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By March 31, 2028, the total provincial debt will have more than tripled since the NDP were elected in 2017. At March 31, 2017 the debt was $65.8 billion.

The BC Balanced Budget and Ministerial Accountability Act, which was passed in 2001 under the BC Liberal government, prohibits deficit budgets. The NDP were elected in 2017. As they have done every year since 2020, they are revising this Act to permit deficits. This year the period for allowable deficits is extended to the 2027-2028 fiscal year.

2024 to 2028 debt, deficit, and annual interest are from the Budget and Fiscal Plan 2025/26 - 2027/28. The debt and deficit are shown on page 1 (page 11 of the pdf), and the annual interest cost is shown in Table A19 on page 158 (page 168 of the pdf).

Legislation:

Bill 5 - 2025 Budget Measures Implementation Act, 2025, first reading March 4, 2025.

Bill 7 - Economic Stabilization (Tariff Response) Act, first reading March 13, 2025. This was basically an attempted power grab, so that the government could act without the approval of the Legislative Assembly. Due to significant pushback, even within the NDP, this Act will be revised.

Bill 8 - Carbon Tax Amendment Act, 2025 - March 31, 2025, first reading and Royal Assent, reduces the rate of carbon tax to zero for the year starting April 1, 2025 and each subsequent year. It also cancels the Climate Action Tax Credit, such that the final payment will be in April 2025, which is based on 2023 tax returns.

Fiscal measures proposed:

There were no personal income tax changes

Carbon tax is increasing April 1, 2025 by $30 per tonne, from $95 to $125 per tonne. The BC government "remains committed to removing the consumer carbon tax should the federal government remove the requirement for carbon pricing across Canada." The consumer carbon tax was subsequently reduced to zero% effective April 1, 2025.

BC Family Benefit is amended effective January 1, 2025 to continue payments for 6 months following a child's death. This harmonizes with the federal amendment to the Canada Child Benefit.

PST exemption for used zero-emission vehicles is eliminated effective May 1, 2025.

Training Tax Credit for individuals extended for 3 years to the end of 2028, and is amended effective April 1, 2025 to allow the enhanced credit for First Nations individuals or persons with a disability to continue to receive the enhanced credit after the federal Apprenticeship Incentive Grant expires on March 31, 2025.

Effective January 1, 2026, the Speculation and Vacancy Tax rates will increase from 2% to 3% for foreign owners and from 0.5% to 1% for Canadians.

Predator Ridge resort in Vernon is excluded from the specified area for the Speculation and Vacancy Tax, effective retroactively to January 1, 2024.

Maximum Parking Rights Tax: rate to increase from 24% to 29% effective on Royal Assent.

Increases in tax credit rates for the basic Film Incentive BC and basic production services tax credits, a new major production tax credit is introduced, and regional and distant location tax credits are amended. All are effective January 1, 2025.

Interactive Digital Media Tax Credit increased effective September 1, 2025, and the program is made permanent.

Clean Buildings Tax Credit deadline extended by one year to March 31, 2026.

Small Business Venture Capital Tax Credit annual limit increased effective for 2025 and later years, from $120,000 to $300,000.

The new mine allowance is extended for five years, to the end of 2030.

There are many other fiscal measures. For complete details, see page 60 of the Budget and Fiscal Plan 2025/26 - 2027/28 (page 70 of the pdf).

BC 2024 Fall Economic & Fiscal Update - December 17, 2024

Fall 2024 Economic & Fiscal Update on the BC Government website.

There were no personal or corporate income tax changes proposed.

Forecasts of Federal Debt, Deficits, and Annual Interest

All amounts are in $Billions. Fiscal years end on March 31st.

Fiscal Year Ending	Debt	Deficit	Annual Interest
2024	$107.5	$5.0	$3.3
2025	130.0	9.4	4.7
2026	151.0	6.7	5.3
2027	172.9	6.1	6.2

2024 debt, deficit, and annual interest are from the Public Accounts 2023/24 document.

2025 debt and deficit amounts are as per Table 1.1 in the Fall 2024 Economic and Fiscal Update (link above). With July 1, 2025 projected population of 5,753,153 (as per Population Estimates & Projections for British Columbia), the debt will be $22,597 for every person in BC, or $90,388 for a 4-person family. This is projected to increase to $117,188 by 2027.

2025 interest and 2026 and 2027 debt, deficit and annual interest are as per Tables A12, A13 and A15 in the September 2024 First Quarterly Report.

The total provincial debt was $64.9 billion on March 31, 2018. The debt is forecast to be double that by March 31, 2025, a 100% increase in 7 years.

BC 2024 Budget - Thursday, February 22, 2024

BC 2023 Budget - February 28, 2023

BC 2023 Budget - on BC Government website

Fiscal measures proposed:

	Carbon tax is increasing April 1, 2023 by $15 per tonne
	Re carbon tax: Implement an output-based pricing system for large industrial operations
	Climate action tax credit will also increase with the carbon tax increase
	BC Family Benefit increase
	Home Owner Grant threshold increased to $2.125 million from $1.975 million
	Extend farmers' food donation tax credit and interactive digital media tax credit
	Introduce an income-tested renter's tax credit
	Partial exemption from property transfer tax for new purpose-built rental buildings
	PST exemption for automated external defibrillators (AEDs) - this begs the question of why there was PST on them in the first place!

Legislation introduced: Bill 10, Budget Measures implementation Act, 2023 - this includes a provision that they do not have to balance the budget until the 2026-2027 fiscal year, even though the economy is doing well now.

BC 2011 Budget & Fiscal Plan - February 11, 2011

- on Ministry of Finance Website, no personal or corporate income tax changes, but did announce a 6% increase to Medical Services Plan premiums to take effect January 1, 2012.

- Budget & Fiscal Plan Part 2 Tax Measures

Revised: April 21, 2025