Tax cuts start this year and will save individual workers up to $814 a year
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Published Mar 21, 2023 • Last updated 9 hours ago • 1 minute read
Quebec Finance Minister Eric Girard as he leaves a news conference on the eve of the budget in Quebec City. Photo by Jacques Boissinot/The Canadian Press Quebec Finance Minister Eric Girard is cutting taxes and preparing for a big drop in economic growth.
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Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Girard presented his budget today for the 2023-24 fiscal year, cutting the tax rate by one percentage point in the two lowest two income tax brackets.
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The tax cuts start this year and will save individual workers up to $814 a year.
Girard is forecasting that the province’s GDP will rise by 0.6 per cent in 2023, down significantly from the 2.8 per cent growth recorded in 2022.
The budget is projecting a deficit of about $1.6 billion, which rises to about $4 billion after it accounts for legally required payments into a fund dedicated to paying down debt.
Overall spending will rise by 0.7 per cent to $148 billion, including a 7.7 jump to $59 billion for health-care, the largest government expenditure.
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