THE QUÉBEC ECONOMIC PLAN NOVEMBER 2017 UPDATE TABLES AND CHARTS

Transcription

1 THE QUÉBEC ECONOMIC PLAN NOVEMBER 2017 UPDATE TABLES AND CHARTS

2 1 ENABLING QUEBECERS TO REAP THE BENEFITS OF GROWTH TAX REDUCTION REDUCTION OF POVERTY + $1 000 more for families $100 per child per year Lift more than people out of poverty ACCESS TO HEALTH CARE EDUCATIONAL SUCCESS $105 million more per year for the support of seniors, mental health and addiction prevention 500 additional specialists to assist students INTERNET IN THE REGIONS Over 90% of Quebecers will have access to ultra-high-speed Internet 100% of Quebecers will have access to high-speed Internet

3 2 ADDITIONAL INVESTMENTS OF $11.1 BILLION Additional investments announced in the November 2017 update (millions of dollars) Total Easing of the tax burden on individuals Reduction of poverty Investments for educational success and health Education and childhood: strategy for children aged 0 to Higher education Health and social services Subtotal Support for regional economies Ensuring a higher income in retirement TOTAL

4 3 THE GOVERNMENT IS SHARING THE BUDGETARY SURPLUSES: 50% GIVEN BACK TO QUEBECERS AS A TAX REDUCTION Use of the budgetary reserve (millions of dollars) Reduction of the tax burden as of Accumulated surpluses in the reserve as at March 31, % SHARE 49.9

5 4 DECREASE IN THE TAX RATE APPLICABLE TO THE FIRST DOLLARS OF EARNED INCOME, FROM 16% TO 15%: A HISTORICALLY LOW RATE The bottom tax rate (per cent) to and to Before 2017 After

6 5 DECREASE IN THE TAX RATE: A MEASURE THAT WILL BENEFIT PRIMARILY THE MIDDLE CLASS Gain from the decrease in the bottom tax rate to 15% Tax bracket Number of recipient taxpayers Maximum tax cut Total gain in ($) ($ million) (%) $ or less or less Over $ to $ % Over $ up to $ Over $ TOTAL

7 6 MORE MONEY FOR TAXPAYERS Illustration of the tax relief for a couple (dollars) Couple with two equal work incomes of $ (total income of $45 000) Decrease in the bottom tax rate from 16% to 15% announced in the fall 2017 update Increase in the basic personal amount announced in the March 2017 Québec Economic Plan Elimination of the health contribution REDUCTION IN THE TAX BURDEN Couple with two equal work incomes of $ (total income of $88 100) $1 078 Decrease in the bottom tax rate from 16% to 15% announced in the fall 2017 update Increase in the basic personal amount announced in the March 2017 Québec Economic Plan Elimination of the health contribution REDUCTION IN THE TAX BURDEN Couple with two equal work incomes of $ (total income of $ ) $2 334 Decrease in the bottom tax rate from 16% to 15% announced in the fall 2017 update Increase in the basic personal amount announced in the March 2017 Québec Economic Plan Elimination of the health contribution REDUCTION IN THE TAX BURDEN Note: These amounts exclude the impact of annual indexation of the tax system. Totals may not add due to rounding. $2 532

8 7 A SUPPLEMENT OF $100 PER CHILD PER YEAR FOR THE PURCHASE OF SCHOOL SUPPLIES Supplement for the purchase of school supplies by number of children of school age (millions of dollars, unless otherwise indicated) Number of eligible children of school age Assistance granted Number Cost in Families Children Amount % One child $ Two children $ Three or more children $300 or more TOTAL Note: Totals may not add due to rounding.

9 8 A PLAN TO LIFT MORE THAN PEOPLE OUT OF POVERTY Additional investments for the third Plan to Combat Poverty and Social Exclusion (millions of dollars) Increase the disposable income of persons living in poverty Total Increase benefits paid under the last resort financial assistance and Objectif emploi programs Encourage labour market participation Other measures to increase disposable income Subtotal Social inclusion measures TOTAL

10 9 STRATEGY FOR CHILDREN AGED 0 TO 8: INVESTING MORE IN EDUCATION AND CHILDHOOD Enhancement of the measures in respect of the strategy 0-8 years targeting young children (millions of dollars) Childhood Foster equal opportunity (support adapted to children s needs) Ensure a continuity of educational services and a smooth transition (from childcare to school) Consolidate and support the quality of education (in childcare services) Enable all children to develop essential competencies (in reading, writing and mathematics) Help equip parents and foster mobilization and concerted action Subtotal Education Add professional resources (such as speech therapists and ortho-pedagogists) to assist students TOTAL

