{"id":1953,"date":"2022-12-09T20:16:21","date_gmt":"2022-12-09T20:16:21","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2022\/12\/09\/helping-to-shield-quebecers-from-inflation\/"},"modified":"2022-12-09T20:16:21","modified_gmt":"2022-12-09T20:16:21","slug":"helping-to-shield-quebecers-from-inflation","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/provincial-and-fiscal-outlooks\/provincial-budgets-and-economic-statements\/helping-to-shield-quebecers-from-inflation\/","title":{"rendered":"Helping to shield Quebecers from inflation"},"content":{"rendered":"<li>Government providing $5.1 billion in added support this year to offset soaring cost of living<\/li>\n<li>Fiscal plan has $14 billion in new initiatives over five years<\/li>\n<li>Budget deficit cut to $5.2 billion in 2022-2023 from $6.5 billion in the budget<\/li>\n<li>Net debt projected to track lower as a share of GDP<\/li>\n<hr>\n<h4>Allocating upside revenue surprise to an \u201canti-inflation shield\u201d<\/h4>\n<p>The Quebec government used the latest update on its fiscal situation as another opportunity to help Quebecers cope the rise in the cost of living. A $5.1-billion increase in budget room this year\u2014stemming from a $6.4-billion upward revision to its revenues\u2014was entirely allocated (and then some) to new spending initiatives ($5.4 billion). And almost all of it is directed to an \u201canti-inflation shield\u201d. One-time grants of up to $600 to Quebecers earning less than $100,000 a year (costing $3.5 billion), new financial support for seniors ($1.5 billion) and limiting government rate indexing to 3% ($32 million) will use up $5.1 billion of the increased budget room in 2022-2023. Other measures to tackle housing affordability issues ($244 million) and strengthen security in Montreal ($53 million) will round up the new spending. <\/p>\n<hr>\n<div id=\"everviz-772D7dgKf\" class=\"everviz-772D7dgKf\"><script src=\"https:\/\/app.everviz.com\/inject\/772D7dgKf\/?v=23\" defer=\"defer\"><\/script><\/div>\n<hr>\n<h4>Fiscal plan expands by nearly $14 billion<\/h4>\n<p>The \u201cshield\u201d extends well beyond the current fiscal year. Enhanced assistance to seniors will add a further $6.5 billion over the next four years, and the indexation limit another $1.6 billion. Including spending boosts on other items, Quebec\u2019s fall fiscal update offers almost $14 billion in new measures over the entire five-year fiscal plan relative to the spring budget. <\/p>\n<hr>\n<div id=\"everviz-0lu-I4Pt_\" class=\"everviz-0lu-I4Pt_\"><script src=\"https:\/\/app.everviz.com\/inject\/0lu-I4Pt_\/?v=1\" defer=\"defer\"><\/script><\/div>\n<hr>\n<h4>Despite it all, the size of the deficit revised lower<\/h4>\n<p>Yet the government expects a modest improvement in its budget balance. It cut its deficit projection to $5.2 billion (after deposits into the Generations Fund) in 2022-2023 from the $6.5 billion expected in the spring. It also downwardly revised the next two years\u2019 forecasted shortfalls. <\/p>\n<h4>Favourable window soon closing?<\/h4>\n<p>The strong performance of the Quebec economy\u2014especially on a nominal basis\u2014over the past year not only helped boost government revenues substantially but also puts various fiscal metrics in better light. Among them is the provincial debt which is now expected to track lower as a share of GDP than was anticipated in the spring budget. This is positive news of course. It further reinforces the years-long trend toward a more manageable and sustainable level of indebtedness. Still, the fiscal update rightly acknowledges the looming downturn in the economy that is poised to make for a more challenging landscape in the period ahead. With nominal economic growth expected to slow considerably and bringing in smaller revenue increases, the government will have less room to further shield Quebecers without undermining its fiscal position. The window of pleasant surprise is likely about the close. <\/p>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/quebec-table-1.png\" alt=\"\" width=\"863\" height=\"710\" class=\"alignnone size-full wp-image-41985\" \/><\/p>\n<hr>\n<hr>\n<h4><b>Read the full report<\/b><\/h4>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div style=\"display:inline-block; vertical-align: top;\" class=\"img w-mob-100\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" class=\"aligncenter size-full wp-image-30186\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display:inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">Read full report<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/quebec-fall-fiscal-update-dec-221\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211007\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Housing Affordability - Dec 2021\">Download<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Quebec government used the latest update on its fiscal situation as another opportunity to help Quebecers cope the rise in the cost of living.<\/p>\n","protected":false},"author":189,"featured_media":1951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,91,45],"tags":[11,27],"rbc_econ_content_type":[],"class_list":["post-1953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-provincial-and-fiscal-outlooks","category-provincial-budgets-and-economic-statements","tag-economy","tag-quebec"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Helping to shield Quebecers from inflation - RBC Economics<\/title>\n<meta name=\"description\" content=\"The Quebec government used the latest update on its fiscal situation as another opportunity to help 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