Over the past few decades, the Canadian economy has faced a series of macroeconomic shocks of varying origins and types: the 2008–2009 global financial crisis, sharp fluctuations in commodity prices, the COVID-19 pandemic, periods of high geopolitical uncertainty, and rapid monetary tightening aimed at containing post-pandemic inflation. These episodes have profoundly affected macroeconomic conditions and posed significant challenges to public finances at both the federal and provincial levels. In this study, the authors propose an empirical assessment of the dynamic effects of five types of shocks on GDP, inflation, interest rates, as well as government revenues, expenditures and budget balances, with a particular focus on provincial public finances, notably those of Quebec. The analysis is based on the local projections methodology and uses quarterly data for Canada and Quebec. The results highlight differentiated impacts depending on the nature of the shocks, the aggregates examined and the jurisdictions. Some shocks, particularly those of a monetary or financial nature, have rapid and significant effects on public revenues and budget balances. Others, such as technological shocks or those related to commodity prices, generate more gradual responses, which vary by region. The methodological approach used in the study captures this heterogeneity without imposing a rigid parametric structure, thereby providing a valuable empirical foundation for guiding budget planning in an uncertain macroeconomic environment.