B.C.’s 2024 deficit is lower than expected at $7.3 billion

August 7,2025

RED FM News Desk

British Columbia ended the fiscal year with a final deficit of $7.3 billion—$564 million less than originally projected in Budget 2024, and $1.8 billion below the third-quarter forecast, according to Finance Minister Brenda Bailey. 

However, the province’s public accounts reveal that taxpayer-supported debt jumped by $23.7 billion, reaching $99.1 billion—an increase of over 31%. 

“We will continue to make tough choices to ensure every dollar we spend has the greatest impact on the lives of British Columbians,” Bailey stated in a press release. 

The Ministry of Finance attributed the sharp rise in debt to government efforts to support people during climate emergencies and periods of high living costs. 

Despite the increase, B.C.’s taxpayer-supported debt-to-GDP ratio remains lower than most provinces at 23.2%, compared to 41.6% in Ontario, 41.9% in Quebec, and 22.1% in Alberta. 

Self-supported debt—linked to revenue-generating Crown corporations and similar entities—also increased from $32.1 billion to $34.8 billion. 

This brings B.C.’s total provincial debt to $133.9 billion, a $26.4 billion or 24.5% increase from the previous year. 

Bailey noted that the lower-than-expected deficit was largely due to higher revenues from the Insurance Corporation of British Columbia (ICBC). However, the Ministry said those gains were partially offset by weaker natural resource revenues. 

Overall, the province’s total revenue came in $2.5 billion above budget projections. GDP grew by 1.2%, which is lower than the national average of 1.6%. 

B.C. invested a record $10.4 billion in infrastructure projects, including roads, hospitals, schools, the Broadway Subway in Vancouver, the Mills Memorial Hospital replacement in Terrace, and various high schools and student housing projects. 

The province’s unemployment rate stood at 5.6%. 

“While we’re working to strengthen our fiscal position, it’s clear that—even in tough economic times—this government is making progress on the priorities that matter to British Columbians,” Bailey said.