Program spending is projected to increase from pre-pandemic levels by 15.2 per cent in 2021/22.
The provincial budget projected that net debt would grow to $48.9 billion in 2020/21.
CIBC predicts the province's unemployment rate will rise to 9.7 per cent.
The province’s top marginal PIT rate will increase from 16.8 per cent to 20.5 per cent.
Over the next three years, net debt is expected to grow almost 25 per cent.
Ontario and Alberta are projecting budget deficits for years to come.
B.C.’s overall tax rate on new investment is 27.7 per cent—the highest rate in Canada.
The new EHT will apply to businesses with annual payrolls of more than $500,000.
Premier John Horgan’s NDP government campaigned on balanced budgets.