The budget anticipates a deficit of $9.1 billion for 2024-25 and projects deficits of $10.9 billion for 2025-26 and $10.2 billion for 2026-27. Although the budget does not include any new changes to the corporate or personal tax rates, it increases the speculation and vacancy tax rates, effective January 1, 2026 and makes changes to film-related tax credits. The budget also discusses the province’s response to the implementation of U.S. tariffs and Canadian counter-tariffs, including to support industry and workers, diversify trade markets and respond with counter-actions as required.
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