Income tax pushes BC surplus $5 billion higher than estimated

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VICTORIA — A faster-than-expected economic recovery pushed British Columbia’s operating profit $5 billion higher than last quarter’s estimate.

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Finance Minister Selina Robinson said much of the added surplus was due to higher personal and corporate income tax revenues, as well as increases in sales tax and natural gas royalties.

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Robinson said $2 billion of the additional income has already been allocated to cost-of-living measures announced since the summer.

This includes $1 billion for increased Climate Action Tax Credit and BC Affordability Credit, $395 million for auto insurance rebates, and $320 million for a one-time electricity bill credit. It is included.

Since being sworn in a week ago, Prime Minister David Evey has announced several spendings, including a pledge of $230 million in police funding to hire hundreds more.

With an operating profit of $5.7 billion, Robinson said, BC is well positioned to continue using its resources to deliver results in housing, public safety, healthcare and climate change.

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