BC recovers quickly
The Canadian Press – November 25, 2022 / 9:58 am | History: 398219
Photo: The Canadian Press
A faster-than-expected economic recovery pushed British Columbia’s operating surplus to $5 billion more than expected last quarter.
Finance Minister Selina Robinson says much of the added surplus came from higher personal and corporate income taxes, while sales taxes and natural gas fees were also higher.
The minister says the operating surplus of $5.7 billion, up from $706 million, puts the province in a “significant surplus position” to continue using its resources to deliver results in housing, public safety, health and climate change.
“We’re going to use those dollars that we have to invest in things that people need. We are in a strong position to continue to make informed decisions.”
Robinson says $2 billion of the added revenue has already been earmarked for cost-of-living measures announced since the summer.
These include $1 billion to increase the Climate Action Tax Credit and BC Affordability Credit, $395 million for auto insurance rebates and $320 million for a one-time electricity bill credit.
Since being sworn in on November 18, Premier David Ibe has made several spending announcements, including pledging $230 million in police funding to hire hundreds more officers.
Eby said British Columbia’s economy is doing well and the province’s budget can cover the cost of his latest plans.
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