Close X
Wednesday, December 4, 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

Conservative MP Peter Kent won't run again

Conservative MP Peter Kent won't run again
Another is Progressive Conservative MPP Gila Martow, who has represented the Toronto riding in the Ontario legislature since 2014.

Conservative MP Peter Kent won't run again

Federal rent subsidy opens for businesses today

Federal rent subsidy opens for businesses today
The new Canada Emergency Rent Subsidy replaces an earlier rent-support program for businesses introduced in the spring that saw little pickup because it relied on landlords to apply for help.

Federal rent subsidy opens for businesses today

WATCH: The Canadian Sikh COVID Task Force has been formed to create more awareness about the COVID19 pandemic

WATCH: The Canadian Sikh COVID Task Force has been formed to create more awareness about the COVID19 pandemic
What is The Canadian Sikh COVID Task Force? South Asians are found to be more prone to #covid19 due to many of us employed in the front line. DARPAN Magazine's social media host Ish Sharma spoke to Dr.Navdeep Grewal and Dr.Madhu Jawanda who are both doctors in the Fraser Health Region regarding The Canadian Sikh COVID TaskForce.

WATCH: The Canadian Sikh COVID Task Force has been formed to create more awareness about the COVID19 pandemic

Border officer denies RCMP asked for Meng's codes

Border officer denies RCMP asked for Meng's codes
Sowmith Katragadda told an evidence-gathering hearing in Meng's B.C. Supreme Court extradition case he couldn't recall where the idea came from.

Border officer denies RCMP asked for Meng's codes

RCMP arrest 16 after pot raid near Merritt, B.C.

RCMP arrest 16 after pot raid near Merritt, B.C.
RCMP say they went in with a search warrant on a rural property Thursday, finding a large commercial building with 800 pot plants in various stages of growth.

RCMP arrest 16 after pot raid near Merritt, B.C.

Minassian's psychiatrist interview videos sealed

Minassian's psychiatrist interview videos sealed
While the audio and video of Alek Minassian's interviews with Dr. Alexander Westphal will not be released publicly, Justice Anne Molloy has allowed journalists to view the recordings when they're presented in court.

Minassian's psychiatrist interview videos sealed