B.C. budget proposes tax increases and 15,000 job cuts Projected deficit of $13 billion

The B.C. government’s 2026 budget includes tax increases, delays in capital projects, and a reduction of 15,000 public sector jobs over three years, with ongoing deficits projected indefinitely. Finance Minister Brenda Bailey attributed the province’s economic challenges to U.S. tariffs and a cooling housing market, forecasting a $13.3 billion deficit for 2026-27. Key tax changes include raising the basic tax rate and the speculation tax, while funding for childcare and health projects will be slowed. Despite these measures, Bailey emphasized that this is not an austerity budget and aims to balance investment with necessary fiscal responsibility.