British Columbia's economy is expected to grow modestly this year and next year, according to updated projections by the B.C. Economic Forecast Council, Finance Minister Kevin Falcon said.

The Province has concluded an agreement with the Government of Canada for the orderly repayment of the $1.6 billion in transition funding it received when B.C. moved to the Harmonized Sales Tax, Minister of Finance Kevin Falcon announced.

British Columbia continues to face challenging global economic conditions, but fiscal prudence and a focus on a competitive economy that creates jobs and attracts international investment will help B.C. manage these risks, Finance Minister Kevin Falcon said in a speech to the Vancouver Board of Trade.

British Columbians who own homes worth up to $1.285 million may be eligible to receive the entire homeowners' grant this year, after the Province raised the threshold to accommodate rising property values.

A new discussion paper on the Society Act invites discussion on the governance of B.C. societies and possible directions for reform.

New regulations to update and improve consumer protection and reduce red tape in the insurance industry will come into effect on July 1, 2012, implementing improvements set out in the Insurance Amendment Act, 2009.

The B.C. Economic Forecast Council has lowered its growth projections for the province this year and next in light of the worsening global economy.