B.C. fiscal update’s $5.7B surplus dwarfs previous estimate

The B.C. government on Friday announced a forecasted budget surplus of $5.7 billion, dwarfing the previous estimate.

Finance Minister Selina Robinson said the increase from the previous $5-billion projection came from higher personal and corporate income tax revenues, at $3.7 billion, in 2021.

“The Second Quarterly Report shows that we have experienced a faster economic recovery than private- or public-sector economists initially forecasted,” Robinson said in a news release, adding the province is “well-positioned” to continue supporting people through economic uncertainty.

0:59 B.C. has experienced a faster economic recovery than initially forecasted

A week ago, on the day he was sworn in as premier, David Eby announced a one-time cost of living credit to residential and commercial BC Hydro customers this fall, and a new B.C. Affordability Credit in January.

The NDP government said it has rolled out nearly $2 billion in cost-of-living measures.

Despite the rosy economic picture, ICBC is expecting to lose almost $300 million this year because of investment losses.

2:22 B.C. government allocates $230M for rural RCMP

– with files from The Canadian Press