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.