Finance Minister Katrine Conroy. (photo credit: THE CANADIAN PRESS/Chad Hipolito)

By The Canadian Press

B.C. budget

B.C. election budget boosts family benefits as deficit soars to $7.9B

Feb 22, 2024 | 1:46 PM

Families and small businesses in British Columbia will benefit from an election-year budget that boosts spending, while forecasting a ballooning deficit of $7.9 billion and economic growth that falls below one per cent.

The budget delivered by Finance Minister Katrine Conroy also includes a flipping tax on housing to deter short-term market speculators.

Conroy says B.C. is an economic leader in Canada but a slowing economy and increasing housing and grocery costs mean people are stretched and need help.

She says the budget includes a one-year boost to the B.C. Family Benefit giving eligible low-and-middle-income families an extra $445 over a year on average, as well as a one-time electricity credit saving households an average of $100.

Conroy says increasing the payroll threshold for the Employer Health Tax means an estimated 90 per cent of businesses will now be exempt.

Ban on Category 3, 2 Open Burning

Vernon implementing fire bans Thursday

21m ago

Water Supply Monitoring

Reservoirs being monitored as snowpacks, precipitation levels remain low

18h ago

Class A, B Fire Restrictions

RDNO to implement fire bans in coordination with BCWS

23h ago

She also says one cycle of free in-vitro fertilization will be provided to anyone who wants to start a family, regardless of income, “who they love, or whether they have a partner.”

B.C. Budget highlights

The 2024 British Columbia budget includes new spending measures designed to ease high costs of living, while significantly boosting the province’s deficit. Here are some 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.

The Canadian Press

by The Canadian Press

View Comments