Quebec Budget: March 2012

This briefing looks at the 2012 Quebec budget and concludes that the province remains on course to eliminate its deficit by 2013–14.

Document Highlights

• Quebec remains on track to return to fiscal balance by fiscal year 2013–14. However, global economic uncertainty and a weak recovery in labour markets could delay this target.
• Reducing the province’s debt will be challenging—it now accounts for more than 54 per cent of GDP.
• Budget 2012 contains no new taxes or fee increases, but it does promise a new investment vehicle for retirement savings starting in 2013.
• The Government of Quebec will implement a new climate change program that will be self-financed through a carbon market.