Quebec says it’s on track for $2.2-billion surplus in current fiscal year
Quebec is projecting a higher than expected surplus of $2.2 billion in the current fiscal year and is also abolishing a health tax two years ahead of schedule.
Information available over the summer led the government to call for a surplus of $1.8 billion for fiscal 2016-17, which ends next March 31, but Finance Minister Carlos Leitao said Tuesday that provincial revenues have increased more than expected.
Leitao said when the Liberals entered office in 2014 they faced projected deficits of up to $7 billion.
“If we didn’t do anything about the deficit we were going to run straight into a wall,” he said after his budget update.