CCI's Response to Québec's 2024 Fall Economic Statement

Today, the government of Québec presented its 2024 economic and financial update today, titled "Répondre aux enjeux prioritaires des Québécois"

In response to this announcement, CCI’s Director of Québec Affairs, Jean-François Harvey, issued the following statement:

"In a time when governments are tasked with doing more with less, Québec innovators champion a focus on efficiency. They advocate for smarter spending—investments that drive economic growth and deliver meaningful, measurable results—rather than simply increasing budgets.

"CCI acknowledges the Québec government’s commitment to strengthening public finances and prioritizing essential services. We commend the continued support for key programs like the CDAE tax credit, which is vital for fostering innovation and supporting Québec’s tech ecosystem.

"However, we are concerned about the proposed $1 billion reductions to the healthcare budget.  These reductions must not jeopardize innovation and research which are critical to Québec’s global leadership in healthcare and pharmaceuticals. Québec-based health tech companies are already transforming healthcare systems worldwide and are well-positioned to help the government achieve both improved health outcomes and economic growth. Leveraging these local solutions is a smart way to tackle healthcare challenges while fostering economic development.

"As we look ahead to Budget 2025, we hope the government considers the recommendations outlined in our 2025 pre-budget submission. The evidence is clear that the best way to create wealth is by stimulating innovation and investments in research and development. For instance, the capital synergy tax credit is not well-suited to the reality of Québec’s tech companies and is largely under utilized. We also encourage the government to introduce policies that incentivize companies to retain their headquarters and intellectual property in Québec while discouraging offshoring. This ensures that public investments yield tangible benefits for all Québecers.

"We hope that the government will continue its program review process in preparation for the 2025 budget and place innovation support at the heart of its approach. A focus on smarter spending that prioritizes local solutions and innovation will ensure Québec’s economy remains competitive and prosperous."

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Media Contact‍

Jean-François Harvey
Director of Québec Affairs
jfharvey@canadianinnovators.org