The budget anticipates a deficit of $7.4 billion for 2021-2022 and a deficit of $6.45 billion for 2022-23. The government expects the budget balance to be restored for fiscal 2027-2028.
The budget does not include any corporate or personal tax rate changes. However, it does introduce a refundable tax credit granting a one-time amount to mitigate the increase in the cost of living and a refundable tax credit for the production of biofuel in Quebec. The budget also contains a one-year extension of the temporary increase in the tax credit relating to investment and innovation and extends the eligibility period for certain other credits.
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