11 10 ADDITIONAL RESOURCES IN HEALTH TO MEET QUEBECERS NEEDS New initiatives for health and social services (millions of dollars) Improve residential care services for seniors (hospitals and CHSLDs) Services for vulnerable clienteles (counselling) Drug addiction prevention, including: $5 million per year for prevention of cannabis use Youth runaway prevention (youth centres and group homes) Stepping up of institution-based services Home support: digital equipment for professionals 8 TOTAL

12 11 SUPPORTING ECONOMIC DEVELOPMENT IN ALL REGIONS OF QUÉBEC Initiatives for all regions of Québec (millions of dollars) Total Ensuring access to a high-performance digital network in all regions of Québec Developing next-generation technologies in Québec (including 5G technology) Support for economic development in all regions TOTAL OVER 90% OF QUEBECERS WILL HAVE ACCESS TO ULTRA-HIGH-SPEED INTERNET 100% OF QUEBECERS WILL HAVE ACCESS TO HIGH-SPEED INTERNET

13 12 PUBLIC ACCOUNTS CONFIRM A SURPLUS OF $2.4 BILLION, ENABLING THE GOVERNMENT S ACTIONS TO BE STRENGTHENED Budgetary balance, (1) to (millions of dollars) (1) Budgetary balance within the meaning of the Balanced Budget Act after use of the stabilization reserve.

14 13 THE GOVERNMENT IS BOOSTING ITS INVESTMENTS IN PUBLIC SERVICES Program spending, by major portfolio (millions of dollars) Santé et Services sociaux % change Éducation et Enseignement supérieur (1) % change Other portfolios (1) % change Contingency Fund Fiscal room 250 PROGRAM SPENDING % change Note: Totals may not add due to rounding. (1) To assess growth in based on comparable spending levels, the percent changes for that year were calculated by excluding, from expenditures, transfers from the provision for francization attributed to the Santé et Services sociaux porfolio ($12 million) and the Éducation et Enseignement supérieur portfolio ($79 million) and including them in the expenditures of the other portfolios (1)

15 14 A SHARP ACCELERATION IN THE QUÉBEC ECONOMY Economic growth in Québec (real GDP, percentage change) (1) (1) Average for the first two quarters of 2017, compared to the same period in Sources: Institut de la statistique du Québec and Statistics Canada.

16 15 AN UNPRECEDENTEDLY VIBRANT LABOUR MARKET Trend in employment in Québec since 2014 (thousands of jobs) jobs in October jobs created, including full-time jobs jobs in April Source: Statistics Canada.

17 16 QUÉBEC CREATED NEARLY 30% OF JOBS IN CANADA, AND THE UNEMPLOYMENT RATE FELL TO HISTORIC LOWS Share of total job creation in Canada, 2017 (1) (per cent) Unemployment rate (per cent) Ont. Qué. B.C. Alta. Man. N.S. P.E.I. N.B. Sask. N.L. (1) Average for available ten months in 2017, compared to the same period in Source: Statistics Canada. Source: Statistics Canada.

18 17 EMPLOYEES BENEFIT FROM THE STRONG ECONOMIC GROWTH Average hourly wage (1) (percentage change, in nominal terms) Purchasing power of workers (1) (percentage change, in real terms) Québec Québec Canada Canada (2) (2) (1) Average hourly wage for all employees. (2) Average for the first nine months of 2017 compared to the same period in Source: Statistics Canada. (1) Average hourly wage for all employees relative to the cost of living measured by the CPI. (2) Average for the first nine months of 2017 compared to the same period in Source: Statistics Canada.

19 18 QUÉBEC CONSUMER CONFIDENCE AT AN ALL-TIME HIGH Change in the index of consumer confidence (points, 2014=100) Québec Canada Québec: Canada: Québec: Source: Conference Board of Canada.

20 19 A RETURN TO INVESTMENT GROWTH IN QUÉBEC Total non-residential business investment in Québec (percentage change, in real terms) Sources: Institut de la statistique du Québec, Statistics Canada and Ministère des Finances du Québec.

21 20 $467-MILLION DECREASE IN THE GROSS DEBT OVER TWO YEARS Annual change in Québec s gross debt as at March 31 (millions of dollars) Over two years, the gross debt has decreased by $467 million

22 21 Gross debt as at March 31 (percentage of GDP) MAINTENANCE OF COMMITMENTS TO REDUCE THE DEBT Objective