Québec Minister of Finance Éric Girard tabled the province's 2020-2021 budget in March. Following a 2019-2020 year ending with a surplus of $1.9 billion, the government forecasts that a balanced budget will be maintained for the 2020-2021 fiscal year.
The budget makes no changes to personal or corporate tax rates, but it does provide major reinvestments to build a green economy, increase wealth, improve services and meet the needs of citizens.
Highlights for the propane sector include:
Building a green economy
The government is making the fight against climate change a priority and reiterating its intention to meet its 2030 greenhouse gas emission reduction target. In relation to that target, the government will soon be unveiling the electrification and climate change framework policy. In addition to the $4.1 billion in carbon market revenues, the government will earmark $2.1 billion for the first implementation plan for the framework policy.
The plan will run from January 1, 2021 to March 31, 2026. This represents a 50 per cent enhancement in funding compared to revenues from the carbon market. It will be used to undertake concerted environmental action. Furthermore, the allocated funding will be double the average annual spending under the 2013-2020 Climate Change Action Plan. Therefore, more than $6.2 billion will go towards supporting various initiatives to fight climate change. In addition, the government is earmarking over $470 million to support various other environmental measures. These investments will be made between April 1, 2020 and March 31, 2025.
Further supporting the education success of young people
Improving business productivity and competitiveness
In order to boost business productivity and competitiveness, the government is providing, in Budget 2020-2021, more than $1 billion over six years to: spur business investment, foster innovation and its commercialization, accelerate business, and export growth.
Boosting regional economic development
To boost regional economic development, the government is providing more than $900 million in Budget 2020-2021 to: promote regional prosperity, develop the tourism sector, support regional growth by improving the transportation infrastructure, and pursue the development of the northern areas.