Gambling with Quebecers’ nest egg is a dangerous game, says the MEI

Montreal, November 12, 2025 – The Legault government’s new economic plan recycles failed policies, but this time it wants to use Quebecers’ retirement savings to bankroll them, warns the MEI.

“Legault’s plan for Quebec’s economy is to gamble with your pension,” says Gabriel Giguère, senior policy analyst at the MEI. “The dust on his failed electric vehicle bet has barely settled, and he’s already doubling down with Quebecers’ nest egg.”

In its Le Pouvoir Québécois: réponse au nouveau contexte mondial, the government lays out a long-term vision for the province. Much of it depends on mobilizing the Caisse de dépôt et placement du Québec to finance the government’s own priorities.

The Caisse is lauded by politicians for nearly meeting a preceding goal of reaching $100 billion invested within Quebec by 2026, it having already reached $93 billion in assets invested.

The recent plan unveiled the government’s desire for the Caisse to reach a more ambitious target for 2030 to help fund government priorities.

An MEI researcher warns that this move could upset the balance between the fund’s different mandates.

The fund was founded in 1965 with a dual mandate: to manage public pension and insurance funds prudently and to contribute to Quebec’s economic development. It operates independently, managing funds in the best interest of depositors, not according to political priorities.

With this independence, it oversees nearly half a trillion dollar’s worth of assets free from political interference. Yet, according to the MEI, the Legault government is trying to change that.

“Instrumentalizing the Caisse as an economic lever for political projects would essentially override its neutrality,” says Mr. Giguère. “To make matters worse, the government wants to do so in service of an economic strategy that has failed time and time again.”

The plan states that the government intends to continue subsidizing private enterprise in order to act as a catalyst for industry, arguing that taxpayer support will remain essential for funding and accelerating large-scale projects.

Since 2018, Quebec has handed out $25.3 billion in corporate subsidies. Notable failures include recent subsidies to electric vehicle manufacturers, including:

• Northvolt: $270 million in losses
• Lion Électrique: $143 million in losses
• Taiga Motors: $20 million in losses

In a 2025 report, the MEI showed that eliminating corporate subsidies could allow the government to cut the corporate tax rate from 11.5 per cent to 4.75 per cent, making Quebec the jurisdiction with the most competitive corporate tax rate on the continent.

“It’s reckless to gamble with Quebecers’ retirement savings at the casino; we should instead improve the business environment,” says Mr. Giguère. “Expecting government to create prosperity is like Sisyphus pushing his boulder up the same hill over and over: all effort, no progress.”

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The MEI is an independent public policy think tank with offices in Montreal, Ottawa, and Calgary. Through its publications, media appearances, and advisory services to policymakers, the MEI stimulates public policy debate and reforms based on sound economics and entrepreneurship.

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