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Quebec’s Minister of Finance, Eric Girard, presented the 2026-2027 budget on Wednesday, March 18, 2026 — the last budget of the CAQ government led by François Legault. With less than a month before a new premier takes office and seven months before the provincial general elections, this budget exercise resembles a delicate balancing act.

The document emphasizes what it calls “adequate” funding for the core missions of the state, while also setting aside a “reserve” intended to give the next head of government the flexibility to make new announcements after the budget is tabled.

Without introducing major new spending, the 2026-2027 budget focuses on targeted measures and increased infrastructure investment. These priorities are part of a broader goal of returning to a balanced budget by 2029-2030, after several years of deficits.

Looking more toward the future, the budget highlights the many uncertainties affecting Quebec’s economy, particularly tariff tensions with the United States, and includes investments in innovation and several “high-potential” sectors.

By returning to essentials and ensuring continuity of public services ahead of political changes, this budget is primarily intended as a transitional one. However, its actual lifespan remains to be seen, as does the extent to which the next premier’s priorities will align with this objective of fiscal discipline.

You can find our full analysis of the budget below. For more analysis, or support engaging government on any of the budget announcements, contact your Navigator team or reach out at info@navltd.com.

If Budget 2025 was focused on confronting emerging challenges head-on, Budget 2026 is centred on managing their consequences. Danielle Smith’s UCP government has been consistent with its messaging: persistently low oil prices, continued trade tensions, and sustained population growth have exerted pressure on provincial revenues, public services and infrastructure.

Finance Minister Nate Horner had two options to deal with the hand he’d been dealt – find deep cuts to shrink spending or bet big to reinforce services and stimulate the economy. Minister Horner chose the latter. ​

The consequence of that decision is consecutive deficits: $9.4 billion, $7.6 billion and $6.9 billion over the next three years; a violation of the fiscal framework introduced by the UCP in 2023. ​

Against this backdrop, Budget 2026 identifies two key priorities: Maintaining Alberta’s economic advantage and supporting Albertans. ​

Priority one commits to responsible fiscal management and the ongoing assessment of what “additional measures” could be leveraged to address the province’s fiscal challenges. Priority two focuses on maintaining or expanding core services, including large investments in health care and education.​

Budget 2026 may not be the financial picture the government was hoping to present; however, as stated by Finance Minister Nate Horner, “The road ahead will be challenging to navigate, but Albertans have never needed easy to succeed.” ​

You can find our full analysis of the budget below. For more analysis, or support engaging government on any of the budget announcements, contact your Navigator team or reach out at info@navltd.com.

British Columbia became the first province to present its fiscal plan when it tabled Budget 2025 on March 4, the same day the U.S. enacted its new 25 per cent tariffs on all goods imported from Canada and Mexico. Like every province, B.C. has been preparing for this possibility since tariffs were initially floated by the incoming Trump administration in November 2024.

Budget 2025 is as much a story of what is not there rather than what is. Two key campaign promises—a $1,000 grocery rebate and low-interest financing for homebuilders—were both left on the cutting room floor with their respective price tags of $1.8 billion and $1.2 billion.

As noted in the budget preamble, B.C. is better positioned to weather the economic storm because its export markets are significantly more diverse than neighbouring provinces. The Minister of Finance has not used this as an excuse to sit on her hands, however, and has built a budget that focuses on navigating the economic uncertainty while further investing in the services that British Columbians rely on.

Major public services like urgent care, health care, schools and public transit all saw multi-billion-dollar bumps as the province looks to embark on a major infrastructure upgrade program.

All this investment comes at a cost though; B.C.’s record $10.9 billion deficit continues to rocket upward. In 2022/23, the provincial budget anticipated a surplus of $3.6 billion–how times have changed.

You can find our full analysis of the budget below. For more analysis, or support engaging government on any of the budget announcements, contact your Navigator team or reach out at info@navltd.com.