The COVID-19 pandemic will mark British Columbians' lifetimes in ways never thought possible, and the Province is investing in people, businesses, and communities to see them through the pandemic and build back better.
"B.C. has made extraordinary investments in people and businesses through B.C.'s COVID-19 Action Plan and we will continue to provide the supports people need as the pandemic and the economic impacts evolve," said Carole James, Minister of Finance.
The B.C. government has released an economic and fiscal update for 2020-21 to provide a summary of COVID-19 investments to date, as well as a scenario of revenue and deficit projections.
Government has supported people and businesses with $6.26 billion in COVID-19 supports to date. That includes the $5 billion in supplementary spending for B.C.'s COVID-19 Action Plan supports, such as workers benefits, rent supplements, income, and disability assistance supports, and economic recovery funding. These are in addition to $1.26 billion in other tax and relief measures for people and businesses, including the one-time increase to the climate action tax credit and property tax reductions for businesses.
With the pandemic response for British Columbians, and a significant revenue decline due to the pandemic, the Province's total operating deficit for 2020-21 could be $12.5 billion, based on projections developed by the Ministry of Finance.
Prior to the pandemic, the government was forecasting a $227 million dollar surplus.
The full report can be seen here - (https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports)
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