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Province stops museum plan, will consult public on museum’s future

June 22, 2022 12:45 PM
Royal BC Museum project is stopped
The Province is halting plans announced last month to rebuild the Royal British Columbia Museum.
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Vancouver named FIFA World Cup 2026 official host city

June 16, 2022 2:37 PM
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close menu Advanced Education and Skills Training

Expanded physical therapy program coming to Surrey

June 23, 2022 10:15 AM
Expanded physical therapy program coming to Surrey
More people in Surrey and the Fraser Valley will be able to pursue careers in physical therapy at a new training space coming to Surrey.
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Investing in biomedical engineering will bolster British Columbians’ health

June 13, 2022 11:15 AM
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close menu Agriculture and Food

B.C. ramps up support for agritech

June 24, 2022 8:30 AM
Two Vancouver-based agritech businesses are paving the way for stronger food security through B.C.’s Agritech Ramp-Up Pilot Program (Ramp-Up) with robotics and technology to support B.C.’s agriculture sector.
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Agriculture advisory group to help create more resilient food supply

June 14, 2022 8:30 AM
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close menu Attorney General

Settlement reached with Purdue Pharma (Canada) for opioid damages

June 29, 2022 9:08 AM
Opioid manufacturer Purdue Pharma (Canada) (Purdue Canada) has agreed to a first of its kind settlement in Canada resulting from B.C.-led efforts to recover health-care costs related to the sale and marketing of opioid-based pain medicines.
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Province seeks people to join anti-racism committee, help dismantle systemic racism

June 24, 2022 10:00 AM
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close menu Children and Family Development

Province seeks public input on supports for children, youth

April 20, 2022 11:15 AM
A survey about B.C’s new service approach for children and youth with support needs is now open to the public.
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Process begins to select family connections centres

May 10, 2022 4:08 PM
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More Cariboo communities connected to high-speed internet

June 23, 2022 9:00 AM
More than 1,200 households in 15 communities, including four First Nations communities, have access to high-speed internet services in the Cariboo, thanks to the installation of new fibre to the home.
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Province seeks people to join anti-racism committee, help dismantle systemic racism

June 24, 2022 10:00 AM
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close menu Education and Child Care

Expansion of $10 a day child care to benefit thousands more B.C. families

June 20, 2022 12:02 PM
Expansion of $10 a day child care to benefit thousands more B.C. families
Applications are being accepted from child care providers to join the $10 a Day ChildCareBC program this year, which will enable them to offer low-cost child care, making life more affordable for thousands more families in B.C.
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Nisga’a students will benefit from new gymnasium

June 20, 2022 2:30 PM
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close menu Energy, Mines and Low Carbon Innovation

British Columbians can access more in EV charger rebates

May 18, 2022 10:05 AM
Better rebates for EV chargers
The Province and Natural Resources Canada (NRCan) are making it more affordable for people to install electric vehicle (EV) charging stations in their homes, businesses and communities.
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B.C. supports EV adoption from purchase through repair

June 1, 2022 12:55 PM
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close menu Environment and Climate Change Strategy

B.C. strengthens actions to prepare for climate change with new strategy

June 20, 2022 1:15 PM
B.C. strengthens actions to prepare for climate change with new strategy
People in British Columbia will be better protected from the impacts of wildfires, flooding and extreme heat through the actions included in the new Climate Preparedness and Adaptation Strategy.
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Tahltan Central Government, B.C. make history under Declaration Act

June 6, 2022 10:38 AM
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close menu Finance

Heat pump demand heats up in northern B.C.

June 20, 2022 11:52 AM
Heat pumps are more affordable than ever in B.C. with a provincial sales tax (PST) exemption and the launch of a new incentive to help people switch to the cleaner, energy-efficient technology that works in warm and cold climates.
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Rating agencies validate B.C.’s financial plan to support people, businesses

June 10, 2022 11:23 AM
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close menu Forests

Historic investments help B.C. prepare for wildfire season

June 3, 2022 9:15 AM
Historic investments help B.C. prepare for wildfire season
British Columbians can expect cooler and wetter conditions in June, which means the fire hazard is anticipated to remain low through the early summer, as shown in the BC Wildfire Service’s latest seasonal outlook.
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Province launches public engagement on strengthening Great Bear Rainforest

June 9, 2022 9:00 AM
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Construction begins on redeveloped Burnaby Hospital

May 30, 2022 11:10 AM
Construction begins on redeveloped Burnaby Hospital
People in one of the fastest-growing communities in B.C. are one step closer to expanded patient care as construction begins on the redevelopment of Burnaby Hospital.
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BC Cancer launches lung-screening program

May 25, 2022 11:15 AM
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close menu Indigenous Relations and Reconciliation

Tahltan Central Government, B.C. make history under Declaration Act

June 6, 2022 10:38 AM
Tahltan Central Government, B.C. make history under Declaration Act
Tahltan Central Government and the Province have entered into the first consent-based decision-making agreement under the Declaration on the Rights of Indigenous Peoples Act (Declaration Act).
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B.C. invests in First Nations language, arts, culture and heritage revitalization

