By Canadian Press

Highlights of the British Columbia budget

Feb 18, 2020 | 4:32 PM

VICTORIA — Highlights of British Columbia’s 2020-21 budget released Tuesday:

— Starting in September, post-secondary students can receive up to $4,000 a year to help cover tuition costs under a new grant program.

— The seven per cent provincial sales tax will be applied to sweetened carbonated drinks starting on July 1, which will generate an additional $27 million in tax revenue in 2020-21.

— A new personal income tax rate of 20.5 per cent on taxable income starting in 2020 is being introduced for those earning more than $220,000, described as the top one per cent of income earners in the province.

— The budget forecasts surpluses of $227 million for 2020-21, $179 million for 2021-22, and $374 million for 2022-23.

Murder mystery

St. Mary drama club unravels world's ultimate whodunit

9h ago

BDO Debt Solutions

Deck the Halls Without Breaking the Bank: Tips for a Budget-Friendly Holiday

Nov 18, 2024

RPCN Artist

'Felt like a movie': Chris Chipak making waves in the art world

Nov 18, 2024

— Real GDP growth is forecast to be two per cent in 2020, 1.9 per cent in 2021 and 2022.

— A record $22.9 billion will be spent over the next three years on infrastrucuture.

— The total provincial debt is forecast to be about $70.6 billion in 2019-20, climbing to about $87.6 billion in 2022-23, largely because of borrowing costs to cover capital spending.

This report by The Canadian Press was first published on Feb. 18, 2020.

The Canadian Press