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Highlights of Quebec 2023-24 budget
Quebec Finance Minister Eric Girard presented his fifth budget on Tuesday, for the province’s 2023-24 fiscal year. Here are some highlights:
— Income tax cuts of one percentage point on the first two income tax brackets, starting in 2023, which will save a single earner up to $814 per year.
— GDP growth is projected to fall to 0.6 per cent in 2023 from 2.8 per cent in 2022, before rising to 1.4 per cent in 2024.
— Government spending will be about $148 billion in the 2023-24 fiscal year, with a deficit of about $1.6 billion. The deficit rises to $4 billion after accounting for legally required payments into a fund dedicated to paying down debt.