Canada West Meets Canada East In Financial Mismanagement —-BC and NL
Canada ‘a largest bank does an assessment of British Columbia and Newfoundland and Labrador’s 2025 Budgets —It Isn’t Pretty !
“B.C. Budget 2025: Growing deficits, rising debt and looming U.S. tariffs
- The B.C. government upped projected budget deficits throughout its three-year fiscal plan, including a record $10.9 billion shortfall in 2025-26.
- Significant risks threaten revenue and expenditure projections—the plan doesn’t incorporate U.S. tariffs into economic assumptions.
- But it increased the contingencies vote to $4 billion per year to add protection against unexpected expenses.
- Debt is forecast to soar 70% over the next three years.
- B.C.’s fiscal situation is on a deteriorating path even though it compares well to most other provinces.
British Columbia’s 2025 budget arrived at a precarious economic moment, just hours after the United States slapped massive tariffs on Canadian imports. The budget underscores the mounting fiscal pressure facing the province as it maintains commitments to protecting health care, education, and affordability measures.
The deficit is set to rise beyond $10 billion in 2025-26 with debt climbing sharply in the coming years. These growing financial burdens, coupled with uncertainty and new trade risks, represent serious challenges.”
“Newfoundland and Labrador Budget 2025: Balance delayed until 2026-27 amid record spending
- Newfoundland and Labrador projects a $372 million shortfall in 2025-26, delaying plans to balance by a year to 2026-27.
- Expenditures are set to cross $11 billion mark, jumping 5.1% in 2025-26.
- This increase will surpass the solid 4.1% projected rise in revenues—which will be boosted by higher oil and mineral production in the province.
- A worsening deficit will further add weight to the province’s debt burden, which is already the heaviest in the country.
Newfoundland and Labrador’s 2025 budget arrives amid global trade uncertainty, prompting the government to delay plans to balance the budget another year. It’s the latest of a string of provinces that have punted budgetary balance commitments further down the road.
The budgetary shortfall is now projected to deepen to $372 million in 2025-26, more than half of which ($200 million) is coming from a new contingency allowance to address trade-related spending pressures. Some of the expenditure increase will be covered by higher revenues from natural resource production (regardless of ongoing trade uncertainty), but revenue gains won’t be large enough to offset its spending plans which will keep the province’s books in the red for another year.”
Canada’s Decline Continues!!!!!!
Two statements among many stand out :
BC—-Debt is forecast to soar 70% over the next three years.
NL—-A worsening deficit will further add weight to the province’s debt burden, which is already the heaviest in the country.
Do the taxpayers realize the people that they elected ‘ to lead’?
by he Honourable A. Brian Peckford
May 15, 2025
