US EditionQuebec economic update: modest financial relief to households, lower deficit
Quebec's deficit dropped by C$1.2 billion from March estimates; tax relief includes reduced social program contributions and over C$290 million support for sectors hit by US tariffs.
- On Nov. 25, 2025, Quebec finance minister Eric Girard announced a C$12.4 billion budget deficit and tax breaks for workers and industries hit by US tariffs.
- Finance Minister Eric Girard said the reductions cut Quebec Pension Plan and Quebec Parental Insurance Plan contribution rates starting Jan. 1 and cancel a planned capital-gains increase.
- S&P Global downgraded Quebec to A+ in April, citing slowing population growth, higher employee compensation, and a softer tax outlook, despite 1.7% GDP growth in 2024.
- Completing its financing program, the Quebec government borrowed less than projected partly by increasing pre-financing and deposited funds into the Generations Fund.
- Amid rising cost of living, the package spans five years and offers targeted payroll relief for agriculture, forestry and fishing sectors hit by US tariffs, Girard said.
24 Articles
24 Articles
Quebec economic update: modest financial relief to households, lower deficit
QUÉBEC — Quebec's finance minister presented an economic update on Tuesday that offered modest savings to taxpayers, as he painted an optimistic picture of the province's finances heading into an election year.
Quebec economic update: modest financial relief to households, lower deficit
QUÉBEC — Quebec's finance minister presented an economic update on Tuesday that offered modest savings to taxpayers, as he painted an optimistic picture of the province's finances heading into an election year.
Quebec economic update includes tax breaks for workers, use of Green Fund to tackle debt
Finance Minister Eric Girard plans to help workers save $1.8 billion over five years through a reduction of contribution rates to the Quebec Pension Plan (QPP) and Quebec Parental Insurance Plan (QPIP).
Quebec Economic Update: Modest Financial Relief to Households, Lower Deficit
Quebec’s finance minister is looking to give taxpayers a little breathing room in an economic update that includes a reduction to the contribution rate for social security programs. Eric Girard’s update also includes modest decreases to payroll deductions for the provincial pension plan and parental insurance. These reductions, along with adjustments to how personal income taxes and social insurance benefits are indexed, are expected to represen…
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