“This could be the worst downturn experienced in our province in recent history,” said James.
The pandemic has also cost B.C. an additional $6.3 billion in lost revenue, caused by business closures and mass layoffs due to COVID-19.BC Ministry of Finance In dollar figures, it means almost $1 billion in personal income tax lost, $973 million in corporate income tax and $1.3 billion in PST. Overall, taxation revenue has fallen $4.2 billion, natural resource revenue is down $300 million and net revenue from commercial Crown income is down $1.8 billion.
James tabled legislation this month to repeal B.C.’s balanced budget law, allowing the NDP government to run deficits until 2024.