The British Columbia government has presented an election-year budget that highlights initiatives to assist families and small business operators. The budget plans to increase spending, but it also estimates a deficit of more than $7.9 billion and projects an economic growth of less than one percent.
Initiatives outlined in the budget include the introduction of a tax on home flipping to discourage real estate speculation and the provision of one cycle of free in vitro fertilization to anyone who wants to start a family. Finance Minister Katrine Conroy emphasized that the slowing economy and rising costs have made it essential for the government to provide assistance to the people of British Columbia.
Conroy emphasized that, despite the economic challenges, the New Democrat government is committed to increasing support and services without having to resort to making cuts. The budget includes a one-year increase to the B.C. Family Benefit and a temporary electricity credit for households. Additionally, the payroll threshold for B.C.’s Employer Health Tax will be raised, exempting around 90 percent of businesses.
Conroy also announced the forthcoming implementation of a home flipping tax, which aims to fund housing construction for middle-income earners. In addition, the budget outlines a program to fund in vitro fertilization cycles to help anyone interested in starting a family.
The budget forecasting slower economic growth and increased debt sparked criticism from opposition leaders. Others criticized the budget for missing an opportunity to offer bold investments that could help individuals during challenging times. The budget may influence voters ahead of the upcoming election in October.