# EDGAR Filing Document

**Accession Number:** 0000836136
**File Stem:** 0001104659-25-079327
**Filing Date:** 2025-8
**Character Count:** 734946
**Document Hash:** 18a194848c6cbeb5809cd2a5377937f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-079327.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001104659-25-079327

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20240331

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROVINCE OF BRITISH COLUMBIA
- **CENTRAL INDEX KEY:** 0000836136
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-82846
- **FILM NUMBER:** 251225673

**BUSINESS ADDRESS:**
- **STREET 1:** MINISTRY OF FINANCE
- **STREET 2:** 620 SUPERIOR STREET
- **CITY:** VICTORIA
- **STATE:** A1
- **ZIP:** V8V 1X4
- **BUSINESS PHONE:** (778) 698 5906

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 9423 STN PROV GOVT
- **STREET 2:** C/O PROVINCIAL TREASURY, DEBT MANAGEMENT
- **CITY:** VICTORIA
- **STATE:** A1
- **ZIP:** V8W 9V1

**FORM 18-K/A**

For Foreign Governments and Political Subdivisions Thereof

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington** **, D.C. 20549**

**AMENDMENT NO. 7 TO**

**ANNUAL REPORT**

**of**

**PROVINCE OF BRITISH COLUMBIA**

**(Canada)**

**(Name of Registrant)**

Date of end of fiscal year to which the Annual Report relates: March 31, 2024

SECURITIES REGISTERED\*

(As of the close of the fiscal year)

---

| | | |
|:---|:---|:---|
| Title of Issue | Amounts as to Which | Names of Exchanges |
| | Registration is Effective | on Which Registered |
| N/A | N/A | N/A |

---

***Names and addresses of persons authorized to receive notices and***

***communications from the Securities and Exchange Commission:***

Tom Clark

Consul General of Canada

466 Lexington Avenue, 20<sup>th</sup> Floor

New York, New York 10017

*Copies to*

---

| | |
|:---|:---|
| &nbsp;&nbsp;Jason R. Lehner | &nbsp;&nbsp; Ministry of Finance<br> Provincial Treasury<br> Debt Management Branch<br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt<br> Victoria, British Columbia<br> V8W 9V1<br> (778) 698-5908 |
| &nbsp;&nbsp;A&O Shearman | &nbsp;&nbsp; Ministry of Finance<br> Provincial Treasury<br> Debt Management Branch<br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt<br> Victoria, British Columbia<br> V8W 9V1<br> (778) 698-5908 |
| &nbsp;&nbsp; Commerce Court West<br> 199 Bay Street | &nbsp;&nbsp; Ministry of Finance<br> Provincial Treasury<br> Debt Management Branch<br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt<br> Victoria, British Columbia<br> V8W 9V1<br> (778) 698-5908 |
| &nbsp;&nbsp; Suite 4405<br> Toronto, Ontario | &nbsp;&nbsp; Ministry of Finance<br> Provincial Treasury<br> Debt Management Branch<br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt<br> Victoria, British Columbia<br> V8W 9V1<br> (778) 698-5908 |
| &nbsp;&nbsp; M5L 1E8<br> (416) 360-2974 | &nbsp;&nbsp; Ministry of Finance<br> Provincial Treasury<br> Debt Management Branch<br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt<br> Victoria, British Columbia<br> V8W 9V1<br> (778) 698-5908 |
|  | &nbsp;&nbsp; Ministry of Finance<br> Provincial Treasury<br> Debt Management Branch<br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt<br> Victoria, British Columbia<br> V8W 9V1<br> (778) 698-5908 |

---

\*The Registrant is filing this amendment to its annual report on a voluntary basis.

