UPDATED: BC budget projects $10.9 BILLION deficit — largest in province's history

VICTORIA — Finance Minister Brenda Bailey has tabled British Columbia's 2025-26 budget amid increased economic uncertainty driven by Donald Trump's tariffs.

The document shows a projected deficit for 2025-26 of $10.9 billion — the highest in provincial history — with the numbers gradually decreasing in the following years.

Expenses for this coming fiscal year are listed at $94.9 billion, with revenue sitting at $84 billion. Those two figures are projected to decrease and increase, respectively, over the coming years, thus reducing the deficit.

The budget lists $45.9 billion in taxpayer-supported capital investments over three years, including $15.9 billion for transit and transportation infrastructure, $15.5 billion for healthcare, and $4.6 billion to build and upgrade schools.

Bailey explained that Budget 2025 includes $4 billion in "annual contingencies to prepare for the future, including the impact of tariffs," and that she would be "reviewing all government programs and spending to ensure every dollar is delivering results for British Columbians."

The finance minister also declared that a temporary pause on public service hiring had been put in place in order to "reduce administrative costs."

"We are introducing this budget during the most consequential time in BC in generations, a time that few of us could have imagined just a few short months ago," Bailey said in her preamble in the Legislature. "These unjustified tariffs could put tens of thousands of British Columbians out of work, significantly impact our province's finances, and cause economic harm to people and businesses on both sides of the border."

She noted that, "while our economy is built to withstand this threat better than most provinces, the impact may still be severe," and that as a result, "Budget 2025 is about standing strong for British Columbia, and making sure public services are there when we need them."

More to come...