2024 Provincial Budget: Record Deficit and Key Highlights

💰Projected record high deficit of 7.9 billion in the 2024 provincial budget.

🏠Introduction of a property flipping tax, subjecting sellers to up to 20% tax on profits from flipping homes within 2 years of purchase.

👶Creation of a program for free in vitro fertilization in British Columbia, saving families up to $30,000.

💳Expansion of tax credits, including a 25% increase to the family benefit fund and a 10% increase to the Climate Action Rate Rebate.

🚫❓Lack of new programs in this year's budget, with emphasis on the impact of past government initiatives.

What is the projected deficit in the 2024 provincial budget?

—The projected deficit is a record high of 7.9 billion.

What is the property flipping tax?

—The property flipping tax is a new tax that subjects sellers to up to a 20% tax on profits made from flipping homes within 2 years of purchase.

Will in vitro fertilization be free in British Columbia?

—Yes, a program for free in vitro fertilization will be created, saving families up to $30,000.

What tax credits have been expanded in this year's budget?

—Tax credits expanded in this year's budget include a 25% increase to the family benefit fund and a 10% increase to the Climate Action Rate Rebate.

Are there any new programs in this year's budget?

—No, there are no new programs in this year's budget. The government highlights the impact of past initiatives.

00:00The 2024 provincial budget projects a record high deficit of 7.9 billion.

00:48Introduction of a property flipping tax, subjecting sellers to up to 20% tax on profits from flipping homes within 2 years of purchase.

01:32Creation of a program for free in vitro fertilization in British Columbia, saving families up to $30,000.

01:55Expansion of tax credits, including a 25% increase to the family benefit fund and a 10% increase to the Climate Action Rate Rebate.

02:08Lack of new programs in this year's budget, with emphasis on the impact of past government initiatives.