**PROVINCE** **OF BRITISH COLUMBIA**

The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Annual Report (the "Annual Report") for the fiscal year ended March 31, 2024 on Form 18-K as set forth below:

The following additional exhibits are added to the Annual Report:

[Exhibit 99.12 Public Accounts, Ministry of Finance, Office of the Comptroller General (For the Fiscal Year Ended March 31, 2025)](tm2523015d1_ex99-12.htm)

[Exhibit 99.13 2025 British Columbia Financial and Economic Review (85<sup>th</sup> Edition, April 2024 – March 2025)](tm2523015d1_ex99-13.htm)

**SIGNATURE**

Pursuant to the requirements of the *Securities Exchange Act of 1934*, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized, at Victoria, British Columbia, Canada, on the 15<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| PROVINCE OF BRITISH COLUMBIA | PROVINCE OF BRITISH COLUMBIA |
| (Name of registrant) | (Name of registrant) |
| By: | /s/ Sam Myers |
| Name: | Sam Myers |
| Title: | Executive Director, |
|  | Debt Management Branch |
|  | Provincial Treasury |
|  | Ministry of Finance |

---

**EXHIBIT INDEX**

[Exhibit 99.12 Public Accounts, Ministry of Finance, Office of the Comptroller General (For the Fiscal Year Ended March 31, 2025)](tm2523015d1_ex99-12.htm)

[Exhibit 99.13 2025 British Columbia Financial and Economic Review (85<sup>th</sup> Edition, April 2024 – March 2025)](tm2523015d1_ex99-13.htm)

## Exhibit 99.12

**Exhibit 99.12**

![](tm2523015d1_ex99-12img001.jpg)

OFFICE OF THE COMPTROLLER GENERAL PUBLIC ACCOUNTS 2024/25 BRITISH COLUMBIA StrongerBC for everyone

![](tm2523015d1_ex99-12img002.jpg)

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![](tm2523015d1_ex99-12img003.jpg)

Public Accounts Ministry of Finance Office of the Comptroller General For the Fiscal Year Ended March 31, 2025 BRITISH COLUMBIA

**National Library of Canada Cataloguing in Publication Data**

British Columbia. Office of the Comptroller General.

Public accounts for the year ended... – 2000/2001

Annual.

Report year ends Mar. 31.

Continues: British Columbia. Ministry of Finance.

Public accounts. ISSN 1187–8657.

ISSN 1499–1659 = Public accounts–British Columbia.

Office of the Comptroller General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. British Columbia–Appropriations and expenditures–Periodicals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Revenue–British Columbia–Periodicals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Finance, Public–British Columbia–Periodicals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. British Columbia. Ministry of Finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Title.

HJ13.B74 352.4'09711'05 C2001–960204–9

*August 7, 2025*

*Victoria, British Columbia*

*Lieutenant Governor of the Province of British Columbia* <br>MAY IT PLEASE YOUR HONOUR:

The undersigned has the honour to present the Public Accounts of the Government of the Province of British Columbia for the fiscal year ended March 31, 2025.

BRENDA BAILEY <br> *Minister of Finance*

*Ministry of Finance* <br> *Victoria, British Columbia*

*Honourable Brenda Bailey*

*Minister of Finance*

I have the honour to submit herewith the Public Accounts of the Government of the Province of British Columbia for the fiscal year ended March 31, 2025.

Respectfully submitted,

NICOLE WRIGHT <br> *Comptroller General*

PROVINCE OF BRITISH COLUMBIA

PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA<br>PUBLIC ACCOUNTS 2024/25

*British Columbia's Public Accounts*

In accordance with the Budget Transparency and Accountability Act (BTAA), the Public Accounts are a key element of the province's transparency and accountability in reporting its annual operating results and financial position. The Public Accounts include the Summary Financial Statements of the provincial Government Reporting Entity which includes the financial results of all ministries, Crown corporations and agencies presented on a consolidated basis for the 2024/25 fiscal year against the Budget released in February 2024, and the financial position as of March 31, 2025. The supporting notes and schedules define the accounting policies followed in preparing the province's financial statements and form an integral part of the overall financial picture of the province's financial activities in the fiscal year.

