British Columbia's Deficit Rises to $9.4 Billion in Latest Fiscal Update

New Finance Minister Brenda Bailey outlines economic challenges, including lower revenues and growing debt, while pledging targeted investments and affordability relief.

British Columbia's projected deficit for the 2024-2025 fiscal year has increased by $429 million since September, now reaching a record $9.4 billion.
Finance Minister Brenda Bailey attributes the rising deficit to lower corporate income taxes, reduced natural resource revenues, and higher health authority spending.
The province's debt is expected to hit $130 billion by the end of the fiscal year, with a debt-to-GDP ratio of 22.3%, one of the best in Canada, according to Bailey.
The government plans $13.2 billion in infrastructure spending and promises affordability measures, including a $1,000 grocery rebate per household and free off-peak transit for seniors.
Concerns over economic uncertainty include potential U.S. tariffs under president-elect Donald Trump, slowing economic growth, and declining revenues from natural gas and consumer spending.