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The March 2018 Québec Economic Plan, tabled today by Minister of Finance Carlos J. Leitão, marks a historic turning point that positions Québec as a leader of sustainable growth in North America.
Underpinned by a financial framework that provides for the maintenance of a balanced budget over the next five years, the Québec Economic Plan relies on additional investments of $16 billion within five years.
A STRONG ECONOMY
- The strongest economic growth in nearly 20 years
- 222 600 jobs created since May 2014 (on track to achieve the objective of creating 250 000 jobs)
- A record low unemployment rate
SOUND PUBLIC FINANCES
- The fourth balanced budget in a row
- Québec is reducing its debt through the Generations Fund
All this good news allows us to tangibly improve Quebecer’s quality of life. Here’s how:
1. Education: Additional investments for young people’s success
- $1.2 billion for educational success
- $16.2 billion for our educational institutions
Program spending – Education and higher education
2. Health: Easier access to services and care
$3.6 billion for things like:
- improving access to home care
- enhancing assistance for seniors
- add specialized nurse practitioners
- providing the population of each region with a comparable level of access to frontline and specialized services
- improving health prevention
Program spending – Health and social services
3. Families and seniors: $800 million for improving their quality of life
- Nearly $300 million to support families (Nearly $160 million to enhance the tax credit for childcare expenses and $140 million to facilitate access to property and reduce the debt load for people buying their first home)
- Over $100 million for informal caregivers and seniors
4. A better standard of living: reduction of $3 billion per year in the tax burden on individuals
- Elimination of the health contribution
- Tax cuts
- Supplement of $100 per child for the purchase of school supplies
- School tax reform
- Nearly $1 000 per family and $500 for person living alone
5. Transportation: An additional $1.8 billion
- Nearly $850 million in additional funding for public transit throughout Québec
- Nearly $175 million in support for regional air transportation to help citizens who live in outlying regions to travel at affordable prices
- $430 million for things like the acquisition of electric vehicles and improving our highways
6. A strong economy for increasing Quebecers’ standard of living
- $810 million to ensure a sufficient and qualified labour force to meet the needs of the labour market
- More than $2 billion to ease the tax burden on SMBs
- Over $270 million to accelerate business investment
- $1 billion more to accelerate the digital transition in our economy
- Nearly $380 million to promote the energy transition and to protect the environment
- $226 million to improve water management and mitigate risks related to flooding
7. The regions: strong measures to promote the development of all our regions
- Nearly $55 million to promote healthier, local food in Québec
- Over $80 million to promote economic diversification in the regions
- Over $300 million in initiatives for continuing the Québec Maritime Strategy
- Nearly $475 million for projects generating jobs and prosperity in the Plan Nord territory