Responsibility for the preparation of the government's financial statements rests with the Office of the Comptroller General. In accordance with section 23.1 of the BTAA, these financial statements are prepared under the generally accepted accounting principles for senior governments in Canada, which are issued by the Public Sector Accounting Board, and are supported by the regulations of Treasury Board.

The application of these standards is the responsibility of the preparer who must use professional judgement to determine the treatment that is most representative of the underlying economic substance and best serves the information requirements of the users of government financial statements. To ensure due diligence in the application of accounting policies, decisions are based on comprehensive understanding of transactions, reference to existing and emerging accounting standards, and consultation with standard setters, other jurisdictions and the audit community. Our obligation is to ensure financial reporting meets the accountability requirements of the public within the framework established in legislation.

Producing the Public Accounts requires the teamwork and collaboration of many people across the Government Reporting Entity. The Office of the Auditor General plays an important role in providing assurance over the province's financial statements. I would like to thank everyone for their cooperation and support in preparing the Public Accounts.

Additional information on the government's financial performance is also provided through the Consolidated Revenue Fund Extracts (available on the Internet – website http://gov.bc.ca/publicaccounts). These extracts compare actual to planned spending of ministries on an appropriation basis, fulfilling ministries accountability back to the Legislative Assembly.

Comments or questions regarding the Public Accounts document are encouraged and much appreciated. Please direct your comments or questions to me by mail at PO Box 9413 STN PROV GOVT, Victoria BC V8W 9V1; e–mail at: Comptroller.General@gov.bc.ca; or by telephone at 250–387–6692.

NICOLE WRIGHT <br> *Comptroller General*

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA<br>PUBLIC ACCOUNTS 2024/25

**Contents**

---

| | |
|:---|:---|
| **Overview (Unaudited)** |  |
| &nbsp;&nbsp;&nbsp;*Public Accounts Content* | 9 |
| &nbsp;&nbsp;&nbsp;*Legislative Compliance and Accounting Policy Report* | 10 |
| &nbsp;&nbsp;&nbsp;*Financial Statement Discussion and Analysis Report* | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Highlights* | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Discussion and Analysis* | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Economic Highlights* | 28 |
| **Summary Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;*Statement of Responsibility for the Summary Financial Statements of the Government of the Province of British Columbia* | 33 |
| &nbsp;&nbsp;&nbsp;*Report of the Auditor General of British Columbia* | 35 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Financial Position* | 41 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Operations* | 42 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Change in Net Liabilities* | 43 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Remeasurement Gains and Losses* | 44 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Cash Flow* | 45 |
| &nbsp;&nbsp;&nbsp;*Notes to Consolidated Summary Financial Statements* | 47 |
| &nbsp;&nbsp;&nbsp;*Reporting Entity* | 91 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Financial Position by Sector* | 94 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Operations by Sector* | 98 |
| &nbsp;&nbsp;&nbsp;*Statement of Financial Position for Self–supported Crown Corporations and Agencies* | 102 |
| &nbsp;&nbsp;&nbsp;*Summary of Results of Operations and Statement of Equity for Self–supported Crown Corporations and Agencies* | 104 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Tangible Capital Assets* | 106 |
| &nbsp;&nbsp;&nbsp;*Consolidated Statement of Guaranteed Debt* | 107 |
| &nbsp;&nbsp;&nbsp;*Schedule of Investments* | 108 |
| **Supplementary Information (Unaudited)** |  |
| &nbsp;&nbsp;&nbsp;*Adjusted Net Income of Crown Corporations, Agencies and the SUCH Sector* | 111 |
| &nbsp;&nbsp;&nbsp;*SUCH Statement of Financial Position* | 114 |
| &nbsp;&nbsp;&nbsp;*SUCH Statement of Operations* | 116 |
| &nbsp;&nbsp;&nbsp;*Consolidated Staff Utilization* | 117 |
| **Consolidated Revenue Fund Extracts (Unaudited)** |  |
| &nbsp;&nbsp;&nbsp;*Statement of Financial Position* | 121 |
| &nbsp;&nbsp;&nbsp;*Statement of Operations* | 122 |
| &nbsp;&nbsp;&nbsp;*Statement of Remeasurement Gains and Losses* | 123 |
| &nbsp;&nbsp;&nbsp;*General Fund Statement of Financial Position* | 124 |
| &nbsp;&nbsp;&nbsp;*General Fund Statement of Operations* | 125 |
| &nbsp;&nbsp;&nbsp;*BC Prosperity Fund Statement of Financial Position* | 126 |
| &nbsp;&nbsp;&nbsp;*BC Prosperity Fund Statement of Operations* | 126 |
| &nbsp;&nbsp;&nbsp;*Statement of Cash Flow* | 127 |
| &nbsp;&nbsp;&nbsp;*Schedule of Net Revenue by Source* | 129 |
| &nbsp;&nbsp;&nbsp;*Schedule of Comparison of Estimated Expenses to Actual Expenses* | 131 |
| &nbsp;&nbsp;&nbsp;*Schedule of Financing Transaction Disbursements* | 133 |
| &nbsp;&nbsp;&nbsp;*Schedule of Write–offs, Extinguishments and Remissions* | 134 |

