VICTORIA, B.C.: The Canadian Taxpayers Federation is giving Premier David Eby and Finance Minister Katherine Conroy a failing grade for B.C.’s 2024-25 budget. 

"The Ministry of Debt Interest is now the fourth biggest in the province,” said CTF British Columbia Director Carson Binda. “We’re sending billions of dollars a year to Toronto bond fund managers instead of keeping that money in the pockets of hardworking taxpayers, who desperately need tax relief.” 

Interest payments on the debt will cost B.C. taxpayers $4.1 billion this year, as the provincial debt is expected to soar to $123.3 billion by the end of fiscal year 2024-25. Government debt is deferred taxation which must be paid back with interest. The provincial deficit will reach $7.9 billion this year, making it the largest deficit in the history of the province, including deficits run during the COVID-19 pandemic. 

“Government spending is exploding while our economy stagnates,” said Binda. “Eby and Conroy need to put down the taxpayer credit card, pick up a pair of scissors and restore some fiscal sanity to B.C.” 

One silver lining in the government’s budget is that the province is increasing the Employer Health Tax threshold to $1 million from $500,000, which puts B.C. in line with provinces like Ontario. 

“Raising the EHT threshold is the one good thing to be found in this burning dumpster fire of a budget,” said Binda.  

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