Budgetary transactions of the Consolidated Revenue Fund
Own-source revenue Federal transfers Total revenue Program spending Debt service Total expenditure
45 476 9 972 55 448 -48 940 -6 849 -55 789
47 105 10 796 57 901 -50 873 -7 205 -58 078
Net results of consolidated organizations
Budgetary balance2 Net results of the Generations Fund Consolidated budgetary balance
0 - 0
0 74 74
ResponsiBle management OF PUBLIC FINANCEs
ENCOURAgE ECONOMIC gROwTh
Continue with the reform of corporate taxation to support employment and investment:
reduction of more than 50% in the tax on capital by 2009;
reduction of the tax rate of SMEs from 8.5% to 8.0%;
reductions of nearly 1.0% in two years.
Investments of $75 million over three years for innovation and research and development:
capitalize university research;
improve R&D incentives for SMEs.
$925 million more over four years to support workers, regions and
Québec’s forest industry.
summaRy of consolidated BudgetaRy and financial tRansactions1 (MILLIONs OF DOLLARs)
Preliminary results for 2005-2006. Budgetary balance for the purposes of the Balanced Budget Act.
nominal gdp gRowth and pRogRam spending (PERCENTAgE)
Average annual growth rate from 2003-2004 to 2005-2006
Growth rate in 2006-2007
INvEsTINg IN OUR FUTURE
From 2003-2004 to 2005-2006, the average annual growth in program spending was 3.7%, which is less than the increase in gross domestic product over the same period.
In 2006-2007, the government is maintaining its objective of controlling spending, which will rise by 3.9% compared with GDP growth of 4.2%.
As has been the case in recent years, the government is maintaining its commitment to invest in health and education, while continuing to control spending in 2006-2007.
6.3% in health and social services;
5.4% in education, recreation and sport;
0.2% in other portfolios.
Source: Ministère des Finances.
MEAsUREs CONCERNINg INDIvIDUALs
Personal income tax will be reduced by $362 million, mainly because the deduction for workers is raised from $500 to $1 000.
In less than four years, the difference in tax burden with the other provinces will have fallen from $2.2 billion to less than $1 billion.
$159 million to facilitate home support for seniors.
ECONOMIC AND FINANCIAL PROFILE OF QUÉBEC