---

PROVINCE OF BRITISH COLUMBIA<br>PUBLIC ACCOUNTS 2024/25

**Contents**

---

| | |
|:---|:---|
| **Provincial Debt Summary** |  |
| &nbsp;&nbsp;&nbsp;*Overview of Provincial Debt (Unaudited)* | 137 |
| &nbsp;&nbsp;&nbsp;*Provincial Debt (Unaudited)* | 138 |
| &nbsp;&nbsp;&nbsp;*Change in Provincial Debt (Unaudited)* | 139 |
| &nbsp;&nbsp;&nbsp;*Reconciliation of Summary Financial Statements' Deficit (Surplus) to Change in Taxpayer–supported Debt and Total Debt (Unaudited)* | 140 |
| &nbsp;&nbsp;&nbsp;*Reconciliation of Total Debt to Summary Financial Statements' Debt (Unaudited)* | 140 |
| &nbsp;&nbsp;&nbsp;*Change in Provincial Debt, Comparison to Budget (Unaudited)* | 141 |
| &nbsp;&nbsp;&nbsp;*Interprovincial Comparison of Taxpayer–supported Debt as a Percentage of Gross Domestic Product (Unaudited)* | 142 |
| &nbsp;&nbsp;&nbsp;*Interprovincial Comparison of Taxpayer–supported Debt Service Costs as a Percentage of Revenue (Unaudited)* | 143 |
| &nbsp;&nbsp;&nbsp;*Report of the Auditor General of British Columbia on the Summary of Provincial Debt, Key Indicators of Provincial Debt, and Summary of Performance Measures* | 145 |
| &nbsp;&nbsp;&nbsp;*Summary of Provincial Debt* | 147 |
| &nbsp;&nbsp;&nbsp;*Key Indicators of Provincial Debt* | 149 |
| &nbsp;&nbsp;&nbsp;*Summary of Performance Measures* | 150 |
| **Definitions (Unaudited)** | 151 |
| **Acronyms (Unaudited)** | 154 |

---

PROVINCE OF BRITISH COLUMBIA 9 <br> PUBLIC ACCOUNTS 2024/25

**Public Accounts Content**

*Financial Statement Discussion and Analysis (Unaudited)*—this section provides a written commentary on the Summary Financial Statements plus additional information on the financial performance of the provincial government.

*Consolidated Summary Financial Statements*—these audited statements have been prepared to disclose the financial impact of the government's activities. They aggregate the Consolidated Revenue Fund (CRF), the taxpayer–supported Crown corporations and agencies (government organizations),the self–supported Crown corporations and agencies (government business enterprises) and the school districts,universities,colleges,institutes and health organizations (SUCH) sector.

