Highlights from B.C.’s 2015-2016 provincial budget

VICTORIA – Highlights from the British Columbia budget tabled Tuesday:

— Surpluses are forecast for the next three years: $284 million in 2015-2016; $376 million in 2016-2017; and $399 million in 2017-2018.

— The projected surplus for 2014-2015 is now $879 million, significantly higher than the $184-million surplus projected a year ago.

— B.C.’s economy is expected to grow by 2.3 per cent in 2015; 2.4 per cent in 2016; and 2.3 per cent in 2017.

— The budget includes no revenues from the liquefied natural gas industry, which B.C. Premier Christy Clark has promised will one day bring in billions of dollars.

— Declining natural gas prices are expected to cause royalties to fall by 36.5 per cent in 2015-2016, leaving the province with $344 million from the sector compared with $542 million in the current year.

— The province expects to end 2015-2016 with $66 billion in debt, growing to more than $70 billion by 2018.

— Child-support payments will no longer be factored into social-assistance calculations at a cost of $32 million for the next three years.

— Parents can claim $250 under a new children’s fitness equipment tax credit, which translates to a maximum benefit of $12.65 per child.

— Teachers who participate in extracurricular coaching can claim a tax credit that will be worth $25 per year.

— Health-care premiums will increase by four per cent on Jan 1, 2016. Monthly rates for a single person will increase by $3 to $75 per month, while families will pay an extra $6 per month for a total of $150.

News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms.