News Summary

The 2025-26 Québec budget, presented by Finance Minister Éric Girard, introduces significant changes to innovation tax credits and startup funding. The government has overhauled the innovation tax credit system by introducing the refundable Research, Innovation and Commercialization Tax Credit (CRIC), consolidating several existing tax credits to cover 30% of the first $1 million in eligible R&D investments by Québec companies. This move aims to boost R&D investment rates in the province. The budget also revives the early-stage investment program with a new $200 million fund, replacing the Impulsion PME program. Additionally, the government has committed $900 million in direct aid to businesses and over $600 million to mitigate the impact of US tariffs. The budget allocates $100 million to Technum Québec, $54 million to the life sciences sector, and $22 million to Montréal-based AI institute Mila, as part of a $5.4 billion investment over five years to stimulate economic growth.