Steve Willems February 24, 2022 Wealth Planning
2022 BC Budget Commentary

2022 BC Budget Commentary

Finance Minister Selina Robinson tabled the 2022 British Columbia provincial budget on February 22, 2022.

Due to better-than-expected economic growth, the deficit for the 2021/22 fiscal year is anticipated to be $483 million, which is less than the previous projection of $9.7 billion. The budget projects a deficit of $5.5 billion for 2022/23 and $4.2 billion for 2023/24 fiscal years.

There were no increases or decreases to personal or corporate income tax rates for 2022. However, the budget includes a temporary clean buildings tax credit, PST exemptions on zero-emission vehicles and the extension of certain tax credits.

The comprehensive summary of the changes announced in the budget can be downloaded here.