VICTORIA, B.C.: The Canadian Taxpayers Federation is criticizing the government of British Columbia for failing to provide any plan to balance the books and for going over budget in its spending in 2021. 

“Budget 2022 gets a failing grade from taxpayers,” said Franco Terrazzano, Federal Director of the CTF. “The government doesn’t have any plan to balance the budget because it’s using the cloud of the pandemic to go on a debt-fueled spending binge.” 

Budget 2021 forecasted 2021 spending to be $68.6 billion. However, spending for 2021 is expected to rise to $70.7 billion. Had spending stayed on budget, the government would have balanced its budget in 2021 with the additional $11 billion in revenue it collected. 

Budget 2022 does not include a plan to balance the budget. The deficit is expected to reach $5.5 billion in 2022. This budget also amends the Balanced Budget and Ministerial Accountability Act so that ministers no longer lose 10 per cent of their salary if there’s a deficit.

The debt is expected to reach $125.8 billion in 2024. Interest charges on the debt are expected to cost taxpayers $2.9 billion in 2022.

“The government could have balanced the books in 2021 by sticking to its last budget, but surging spending means continuing deficits and more money wasted on debt interest payments,” said Terrazzano. “Taxpayers are losing out on billions of dollars every year on interest charges that can’t be used to hire more paramedics in B.C. or stay in taxpayers’ pockets.”

The employer health tax is expected to cost taxpayers $2.3 billion in 2022. The government will also collect $2.3 billion through the carbon tax in 2022.