My wife got a speeding ticket in Quebec. 29 km/hr over the limit in a 100 km/hr zone. According to the Quebec demerit point system this offence (to which my wife will plead guilty due to how far away from home she was when she was pulled over) accrues 2 points on her licence. A similar offence in Ontario accrues 3 points. So my question is will my wife be hit with 2 points or with 3 points on her Ontario licence after she pays her fine (fine was $195) ?

It would be the Ontario equivalent, so 3 points.

Agreed. There is a reciprocal agreement in place. In this agreement is a list of offenses that have an equivalent offense in Ontario. Not all offenses have an equivalent, so not every conviction will transfer over. Your particular charge does. What that means is it will appear on your driving abstract once convicted. From there, the Ministry just automatically attaches points to that conviction. It doesn't take into consideration where the charge comes from, it just treats everything as if it occurred in Ontario.