Close X
Saturday, November 30, 2024
ADVT 
National

B.C. budget deficit forecast to hit $13.6 billion

Darpan News Desk The Canadian Press, 17 Dec, 2020 06:15 PM
  • B.C. budget deficit forecast to hit $13.6 billion

British Columbia's deficit forecast has grown and the budget shortfall is now expected to hit $13.6 billion in this fiscal year.

The government predicted in September that the province would end the year with a $12.8 billion deficit.

In February, the government projected a budget surplus of $227 million for 2020-21 but that was before the impact of the COVID-19 pandemic.

The Ministry of Finance predicts B.C.'s economy will decline by 6.2 per cent this year, but growth is expected to rebound to three per cent next year.

Finance Minister Selina Robinson said the economy might not perform at pre-pandemic levels until late 2022 or early 2023.

“We’ve been through a year like no other,” Robinson told a news conference on Thursday.

“The path forward remains uncertain.”

Robinson said the government will table its budget on April 20 after legislation was passed on Wednesday night allowing the government to delay its introduction from the traditional date in February.

Documents released by the Finance Ministry show that more than $10 billion has been spent by B.C. on measures related to COVID-19 including almost $2 billion in pandemic relief funds.

Legislation is expected to pass on Thursday that allows for payments of $1,000 to eligible families and $500 to individuals.

Premier John Horgan promised to the pandemic recovery funding during October's election.

MORE National ARTICLES

MLA introduces bill to cap fees charged to restaurants by delivery services at 15%

MLA introduces bill to cap fees charged to restaurants by delivery services at 15%
If passed, the bill would regulate a cap on fees charged to restaurants by third-party delivery services. Currently, these services charge as much as 30 per cent of the total cost of orders.

MLA introduces bill to cap fees charged to restaurants by delivery services at 15%

Brits fear 'damage' if Canada delays trade deal

Brits fear 'damage' if Canada delays trade deal
British trade officials say they are concerned the delay will inflict "damage and destruction" on businesses, and they blame the situation on Canadian politicians who they say can't set aside their partisan differences.

Brits fear 'damage' if Canada delays trade deal

Health workers report burnout amid second wave

Health workers report burnout amid second wave
Gabiniewicz once worked with the woman, a "vibrant" former health worker in her 70s, who told her she had never been hospitalized in her life and that the COVID-19 infection took her by surprise.

Health workers report burnout amid second wave

Reforms for pandemic federal election introduced

Reforms for pandemic federal election introduced
A bill tabled in the House of Commons today would also add nearly two weeks of advance polls in long-term care homes and make it easier to get and deliver mail-in ballots.

Reforms for pandemic federal election introduced

Books, physical rigour stoke hope for Kovrig

Books, physical rigour stoke hope for Kovrig
As much as that matters, Kovrig's wife Vina Nadjibulla says he is also subjecting himself to a strict regimen to strengthen his mind and body because he views that as the key to his survival.

Books, physical rigour stoke hope for Kovrig

Syrian refugees take citizenship oath

Syrian refugees take citizenship oath
Nearly 46,000 Syrian refugees were resettled in Canada by April 2017 and then more continued to arrive under other programs.

Syrian refugees take citizenship oath