Minister of Finance Carole James delivers the budget speech from the legislative assembly at B.C. Legislature in Victoria, B.C., on Tuesday, February 18, 2020. THE CANADIAN PRESS/Chad Hipolito
February 18, 2020 - 1:59 PM
VICTORIA - Highlights of British Columbia's 2020-21 budget released Tuesday:
— Starting in September, post-secondary students can receive up to $4,000 a year to help cover tuition costs under a new grant program.
— The seven per cent provincial sales tax will be applied to sweetened carbonated drinks starting on July 1, which will generate an additional $27 million in tax revenue in 2020-21.
— A new personal income tax rate of 20.5 per cent on taxable income starting in 2020 is being introduced for those earning more than $220,000, described as the top one per cent of income earners in the province.
— The budget forecasts surpluses of $227 million for 2020-21, $179 million for 2021-22, and $374 million for 2022-23.
— Real GDP growth is forecast to be two per cent in 2020, 1.9 per cent in 2021 and 2022.
— A record $22.9 billion will be spent over the next three years on infrastrucuture.
— The total provincial debt is forecast to be about $70.6 billion in 2019-20, climbing to about $87.6 billion in 2022-23, largely because of borrowing costs to cover capital spending.
This report by The Canadian Press was first published on Feb. 18, 2020.
News from © The Canadian Press, 2020