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2013-2014 Budget

Un Québec pour tous
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Minister of Finance and the Economy Nicolas Marceau delivered the 2013-2014 Budget Speech on November 20, 2012.

Budget at a Glance

A government close to families

Several measures will bring relief to families and ease the financial burden for millions of Quebecers:

$688 = savings1 for a couple with two children and an income of $70 000.

1 Cumulative effect of these three measures, at term

  1. A new progressive and fair health contribution
    • 4.4 million Quebecers will not pay the health contribution or will see their tax burden decrease.
  2. Cancellation of the increase in the price of heritage electricity
    • The increase of 20% in rates (1 ¢/kWh) starting in 2014 is being cancelled.
  3. Refundable tax credit for physical, artistic and cultural activities for young people
  4. The tuition hike has been cancelled
  5. Creation of 28 000 new reduced-contribution childcare spaces by 2016-2017
  6. 3 000 social, community affordable housing units will be built

A government that takes action by focusing on private investment

Private investment by businesses is the driving force of the economy. We are stepping up our efforts to create conditions conducive to private investment.

  1. A 10-year tax holiday to encourage businesses to invest in projects in Québec is being introduced: the THI
  2. The tax credit for investments is being extended until 2017 and enhanced for certain resource regions
    • 3 000 businesses, including 2 500 SMEs, will be able to invest in cutting-edge manufacturing and processing equipment, thus boosting productivity.
  3. Creation of the Banque de développement économique du Québec will generate leverage for all regions of Québec. It will manage:
    • The regionalized development fund, which will have an annual budget of at least $500 million for regional development initiatives.
    • The two funds, totalling $250 million, for supporting the Mauricie and Centre-du-Québec regions and the Asbestos region.
  4. Sector-based actions
    • A $200-million fund will be created for transportation electrification and green technology development.
    • Businesses in the biopharmaceutical sector will benefit from measures to foster their development and job creation in Québec.

A responsible government

The government is pursuing a balanced, three-pronged approach

The Auditor General will be able to conduct audits in government enterprises.

  1. Strict control of spending
    • Growth in program spending will be limited to 1.8% in 2013-2014 and to 2.4% in 2014-2015. Efforts will have to be made by all government departments.
  2. Additional efforts by government corporations
    • Hydro-Québec, the Société des alcools du Québec and Loto-Québec will have to contribute.
  3. Additional effort regarding revenue
    • The specific tax on tobacco will be raised by 50¢ per pack.
    • The specific tax on alcoholic beverages will be increased. Beer will go up 3¢/bottle, wine, 17¢/bottle and spirits, 26¢/bottle.
    • The contribution of financial institutions will be raised and extended until March 31, 2019.
  4. Improved management of infrastructure projects
    • Bill 1 on integrity in public contracts is designed to restore healthy competition among businesses.
    • The management of infrastructure investments will be improved.
    • The average level of investment will be capped at $9.5 billion a year.
  5. $1 billion will be drawn from the Generations Fund to repay the debt in 2013-2014.

  6. Debt reduction plan
    • The government is maintaining its objective of reducing the gross debt to 45% of GDP and that of reducing the debt representing accumulated deficits to 17% of GDP in 2026.
    • New diversified sources of revenue will go into the Generations Fund.

For more details, consult the publication Budget at a Glance This link will open a PDF document in a new window.