VICTORIA — Finance Minister Brenda Bailey has tabled British Columbia's 2026-27 budget, revealing a projected deficit of $13.3 billion — $3 billion higher than what was estimated last year.Expenses are listed at $98.8 billion, with revenue sitting at $85.5 billion. Taxpayer-supported capital investments will be $38 billion.In an effort to reduce the ballooning deficit, the government has proposed a number of tax increases that will impact 60% of taxpayers.According to Bailey, people earning under $149,000 will not see their taxes go up, however those in the next tax bracket will see an increase of .5%. The average taxpayer will pay an extra $76 per year. On the property tax side, British Columbians with homes worth more than $3 million will be "asked to contribute a little more."Additionally, the government proposed expanding the list of products and services subject to provincial sales tax. Baily also explained that the government has begun a "multi-step process" to "adjust government spending" by "reducing operational and administrative costs and saving on hiring, contracting, and travel." An estimated 15,000 positions across the public sector will be eliminated "over the next few years."Bailey vowed to "protect our frontline services in areas like healthcare and education while reducing bureaucracy and administration." "This is a turning point," she declared. "Every generation of British Columbians has faced challenges; every generation has been asked to step up, to seize opportunities, and to make life better for the next."Bailey added that "this generation faces uncertainty unlike any other recent memory.""The road ahead will not always be easy," she continued, "but … when I look around at other places, there is nowhere else I'd rather be — because we've got it all. With a steady hand, careful decisions, and smart investments, we won't just navigate uncertainty, we'll shape a stronger, brighter future for all British Columbians."
