This year's combined projected federal and provincial government deficits total $234 billion.
This year, the 10 provinces are projected to run cumulative deficits of nearly $80 billion.
In Canada, government net debt has doubled from $1 trillion to $2 trillion.
Forecasts project a -5.1 per cent decline in the province's GDP.
The province’s net debt will rise from $15.2 billion to nearly $17.2 billion.
RBC forecasts an $800 million provincial deficit this year, Scotiabank forecasts $970 million.
Ontario and Alberta are projecting budget deficits for years to come.
One item sorely missing from Finance Minister Mike de Jongs recent provincial budget was a plan to make BCs business taxes more competitive and attractive for investment.
Last weeks provincial budget was a heap of bad news for New Brunswickers. First they learned that they will continue to be burdened by a government with shaky finances driven by annual deficits and mushrooming debt. Topping that off, Progressive Conservative Finance Minister Blaine Higgs proposed a series of highly damaging tax increases as a way out of New Brunswicks deep fiscal hole. Unfortunately, these tax hikes will cast a dark cloud over New Brunswicks economic prospects and likely bring little revenue in return.
Going by Finance Minister Mike de Jong's public comments, Tuesday's provincial budget is supposed to present a plan to finally balance the books. But after four consecutive years in the red, British Columbians can't yet breathe a collective sigh of relief. Critically important is how Minister de Jong plans to eliminate the deficit. Will he take the path of tax increases or spending reductions?