The British Columbia government said Budget 2024 will help people with daily costs, deliver more homes faster, strengthen healthcare, and build a stronger, cleaner economy. However, the BC government will run a $7.9 billion deficit with its $89.4 billion budget, with debt expected to increase but remain affordable. “Wherever we live — city, town, rural, or First Nations community — we all want a decent, affordable home, quality healthcare, help when we need it, and a strong future full of opportunity for every one,” said BC Finance Minister Katrine Conroy in a Thursday press release. “In the face of global challenges, like inflation and high interest rates, we are taking on big challenges and supporting people to build a good life in BC.” The Canadian Taxpayers Federation (CTF) gave BC Premier David Eby and Conroy a failing grade for Budget 2024. “The Ministry of Debt Interest is now the fourth biggest in the province,” said CTF BC Director Carson Binda. “We’re sending billions of dollars a year to Toronto bond fund managers instead of keeping that money in the pockets of hardworking taxpayers, who desperately need tax relief.” While the BC economy is stagnating, Binda said government spending has exploded. He asked Eby and Conroy “to put down the taxpayer credit card, pick up a pair of scissors, and restore some fiscal sanity to BC.” To help people through the impacts of global inflation, the BC government said the BC Family Benefit Bonus will mean more money for more families. It acknowledged more than 340,000 families will receive a 25% bonus with their monthly family benefits in 2024. A one-time BC Electricity Affordability Credit will reduce electricity bills for people and businesses in the coming year. Small and growing businesses will receive help with the impacts of inflation and labour shortages through a higher Employer Health Tax exemption threshold, doubling from $500,000 to $1 million. To ensure housing is used as homes for people, the BC government said it will introduce a property flipping tax in 2025 to crack down on speculators and those driving up housing costs. It added expanding the First Time Home Buyers Program will help more people save more money when buying their first home, and other tax changes will lower the cost of new home and rental construction. New spending in BC Builds will speed up the development of housing by bringing together underused land, low-cost financing, and grants to deliver more homes for people and families with middle incomes.“Some say we should respond to global challenges by cutting services and leaving people to fend for themselves, but we know we are stronger when we work together,” said Conroy.“Budget 2024 builds on BC’s solid foundation to deliver the hospitals, schools and homes people need.”To continue to strengthen the healthcare people rely on, the BC government said Budget 2024 spends a significant amount of money on it. This includes by building on its 10-year cancer plan, increasing the healthcare workforce, and adding supports that will improve the lives of seniors and enable them to live safely in their own homes longer.For some people, in-vitro fertilization (IVF) is one of the few options to have children. Effective 2025, people will be able to access one cycle of IVF for free. Since BC has more children at its schools, it will add new teachers, more support staff, and record spending on building, renovating, and upgrading schools and playgrounds. Budget 2024 provides a record $43 billion in capital funding for schools, post-secondary institutions, housing, healthcare facilities, roads, and other infrastructure over the next three years.Conroy said building a stronger BC “means always working hard to improve opportunities and services for people.” With one of the lowest unemployment rates in Canada and strong job growth, she admitted it will keep building a cleaner economy that works for average people. The BC government said climate change poses real challenges to communities and the economy. Therefore, it will take action to build a cleaner, stronger economy in collaboration with First Nations and industry, train people for in-demand jobs, and create more opportunities. Significant new funding will help BC mitigate and better respond to climate emergencies by reducing flooding, bolstering resources for evacuees, improving wildfire prevention and response, and improving drought resiliency. It continues its work through CleanBC to transition to a low-carbon economy, providing more rebates on heat pumps to households with low and middle incomes and increasing funding for electric vehicle public charging stations.The Critical Minerals Strategy in collaboration with First Nations, industry, local governments and the public will strengthen resources for mine permitting. The BC government will be establishing enabling tools to help support equity financing opportunities for First Nations. Budget 2024 will build on spending made in recent budgets to help build a strong BC for every one, with $13 billion more in operating funding over three years to support current service needs and new priorities.Conroy concluded by saying it cannot cut back now. “We will continue to prioritize affordability for people and families and the services we all rely on during this period of slow global economic growth,” she said. The BC government said in 2023 its budget will see more money going towards healthcare, affordable housing, and growing a clean economy. READ MORE: BC government unveils deficit budget with large spending on healthcare, housingHowever, it said it would run a large deficit. “BC is a great place to live, but people are facing real challenges — not only from global inflation and the pandemic, but from ongoing and systemic challenges,” said Conroy.
