By Canadian Press

Quebec to table budget March 25, increases net debt by $12B after accounting change

Mar 9, 2021 | 8:39 AM

Quebec Finance Minister Eric Girard says he will table his third budget on March 25.

Girard told reporters today the budget for the 2021-22 fiscal year will also include an accounting change sought by the auditor general that will increase the province’s net debt by $12.4 billion.

The minister says the change relates to accounting norms regarding transfer payments and had been requested by the auditor general since 2013.

Auditor general Guylaine Leclerc told a legislative committee in February she thought the province had been underestimating its debt by $12 billion, adding that the situation was akin to someone receiving a credit card bill and saying the minimum payment is all they owe.

Quebec’s Finance Department had estimated the province’s gross debt at $220.8 billion by March 31, or 50.5 per cent of GDP.

New Heights

Olivia Lundman to compete in marathon distance at World Race Walking Championships

6h ago

The Hard Way

Clippers comeback to beat the Bulldogs for second straight playoff win

13h ago

significant work

Ladysmith's enhanced Forrest Field project nears completion

Apr 04, 2026

Girard’s November economic update projected a $15-billion deficit for 2020-21 and a 6 per cent drop in GDP.

This report by The Canadian Press was first published March 9, 2021.

The Canadian Press