(Image credit: B.C. Government/Flickr).

By Canadian Press

Fiscal Update

Income tax lifts B.C.’s surplus to $5 billion over estimate, finance minister

Nov 25, 2022 | 9:57 AM

VICTORIA — Faster-than-expected economic recovery has pushed British Columbia’s operating surplus to $5 billion more than estimated in the last quarter.

Finance Minister Selina Robinson says much of the added surplus comes from higher personal and corporate income taxes, while sales taxes and natural gas royalties were also higher.

The minister says the operating surplus of $5.7 billion, up from $706 million, puts the province in a “significant surplus position,” to continue using its resources to deliver results on housing, public safety, health care and climate change.

“We will use these dollars we have to invest in things people need. We’re in a strong position to continue making thoughtful decisions.”

Robinson says $2 billion of the added revenue has already been earmarked for cost-of-living measures announced since the summer.

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Those include $1 billion for the Climate Action Tax Credit and BC Affordability Credit increases, $395 million for car insurance rebates and $320 million for a one-time electricity bill credit.