*Supplementary Information (Unaudited)*—this section provides supplementary schedules containing detailed information on the results of those Crown corporations and agencies that are part of the government reporting entity and the impact of the SUCH sector on the province's financial statements.

*Consolidated Revenue Fund Extracts (Unaudited*)— the CRF reflects the core operations of the province as represented by the operations of government ministries and legislative offices. Its statements are included in an abridged form. The CRF Extracts include statements and schedules of the financial activities of the CRF, as required by statute.

*Provincial Debt Summary*—this section presents unaudited schedules and unaudited statements that provide further details on provincial debt and reconcile the Summary Financial Statements debt to the province's total debt. Also included are the audited Summary of Provincial Debt, Key Indicators of Provincial Debt and Summary of Performance Measures.

This publication is available on the Internet at: <u>http://gov.bc.ca/finance</u>

***Additional Information Available (Unaudited)***

*Consolidated Revenue Fund Supplementary Schedules* —this section contains schedules that provide details of financial activities of the CRF, including details of expenses by ministerial appropriations, an analysis of statutory appropriations, Special Accounts and Special Fund balances and operating statements, and financing transactions.

*Consolidated Revenue Fund Detailed Schedules of Payments*—this section contains detailed schedules of salaries, wages, travel expenses, grants and other payments.

*Financial Statements of Government Organizations and Enterprises*—this section contains links to the audited financial statements of those Crown corporations, agencies and SUCH sector entities that are included in the government reporting entity.

This additional information is available only on the Internet at: <u>http://gov.bc.ca/finance</u>

10 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Legislative Compliance and Accounting Policy Report**

The focus of the province's financial reporting is the Summary Financial Statements, which consolidate the operating and financial results of the province's Crown corporations, agencies, school districts, universities, colleges, institutes and health organizations with the Consolidated Revenue Fund. These are general–purpose statements designed to meet, to the extent possible, the information needs of a variety of users.

The Public Accounts are prepared in accordance with the *Financial Administration Act* and the *Budget Transparency and Accountability Act* (BTAA).

The BTAA was amended in 2001 with the passing of Bill 5. Under section 20 of that Bill, the government has mandated that "all accounting policies and practices applicable to documents required to be made public under this Act for the government reporting entity must conform to generally accepted accounting principles."

For senior governments,generally accepted accounting principles (GAAP) is generally considered to be the recommendations and guidelines of the Canadian Public Sector Accounting Board.

PROVINCE OF BRITISH COLUMBIA 11 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Highlights**

The highlights section provides a summary of the key events affecting the financial statements based on information taken from the Summary Financial Statements and Provincial Debt Summary included in the Public Accounts. The budget figures are from page 1 of the *Budget and Fiscal Plan 2024/25–2026/27*.

**Budget and Actual Results 2024/25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | Variance |
|  |<br>2024/25<br>Budget | 2024/25<br>Updated<br>Forecast |<br>2024/25<br>Actual |<br>2023/24<br>Actual |
|  | $ | $ | $ | $ |
| &nbsp;&nbsp;&nbsp;Revenue | 81523 | 82868 | 84046 | 79623 |
| &nbsp;&nbsp;&nbsp;Expense | (89434) | (92003) | (91393) | (84658) |
| **Surplus (deficit) for the year** | **(7911)** | **(9135)** | **(7347)** | **(5035)** |
| **Capital spending:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported capital spending | 14104 | 11348 | 10379 | 8772) |
| &nbsp;&nbsp;&nbsp;Self–supported capital spending | 4652 | 4622 | 4402 | 4584 |
| **Total capital spending** | **18756** | **15970** | **14781** | **13356** |
| **Provincial debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 88639 | 97711 | 99089 | 75402 |
| &nbsp;&nbsp;&nbsp;Self–supported | 34628 | 35305 | 34788 | 32060 |
| **Total provincial debt** | **123267** | **133016** | **133877** | **107462** |
| **Taxpayer–supported debt to GDP ratio** | **21.0%** | **22.9%** | **23.2%** | **18.5%** |

---

**Summary Accounts Surplus (Deficit)**

The province ended the year with a deficit of $7,347 million, which was $564 million lower than the deficit forecast in the *Budget and Fiscal Plan 2024/25–2026/27*. The 2024/25 deficit of $7,347 million was $2,312 million higher than the deficit of $5,035 million in fiscal year 2023/24.

