B.C. flush with $5 billion in extra cash, officials say in quarterly update
As British Columbians continue to face sticker shock in the produce aisle, at the cash register and the gas pump, it turns out the province is flush with cash.
At a quarterly fiscal update, Finance Minister Selina Robinson announced the province is now looking at a $5.7-billion surplus.
"We’re recognizing that we’re in a good financial position right now,” Robinson said.
When tabled in February, the budget called for a $5.4-billion deficit, which was upgraded to a $706-million surplus at the first quarterly update.
All told, the province’s fiscal outlook has improved by $11.1-billion in the last nine months.
Among other things, Robinson credits higher income and sales tax revenue along with a surge in natural gas royalties.
“This is what we’re anticipating given that we’re only halfway through so I think it’s wise to be thoughtful that things continually change,” Robinson said. “Interest rates continue to go up and that has impacts on people.”
It is the volatility between the February estimate and the new update that has the opposition BC Liberals questioning just how much stock British Columbians should put in the projections.
"Especially in this last quarter, when you have a five-billion swing in the space of three months, that's a very big problem in terms of the reliability of these estimates,” said opposition finance critic Peter Milobar.
The unexpected surplus comes as welcome news to people working in health care.
Aman Grewal, president of the BC Nurses’ Union, would like to see a sizable chunk of it used to plug holes in what she calls a system in crisis.
"We've been told forever that there's no money in the coffers. You know what, the cupboards are bare is what we've been told. Now you're telling us you have some money,” she said. "Health care has to be a priority when it's been neglected for so long."
Robinson says about $2-billion of the surplus has already been earmarked for recent announcements like the BC Family Benefit and the increase to the Climate Action Tax Credit.
“Whether it’s housing, public safety, affordability, health care…these are the things we know are important to British Columbians and that’s where we are going to continue to focus our efforts,” Robinson said.
CTVNews.ca Top Stories
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
"It's a bit of a complicated pattern; we've got a lot going on," said Jennifer Smith of the Meteorological Service of Canada in an interview with CTVNews.ca on Wednesday. "[As is] typical with weather, all of these things are related."
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.