Quebec Cuts Deficit Forecast, Announces Business Tax Break (1)

Quebec Finance Minister Eric Girard revised the province’s deficit and borrowing downward and said he’ll introduce tax breaks for workers and industries affected by US tariffs.

The government of Canada’s second-most populous province projects a budget deficit of C$12.4 billion ($8.8 billion) for the current fiscal year, about C$1.2 billion less than estimated in Girard’s March budget.

The new deficit figure is calculated after making a C$2.5 billion deposit in the Generations Fund, a reserve fund dedicated to future debt payments and managed by the Caisse de Depot et Placement du Quebec. The province intends to balance its ...