2019 Quebec provincial budget commentary
Finance Minister Eric Girard tabled the 2019 Quebec provincial budget on March 21, 2019. The government projects a balanced budget for the fiscal year 2019–2020 and the subsequent four years, and this will be achieved without using the stabilization reserve.
In 2019–2020, consolidated revenue is expected to be $115.6 billion, a growth of 3.2% year-over-year, while consolidated expenditures will amount to $113.0 billion, also growing 3.2% over the previous fiscal year. In addition, deposits of dedicated revenue in the Generations Fund amount to $2.5 billion in 2019–2020 and will reach $2.7 billion in 2020–2021.
By spring 2019, $10 billion from the Generations Fund will have been used to reduce Quebec’s debt on financial markets. The debt repayment will lower the government’s interest charges by $1.6 billion over the next five years.
On the income tax side, there were no increases or decreases to personal or corporate income tax rates for 2019.
Please note that these changes are still proposals until passed into law by the provincial government. Let our experienced advisors assist you with understanding these potential changes and the impact they may have on you and your family’s financial strategy. To access the complete summary, please speak to your Assante advisor today.