B.C. Finance Minister Josie Osborne announced a ballooning deficit of $13.8 billion in first quarterly results. Osborne, the then health minister, provides an update about addictions care and the end of the decriminalization pilot project at the Royal Jubilee Hospital in Victoria, on Wednesday, Jan. 14, 2026. THE CANADIAN PRESS/Chad Hipolito
B.C.’s deficit forecast up $450M to $13.8B after calculation errors on gas royalties
Sep 14, 2026 | 2:02 PM
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VICTORIA — The British Columbia deficit forecast has grown by about $450 million to $13.8 billion, largely because of a “calculation error” on natural gas royalties.
Minister Josie Osborne, who just took over the finance portfolio last month, released the first quarterly report today showing almost $800 million more in revenue, but spending was also up.
The added revenue comes from income and sales taxes but wildfire fighting costs are projected to be $614 million more and refundable tax credits for business and renters rose by $458 million.
The Finance Ministry says businesses are adapting to changes in global trade, with exports rising by 16 per cent to destinations like China, South Korea and India.
