian Press, 2025