British Columbia Finance Minister Katrine Conroy has delivered an election−year budget that includes benefits for families and businesses, as well as an increased deficit.
Here are some of its key numbers and estimates:
- $7.9 billion: 2024/2025 deficit
- 34 per cent: Deficit increase
- 0.8 per cent: 2024 real GDP growth
- $445: Average BC Family Benefit bonus
- $270 million: Three−year Increase in cancer spending
- $68 million: Cost of providing free in−vitro fertilization over three years
- $1 million: New payroll threshold for Employers Health Tax, up from $500,000
- 50,490: Record number of housing starts in 2023
- 10,000: Jobs per year over the next decade to boost the electricity grid
- $123 billion: Total provincial debt
- 89 per cent: Increase in three−year taxpayer−funded capital spending, versus previous three years
Here are some of the highlights:
THE DEFICIT
The 2024/2025 deficit is projected to rise to $7.9 billion, up from $5.9 billion in the updated 2023/2024 forecast.
SPENDING
Taxpayer−funded three−year capital spending almost doubles compared to the past three years, increasing to $43.3 billion, with big outlays on school, health and transport infrastructure.
COST OF LIVING
Families with children get a one−year 25 per cent bonus to their BC Family Benefit. On average, families get $445 more over the year. The measure, which starts in July, will cost $248 million and benefit 340,000 families, with 66,000 to get the benefit for the first time.
A one−time electricity credit will save households an average of $100 over a year, with the credit appearing first on the April bill.
Small and growing businesses benefit from an increase in the health tax payroll threshold.
HOUSING
A flipping tax will be introduced next year, targeting speculators who the province says are driving up housing costs. Profits will be taxed if a home is resold within two years of purchase. Revenue will go to homebuilding.
HEALTH AND SERVICES
From next year, a single cycle of free in−vitro fertilization treatment will be available to people, regardless of income, “who they love, or whether they have a partner,” says Finance Minister Katrine Conroy.
The budget earmarks $8 billion over three years to boost health, education, justice and public safety.
CLIMATE
Some $405 million will be spent over four years to better protect communities against climate emergencies.
