The Update anticipates a deficit of $12.4 billion for 2025-26. The Update announces changes to certain tax measures applicable to certain businesses in the mining, agriculture, forestry and fishing sectors. In addition, the Update introduces contribution rate reductions to the Quebec Pension Plan and Quebec Parental Insurance Plan starting in 2026. In its Update, Quebec also announces it will harmonize with several measures from the 2025 Federal Budget. Note that the Update does not include changes to the province's corporate or personal income tax rates.
The Update also confirms that Quebec's personal income taxes and social assistance payments will be indexed at 2.05% as at January 1, 2026, among other changes.
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