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TAXPAYERS: Fiscal update proves ICBC owes drivers rebates

Author: Kris Sims 2020/12/17
  • ICBC profited from COVID shut down
  • Provincial debt climbs to $88.6 billion
  • Deficit rises to $13.6 billion

 

VANCOUVER, B.C.: The Canadian Taxpayers Federation is calling on the provincial government to immediately issue ICBC rebate cheques to British Columbia drivers and to commit to opening up auto insurance competition in the wake of the provincial fiscal update.

“ICBC is reporting a $410 million profit off of the backs of drivers who were stuck in their homes and thrown out of work,” said Kris Sims B.C. director of the Canadian Taxpayers Federation.

“While this government-forced monopoly is in the black for now, it needed drivers to shelter in place during the worst economic emergency in generations to make it happen and dousing a dumpster fire with a crisis a terrible business model.”

ICBC’s latest numbers were included in the B.C. government’s second quarterly fiscal report Thursday.

The documents show ICBC saved about $324 million so far this year because people were unable to drive to work and school. Those savings have not been passed on to drivers.

Drivers in other provinces got back about $280 each from their auto insurance providers in the spring, many had the money automatically rebated.

“It’s unfair for drivers who have been thrown out of work by COVID-19 to be locked into dealing with ICBC in the future,” said Sims. “Premier John Horgan should do the right thing by rebating drivers their money and opening ICBC up to competition, so we don’t get stuck with another dumpster fire in the future.”

Other major points from the fiscal update include:

  • Provincial debt set to rise to more than $88 billion by fiscal year end.
  • Deficit rises to $13.6 billion.
  • Employer Health Tax projected to take $47 million more from job providers than forecast.
  • B.C. carbon tax is still set to increase April 1, 2021.

 

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