The B.C. provincial budget was released on Tuesday, bringing with it a promise to “put money back in people’s pockets” according to Finance Minister Carole James.
The 2019-20 edition features a balanced budget, with a forecast calling for a surplus of $274 million.
Child benefits for families, loan relief for students, assistance increases for the poor, homeowner incentives to fight climate change and a long-term revenue sharing agreement with Indigenous Peoples were some initial highlights from the presented budget.
- A new Child Opportunity Benefit will replace an existing tax program for families next year, providing families with one child under the age of 18 with as much as $1,600, more than double what the old benefit provided.
- Interest is immediately eliminated on all new and existing student loans from the provincial govenrment, which means an average student would save $2,300 in interest, based on a combined federal and provincial loan of $28,000 being repaid over 10 years.
- A first-time revenue sharing agreement will provide First Nations with $3 billion over 25 years from provincial gaming revenue, with every Aboriginal government eligible for between $250,000 and $2 million annually.
- Support payments for foster and adoptive parents, as well as extended family members caring for children, are being increased at a cost of $85 million.
- Social assistance payments are going up by $50 a month, on top of the $100 monthly increase that was previously announced.
- Another 200 modular homes will be built for homeless people, bringing the total across the province to 2,200.
- The Clean BC climate plan will see $902 million spent to cut greenhouse gas emissions and offer incentives to help people retrofit their homes and purchase electric vehicles.
- A surplus of $274 million is projected for 2019-20, $287 million in 2020-21 and $585 million in 2021-22.
- The government expects to bring in $59 billion in revenue in 2019-20 and spend $58.3 billion.
- Economic growth is forecast to hit 2.4 per cent in 2019 and between two and 2.3 per cent next year.
B.C. is forecast to have the highest economic growth in Canada in 2019 and 2020 at 2.% this year and 2.3% next year.
It has also had the lowest jobless rate in Canada for the past 17 months.
With files from the Canadian Press.
