BC posts 15B surplus as tax revenue increases and real estate market

VICTORIA — The British Columbia government ended its fiscal year in an operating surplus of $1.5 billion with the collection of more revenue from taxation and less money from a softening real estate market.The 2018-19 public accounts released today by Finance Minister Carole James show that the province has eliminated its operating debt for the first time in 40 years.The higher-than-expected surplus is primarily due to $2.9 billion in increased revenue, largely driven by higher personal and corporate income tax and new taxes including a speculation tax and employer health tax.James says she isn’t concerned about a $315-million reduction in property transfer tax revenue, saying the previous Liberal government relied on a speculative real estate market to grow resources while her NDP government has a long-term economic plan.She says her budget in 2018 put B.C. on a different path with a record $1-billion investment in child care and $7 billion for affordable housing, and the surplus puts B.C. in a stable position amid signs of global economic insecurity.James also says her government has chosen to confront financial challenges at the Insurance Corporation of British Columbia and BC Hydro, and both Crown corporations are now on a more sustainable path.The Canadian Press read more

Focus on the Markets

Focus on the Markets by The Canadian Press Posted May 21, 2013 4:37 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – The Canadian dollar closed at 97.39 cents U-S, up 22-100ths from Friday’s close.The S-and-P/T-S-X composite index climbed 129.38 points to 12,742.23.Volume at 4:15 p.m. Eastern Time was 416.93 (m) million shares.The Dow Jones industrial average jumped 52.30 points to 15,387.58.The Standard and Poor’s 500 was up 2.87 points at 1,669.16.Both indexes closed at its highest level ever.In the New York Mercantile Exchange, the gold futures contract for June slipped six dollars, 50 cents U-S to 1,377 dollars, 60 cents per ounce.The June crude contract closed 55 cents U-S lower to 96 dollars, 16 cents per barrel.The July contract fell 75 cents U-S to 96 dollars, 18 cents per barrel.(The Canadian Press, The Associated Press)—JDT read more