Highlights of the budget presented by Finance Minister Eric Girard

Here are the key points from the budget tabled Wednesday by Finance Minister Eric Girard:

• The government forecasts a deficit of $8.6 billion for the 2026-2027 fiscal year, including the payment into the Generations Fund (or $6.3 billion excluding that payment). That represents an improvement from the 2025-2026 deficit of $9.9 billion ($7.7 billion excluding the payment).
• Quebec is still aiming to balance the budget by 2029-2030. The deficit after the contribution to the Generations Fund is expected to fall to $5.7 billion in 2027-2028 and $1.5 billion in 2028-2029.
• The government is increasing infrastructure investments by $5 billion over six years, bringing the Plan québécois des infrastructures (PQI) to $167 billion. The focus is on priority sectors: health and social services, education and higher education, public transit and the road network. The share allocated to maintaining existing infrastructure rises to 71 per cent, up from 65 per cent in the previous plan.
• Following weak GDP growth of 0.8 per cent in 2025, the government projects 1.1 per cent growth in 2026 and 1.4 per cent in 2027. Girard says the renegotiation of the Canada–United States–Mexico Agreement remains the biggest risk to Quebec’s economy.
• Government spending, including debt service, is expected to rise by 1.5 per cent in 2026-2027—down sharply from the 4.3 per cent increase recorded the previous year.
• Girard says he has set aside $250 million in fiscal room for commitments or measures that could be introduced by the next premier (Christine Fréchette or Bernard Drainville), who will replace François Legault next month. The new Coalition Avenir Québec leader could also draw from the contingency reserve ($2 billion for the current fiscal year).
• The budget allocates $581.3 million over five years to support small and medium-sized businesses, including $365.1 million for companies and forest-based communities. The forestry sector is currently facing 45 per cent U.S. tariffs.
• Quebec will dedicate $119 million over five years to maintain funding for arts education and cultural field trips.
• The province will invest $280.4 million over five years to support Quebec’s audiovisual sector, including $12.2 million to adjust the film and television production tax credit.
• The government plans $40.2 million over five years to introduce a refundable tax credit for Quebec news media (CMIQ), which will replace the existing credit. The CMIQ will support written news media, private general-interest television, commercial radio and news agencies.

This report by The Canadian Press was first published in French on March 18, 2026.