POLITICS

Highlights of 2015-16 Quebec budget

03/26/2015 04:16 EDT | Updated 05/26/2015 05:59 EDT
QUEBEC - Highlights of Quebec's 2015-16 budget, which Finance Minister Carlos Leitao tabled Thursday:

Deficit: Balanced budget on own-source revenue of $80.7 billion

2014-15 deficit: $2.35 billion, as projected last year

Federal transfers: $19.4 billion

Taxes: No new ones

Economic growth: Two per cent

Gross debt: $197.1 billion as of March 2014; estimated to be $210.5 billion in March 2016

Health tax: Will be eliminated gradually as of 2017 for 2.1 million Quebecers; it will be fully eliminated for 4.5 million taxpayers by 2019

Corporate tax: Gradual reduction in general income tax rate to 11.5 per cent in January 2020 from 11.9 per cent, beginning in January 2017

Workforce: Employees 63 and over will receive a new tax credit of up to $602 in 2017 and $902 in 2018; for those 65 and over, the amount in 2018 will be $1,504