CCI Response to the 2023 Quebec fall economic and fiscal update
November 7, 2023
Today in Quebec City, Finance Minister Eric Girard delivered the 2023 Update on Québec’s Economic and Financial Situation. In response, on behalf of our members, CCI Director of Policy and Research Laurent Carbonneau delivered the following statement:
"Innovative, high-growth technology companies headquartered in Quebec are the most potent force for driving investment and wealth. A thriving innovation economy will help create the jobs and economic activity that ultimately helps pay for many of the programs and services highlighted in today’s Quebec 2023 economic and fiscal update.
"Today, we saw significant changes to the Innovation and Investment Tax Credit. CCI has been calling on the Quebec government to overhaul the province’s tax incentives with the goal of boosting homegrown Quebec companies, and spending less money to subsidize foreign multinationals. Today’s changes did not accomplish this goal, but they’re an important reminder that our tax policies are not frozen in amber, and the government can make changes to adapt to new economic realities.
"We were disappointed that we did not see any significant action today to help Quebec technology companies in recruiting highly skilled talent. For years Quebec innovators have been sounding the alarm that they are not able to attract the most in-demand workers with skills needed to grow. While we appreciate the goals of the Quebec government’s French language policies, we need to see bold actions to ensure that Quebec companies are not put at a disadvantage, and we didn’t see anything like that today."
For more ideas on how to drive the Quebec innovation economy, you can read CCI's 2024 pre-budget submission here.
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