The British Columbia government announced Friday a projected budget surplus of $5.7 billion, down from a previous estimate.
Finance Minister Selina Robinson said the increase from the previous forecast of $5 billion came from higher income from personal income tax and corporate income taxes of $3.7 billion in 2021.
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“The second quarterly report shows that we have experienced a faster economic recovery than either private or public sector economists initially predicted,” Robinson said in a news release, adding that the province is “well positioned” to continue supporting people through economic uncertainty .
0:59 BC has experienced a faster economic recovery than originally predicted
A week ago, on the day he was sworn in as premier, David Ibby announced a one-time cost-of-living credit to BC Hydro residential and commercial customers this fall and a new BC Affordability Credit in January.
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The NDP government said it has implemented nearly $2 billion in cost-of-living measures.
Despite the rosy economic picture, ICBC expects to lose almost $300 million this year due to investment losses.
2:22 BC Government allocates $230 million to rural RCMP
– with files from The Canadian Press
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