Highlights of the British Columbia budget
Loading articles...

Highlights of the British Columbia budget

VICTORIA — Highlights of British Columbia’s 2020-21 budget released Tuesday:

— Starting in September, post-secondary students can receive up to $4,000 a year to help cover tuition costs under a new grant program.

— The seven per cent provincial sales tax will be applied to sweetened carbonated drinks starting on July 1, which will generate an additional $27 million in tax revenue in 2020-21.

— A new personal income tax rate of 20.5 per cent on taxable income starting in 2020 is being introduced for those earning more than $220,000, described as the top one per cent of income earners in the province.

— The budget forecasts surpluses of $227 million for 2020-21, $179 million for 2021-22, and $374 million for 2022-23.

— Real GDP growth is forecast to be two per cent in 2020, 1.9 per cent in 2021 and 2022.

— A record $22.9 billion will be spent over the next three years on infrastrucuture.

— The total provincial debt is forecast to be about $70.6 billion in 2019-20, climbing to about $87.6 billion in 2022-23, largely because of borrowing costs to cover capital spending.

This report by The Canadian Press was first published on Feb. 18, 2020.

The Canadian Press

Join the conversation

Please read our commenting policies.