Budget 2023

Summary: British Columbia Budget 2023

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Finance Minister Katrine Conroy tabled British Columbia’s 2023 budget (BC Budget 2023) on February 28, 2023. 

The budget’s estimates show that the province’s surplus for the 2022-23 fiscal year was $3.592 billion as compared to a $5.461 billion deficit projected for the same fiscal year in the previous budget. BC Budget 2023 outlines significant capital spending on B.C.’s health, transportation and education sectors. The surplus of 2022-23 fiscal year is primarily related to higher taxation revenue, which are assumed to not carry forward in upcoming fiscal years.  

Projections for the next three fiscal years are as follows: 

Year Projected surplus (deficit)
2023-24 ($4.216 billion)
2024-25 ($3.754 billion)
2025-26 ($3.043 billion)

Key insights include: 

  • No changes to the corporate or personal tax rates, or the $500,000 small business limit. 
  • An extension to the Farmer’s Food Donation Tax Credit and the Interactive Digital Media Tax Credit. 
  • A new refundable BC renter’s tax credit to support low- and moderate-income renters.
  • Automated external defibrillators (AEDs), kits containing AEDs and parts and services for AEDs are exempt from PST.
  • The Carbon Tax rate will increase annually by $15 per tonne until the rate reaches $170 per tonne in 2030.
  • Other notable items such as significant capital spending on BC’s health, transportation, housing, and education sectors. 

Visit our Budget 2023 hub to learn more about all federal and provincial budgets.


The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.

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