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.
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.
– with files from The Canadian Press