News Release: B.C. budget bad news for taxpayers as the deficit and debt soar

Author: Carson Binda 2024/02/22

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.  




A Note for our Readers:

Is Canada Off Track?

Canada has problems. You see them at gas station. You see them at the grocery store. You see them on your taxes.

Is anyone listening to you to find out where you think Canada’s off track and what you think we could do to make things better?

You can tell us what you think by filling out the survey

Join now to get the Taxpayer newsletter

Franco Terrazzano
Federal Director at
Canadian Taxpayers

Join now to get the Taxpayer newsletter

Hey, it’s Franco.

Did you know that you can get the inside scoop right from my notebook each week? I’ll share hilarious and infuriating stories the media usually misses with you every week so you can hold politicians accountable.

You can sign up for the Taxpayer Update Newsletter now

Looks good!
Please enter a valid email address

We take data security and privacy seriously. Your information will be kept safe.