Québec posts $467-million first-quarter accounting deficit

Québec recorded a $467-million accounting deficit in the first three months of the 2026–27 fiscal year, according to a financial report released Friday.

The report covers the period ending June 30 and puts government spending for the quarter at $42.2 billion. The Finance Ministry said its full-year forecast is unchanged from the pre-election report published in August.

After $2.5 billion in planned revenue payments to the Generations Fund, the province continues to project a $7.7-billion budgetary deficit under the Balanced Budget Act for the full fiscal year. That amount is equivalent to 1.2 per cent of gross domestic product. The accounting result and the budgetary balance are different measures and should not be compared as though they cover the same period.

Sources: Québec Finance Ministry news release and first-quarter financial report, both published September 25, 2026.

Featured image: Illustrative stock photo by Niko Nieminen via Unsplash. It does not depict the Québec government report.