June 14, 2022 1:15 PM
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close menu Intergovernmental Relations Secretariat

Nominate an exceptional citizen for Province’s highest honour

January 20, 2022 8:00 AM
Nominate an exceptional citizen for Province’s highest honour
Nominations are being accepted for the Order of British Columbia, the Province’s highest honour.
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Outstanding people recognized for service during the pandemic

March 22, 2022 2:30 PM
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close menu Jobs, Economic Recovery and Innovation

Significant partnership with Japan to better support transportation infrastructure

June 16, 2022 1:30 PM
Significant partnership with Japan to better support transportation infrastructure
A new agreement signed between the Province of B.C. and the group Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) will help deliver innovative and clean solutions for future transportation projects and priorities.
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Tŝilhqot’in Nation will benefit from forest-to-frame project

June 22, 2022 10:46 AM
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close menu Labour

B.C. minimum wage increases June 1 for lowest paid workers

May 31, 2022 8:30 AM
B.C. minimum wage increases June 1 for lowest paid workers
As of June 1, 2022, B.C.’s lowest paid workers will get a pay boost as the minimum wage increases from $15.20 to $15.65 per hour, which is the highest of any province.
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B.C. expands cancer coverage for firefighters

April 22, 2022 12:30 PM
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close menu Land, Water and Resource Stewardship

Watershed restoration creates a healthier future for B.C.

April 21, 2022 11:15 AM
Watershed restoration creates a healthier future for B.C.
An ongoing effort to restore watersheds and wetlands in the province is creating a healthier future for British Columbians by mitigating the impacts of climate change on communities, strengthening ecosystems and securing quality drinking water.
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Minister’s and parliamentary secretary’s statement on federal decision about salmon farms

June 22, 2022 4:20 PM
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close menu Mental Health and Addictions

Settlement reached with Purdue Pharma (Canada) for opioid damages

June 29, 2022 9:08 AM
Opioid manufacturer Purdue Pharma (Canada) (Purdue Canada) has agreed to a first of its kind settlement in Canada resulting from B.C.-led efforts to recover health-care costs related to the sale and marketing of opioid-based pain medicines.
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New Foundry will provide services to youth in northeastern B.C.

June 14, 2022 12:30 PM
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close menu Municipal Affairs

B.C. provides financial assistance for displaced Ukrainians

June 29, 2022 10:15 AM
B.C. provides financial assistance for displaced Ukrainians
Ukrainian citizens arriving in B.C. under the federal Canada-Ukraine Authorization for Emergency Travel (CUAET) can now apply for hardship assistance from the B.C. government.
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Summer Reading Club will keep kids and families reading

June 27, 2022 12:15 PM
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close menu Public Safety and Solicitor General

Joint statement on the first anniversary of the Lytton wildfire

June 30, 2022 8:00 AM
First anniversary of the Lytton wildfire
Premier John Horgan and Mike Farnworth, Minister of Public Safety and Solicitor General, have released the following statement marking one year since the Lytton wildfire:
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Toxic drug supply continues to devastate communities throughout B.C.

June 9, 2022 10:00 AM
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close menu Social Development and Poverty Reduction

B.C. provides financial assistance for displaced Ukrainians

June 29, 2022 10:15 AM
B.C. provides financial assistance for displaced Ukrainians
Ukrainian citizens arriving in B.C. under the federal Canada-Ukraine Authorization for Emergency Travel (CUAET) can now apply for hardship assistance from the B.C. government.
  Read More

Network helps people with disabilities focus on mental, physical wellness

June 3, 2022 8:30 AM
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close menu Tourism, Arts, Culture and Sport

Vancouver named FIFA World Cup 2026 official host city

June 16, 2022 2:37 PM
Vancouver named FIFA World Cup 2026 official host city
FIFA has confirmed that Vancouver has been chosen as an official host city for the FIFA World Cup 2026.
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Grants help youth in and from government care get in the game

May 30, 2022 12:30 PM
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close menu Transportation and Infrastructure

Permanent repairs begin soon to Coquihalla and Highway 1

June 16, 2022 8:00 AM
Permanent repairs begin soon to Coquihalla and Highway 1
Permanent repairs to flood-damaged sections of the Coquihalla (Highway 5) and Highway 1 will soon be underway, protecting the safe movement of people and goods in British Columbia.
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Major progress on Kicking Horse Canyon Project in first year of construction

June 8, 2022 9:00 AM
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Office of the Premier

New British Columbia Prosperity Fund Will Ensure Lasting Benefits

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Premier John Horgan

Premier John Horgan

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Province stops museum plan, will consult public on museum’s future

June 22, 2022 12:45 PM
Royal BC Museum project is stopped
The Province is halting plans announced last month to rebuild the Royal British Columbia Museum.
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Vancouver named FIFA World Cup 2026 official host city

June 16, 2022 2:37 PM
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British Columbia News

New British Columbia Prosperity Fund Will Ensure Lasting Benefits

https://news.gov.bc.ca/03679

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News Release

Victoria
Tuesday, February 12, 2013 2:30 PM

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News Release

Victoria

Tuesday, February 12, 2013 2:30 PM

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Premier Christy Clark today announced the establishment of a new British Columbia Prosperity Fund to ensure communities, First Nations and all British Columbians benefit from the development of a new liquefied natural gas (LNG) industry.

