Premier David Eby’s First Budget Presents $4.2 Billion Deficit, Invests Heavily in Health Care, and Cost-of-Living Supports

Premier David Eby’s first budget is projecting a $4.2 billion deficit, a stark contrast to last year’s $3.5 billion surplus.

Budget 2023 includes sizeable investments in health care, housing, and measures to help residents deal with the rising cost of living.

That includes $6.4 billion in health care improvements over the next 3 years, including $1 billion in mental health and addictions supports.

Another $4.2 billion over that same time period will help build thousands of new homes for renters, low and middle income earners, and Indigenous people.

Of that, up to $640 million will go towards supportive housing for those at risk of homelessness, and $228 million will help create rapid response teams to help with encampments.

Initiatives to improve access to justice and collaborative supports for those with mental health challenges will get over $460 million.

A new tax credit will see renters renters receive as much as $400 annually, and the Climate Action Tax Credit will be increased from $193 per year to $447.

Eby’s complete plan, which you can read at this link, also forecasts deficits of $3.8 billion in 2024, and $3 billion in 2025.