Quebec's finance minister is cutting income taxes, injecting money into health and education and financing a plan to fight poverty.

Carlos Leitao held a news conference in Quebec City this afternoon to give an update to the province's finances.

The government says a family of two adults and two children that earns $88,000 a year will see a tax reduction of $1,200, while a single person who earns $44,000 will save $500.

Families will also receive $100 for each child so they can purchase school supplies.

The measure will be retroactive to this year and parents will receive a first cheque in January.

Leitao's announcement comes less than a year before the next provincial election, which is set for Oct. 1, 2018.