"The safe recovery and export of our abundant supply of natural gas presents an opportunity for prosperity unlike anything we have ever seen before," said Premier Christy Clark. "British Columbians can secure tens of thousands of new jobs for decades to come by developing this clean energy resource, and protect this new wealth for the benefit of all of us today, as well as our children and their families, tomorrow."

Billions-of-dollars in new revenue will be dedicated to the B.C. Prosperity Fund. A key priority will be to eliminate the provincial debt over time, reduce the cost burden on B.C. families through further tax reductions, and make long-term investments in the services that people depend on, such as health care, education, employment and vital infrastructure.

"Our LNG industry is quickly developing. Large industry players are investing millions of dollars now to prepare for the opportunity ahead," said Energy, Mines and Natural Gas Minister Rich Coleman. "We owe it to British Columbians to create the greatest economic return possible, so we can ensure this opportunity delivers benefits to our citizens for generations."

LNG development is poised to trigger approximately $1 trillion in cumulative GDP within British Columbia over the next 30 years and that means more than $100 billion will flow directly to the Prosperity Fund.

Provincewide, LNG is expected to create on average 39,000 annual direct, indirect and induced full-time jobs during a nine-year construction period. As well, there could be as many as 75,000 full-time jobs required once all LNG plants are in full operation.

LNG is a globally established industry and British Columbia is not the only jurisdiction looking to take advantage of the energy demands in Asia. As a result, the Province and industry are working without delay to capitalize on the growing demand for British Columbia's resources overseas.

Through ongoing discussions with industry proponents, communities and First Nations, government is focused on developing the world's cleanest LNG industry. Negotiations between government, BC Hydro and industry are progressing in an effort to determine the power-supply arrangements for each facility.

The British Columbia Prosperity Fund is the latest step by government to secure benefits from B.C.'s abundant supply of natural resources.

Last week, a one-year update to government's LNG Strategy was released, detailing the progress made to develop since the introduction of the BC Jobs Plan.

Further details can be found on the ministry's website at: www.gov.bc.ca/ener

A factsheet follows.

Contact:

Jamie Edwardson
Director of Communications
Ministry of Finance
250 356-2821

Sandra Steilo
Media Relations
Ministry of Energy, Mines and Natural Gas
250 952-0617

FACTSHEET

British Columbia Prosperity Fund

The economic impact of five new LNG plants in British Columbia before the end of the decade will be significant. Projected total revenues to government are estimated between $130 billion and $260 billion over the next 30 years. In order to maximize the benefits of these developments to future generations of British Columbians, the provincial government is establishing a new British Columbia Prosperity Fund.

The purpose of the fund

In order to ensure that British Columbians share the benefits of a resource that belongs to them, B.C. needs to set aside money for the benefit of current and future generations. It is in the public interest to save a large proportion of new LNG revenues through the B.C. Prosperity Fund.

Many commodity-based economies have established prosperity funds to preserve some of the wealth generated by resources - countries like Norway, Chile, and Australia - and provinces like Alberta and states like Alaska. Creating a Prosperity Fund will ensure British Columbia has the resources in the future to provide essential services like health care, education and social services.

How the Prosperity Fund will work

The Prosperity Fund will receive a portion of LNG revenues each year. The fund would also invest its revenues and retain the earnings. Withdrawals would be limited according to the purposes of the Fund. A key priority of the fund would be to eliminate the provincial debt.

How the revenues will be generated

New LNG revenues will be generated from royalties collected on natural gas used for LNG, and corporate income tax related to the LNG industry. It will also be generated from the new LNG tax which will be competitively positioned with taxes in other jurisdictions. Government also will receive additional revenues from personal income tax from new jobs, provincial sales tax and other taxes.

How the revenues from the fund might be used

Debt reduction: Today, provincial debt stands at $56 billion and costs $2.4 billion each year in interest payments. Reducing debt will reduce interest costs, free up money to support government services for future generations, and help preserve B.C.'s high credit rating.

Enhancements to government programs and services: A fund could provide for capital and operating improvements in health care, better education and jobs training, and additional supports for B.C. businesses and families to make life more affordable.

Tax reductions: B.C.'s taxes are currently very competitive. But there may be opportunities where investments could further help to reduce the tax burden on families in the future.

Progress Reports

Information on the LNG prosperity fund will be published annually so that British Columbians know how much money is in the fund and how it is being spent.

Contact:

Jamie Edwardson
Director of Communications
Ministry of Finance
250 356-2821


https://news.gov.bc.ca/03679

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