The Fall 2020 Economic and Fiscal Update confirms the forecasted provincial deficit at $13.6 billion, which includes an additional $2 billion for new COVID-19 supports for British Columbians through B.C.’s Recovery Benefit and Recovery Supplement.

A majority of British Columbians will get a lift with the launch of the B.C. Recovery Benefit, enabling many families and individuals to receive the benefit by the end of the year.

Premier John Horgan and Carole James, Minister of Finance, have released StrongerBC for everyone: BC’s Economic Recovery Plan.

The COVID-19 pandemic’s impact on provincial revenues and unprecedented government spending on supports for people and businesses has led to an updated provincial deficit forecast of $12.8 billion for the 2020-21 fiscal year.

Despite strong fiscal results in the first three quarters of 2019-20, unforeseen changes in the fourth quarter due to COVID-19, including declines in tax revenues, ICBC losses and early measures to tackle the pandemic, affected the Province’s 2019-20 financial results.

The Government of British Columbia is taking action to help stratas better mitigate the rising costs of insurance.