The British Columbia government said Budget 2024 will help people with daily costs, deliver more homes faster, strengthen healthcare, and build a stronger, cleaner economy. However, the BC government will run a $7.9 billion deficit with its $89.4 billion budget, with debt expected to increase but remain affordable. “Wherever we live — city, town, rural, or First Nations community — we all want a decent, affordable home, quality healthcare, help when we need it, and a strong future full of opportunity for every one,” said BC Finance Minister Katrine Conroy in a Thursday press release. “In the face of global challenges, like inflation and high interest rates, we are taking on big challenges and supporting people to build a good life in BC.” The Canadian Taxpayers Federation (CTF) gave BC Premier David Eby and Conroy a failing grade for Budget 2024. “The Ministry of Debt Interest is now the fourth biggest in the province,” said CTF BC Director Carson Binda. “We’re sending billions of dollars a year to Toronto bond fund managers instead of keeping that money in the pockets of hardworking taxpayers, who desperately need tax relief.” While the BC economy is stagnating, Binda said government spending has exploded. He asked Eby and Conroy “to put down the taxpayer credit card, pick up a pair of scissors, and restore some fiscal sanity to BC.” To help people through the impacts of global inflation, the BC government said the BC Family Benefit Bonus will mean more money for more families. It acknowledged more than 340,000 families will receive a 25% bonus with their monthly family benefits in 2024. A one-time BC Electricity Affordability Credit will reduce electricity bills for people and businesses in the coming year. Small and growing businesses will receive help with the impacts of inflation and labour shortages through a higher Employer Health Tax exemption threshold, doubling from $500,000 to $1 million. To ensure housing is used as homes for people, the BC government said it will introduce a property flipping tax in 2025 to crack down on speculators and those driving up housing costs. It added expanding the First Time Home Buyers Program will help more people save more money when buying their first home, and other tax changes will lower the cost of new home and rental construction. New spending in BC Builds will speed up the development of housing by bringing together underused land, low-cost financing, and grants to deliver more homes for people and families with middle incomes.“Some say we should respond to global challenges by cutting services and leaving people to fend for themselves, but we know we are stronger when we work together,” said Conroy.“Budget 2024 builds on BC’s solid foundation to deliver the hospitals, schools and homes people need.”To continue to strengthen the healthcare people rely on, the BC government said Budget 2024 spends a significant amount of money on it. This includes by building on its 10-year cancer plan, increasing the healthcare workforce, and adding supports that will improve the lives of seniors and enable them to live safely in their own homes longer.For some people, in-vitro fertilization (IVF) is one of the few options to have children. Effective 2025, people will be able to access one cycle of IVF for free. Since BC has more children at its schools, it will add new teachers, more support staff, and record spending on building, renovating, and upgrading schools and playgrounds. Budget 2024 provides a record $43 billion in capital funding for schools, post-secondary institutions, housing, healthcare facilities, roads, and other infrastructure over the next three years.Conroy said building a stronger BC “means always working hard to improve opportunities and services for people.” With one of the lowest unemployment rates in Canada and strong job growth, she admitted it will keep building a cleaner economy that works for average people. The BC government said climate change poses real challenges to communities and the economy. Therefore, it will take action to build a cleaner, stronger economy in collaboration with First Nations and industry, train people for in-demand jobs, and create more opportunities. Significant new funding will help BC mitigate and better respond to climate emergencies by reducing flooding, bolstering resources for evacuees, improving wildfire prevention and response, and improving drought resiliency. It continues its work through CleanBC to transition to a low-carbon economy, providing more rebates on heat pumps to households with low and middle incomes and increasing funding for electric vehicle public charging stations.The Critical Minerals Strategy in collaboration with First Nations, industry, local governments and the public will strengthen resources for mine permitting. The BC government will be establishing enabling tools to help support equity financing opportunities for First Nations. Budget 2024 will build on spending made in recent budgets to help build a strong BC for every one, with $13 billion more in operating funding over three years to support current service needs and new priorities.Conroy concluded by saying it cannot cut back now. “We will continue to prioritize affordability for people and families and the services we all rely on during this period of slow global economic growth,” she said. The BC government said in 2023 its budget will see more money going towards healthcare, affordable housing, and growing a clean economy. READ MORE: BC government unveils deficit budget with large spending on healthcare, housingHowever, it said it would run a large deficit. “BC is a great place to live, but people are facing real challenges — not only from global inflation and the pandemic, but from ongoing and systemic challenges,” said Conroy.