Revenue increased by $4,423 million over fiscal year 2023/24 and was $2,523 million higher than budget. The annual increase in revenue in the current year was mainly due to increases in taxation revenue, and contributions from the federal government, offset by a decrease in natural resources revenue.

Expense increased by $6,735 million over fiscal year 2023/24 and was higher than budget by $1,959 million. The increases in spending in the current year were mainly in the health, social services, education, and debt servicing sectors. Additional spending over budget was authorized through various statutory appropriations.

12 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Capital Spending**

Taxpayer–supported infrastructure spending on hospitals, schools, post–secondary facilities, transit, and roads totalled $10,379 million in 2024/25, $3,725 million lower than budget mainly due to project scheduling changes. This spending has been deferred to future years.

Self–supported infrastructure spending on electrical generation, transmission and distribution projects and other capital assets totalled $4,402 million in 2024/25. Self–supported capital spending was $250 million lower than budget.

**Provincial Debt**

When calculating total provincial debt, the province adds to its financial statement debt all debt guarantees and the debt directly incurred by self–supported Crown corporations,reduced by sinking fund assets and unrealized foreign exchange adjustments of hedged foreign denominated debt translated to March 31, 2025 exchange rates. This balance is referred to as the total provincial debt.

Taxpayer–supported provincial debt increased by $23,687 million in 2024/25 to fund investments in capital infrastructure and to finance the operating deficit. Self–supported provincial debt increased by $2,728 million mainly due to an increase in capital infrastructure related to power projects. Total provincial debt increased by $26,415 million compared to the budgeted increase of $15,805 million. The key measure of taxpayer–supported debt to GDP ended the year at 23.2%, which is higher than the forecasted 21.0% in the budget.

PROVINCE OF BRITISH COLUMBIA 13 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Discussion and Analysis**

The detailed analysis section provides an overview of significant trends relating to the Statement of Operations, Statement of Financial Position and Provincial Debt.

**Revenue Analysis**

Revenue analysis helps users understand the government's finances in terms of its revenue sources and allows them to evaluate the revenue producing capacity of the government.

**Revenue by Source**

Revenue by source provides an outline of the primary sources of provincial revenue and how results change between those sources over time. Revenues are reported by separate components of taxation, contributions from the federal government, natural resources and other sources, which include fees and licences, contributions from self–supported Crown corporations, and investment income.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2020/21<br>Actual | 2021/22<br>Actual | 2022/23<br>Actual | 2023/24<br>Actual | 2024/25<br>Actual |
|  | $ | $ | $ | $ | $ |
| Taxation | 34166 | 40717 | 49025 | 46296 | 49446 |
| Contributions from federal government | 12894 | 11980 | 12527 | 13734 | 14307 |
| Fees and licences | 4337 | 4601 | 4936 | 5267 | 5468 |
| Miscellaneous | 3136 | 3910 | 4445 | 4988 | 5460 |
| Net earnings of self–supported Crown corporations and agencies | 3964 | 5494 | 3426 | 4477 | 4790 |
| Natural resources | 2286 | 4383 | 6117 | 3143 | 2416 |
| Investment income | 1264 | 1306 | 1314 | 1718 | 2159 |
| **Total revenue** | **62047** | **72391** | **81790** | **79623** | **84046** |

---

Provincial revenues increased by $4,423 million in 2024/25. The increase in provincial revenue was primarily due to increases in taxation revenue of $3,150 million, contributions from the federal government of $573 million, miscellaneous of $472 million, investment income of $441 million, net earnings from self–supported Crown corporations of $313 million, and fees and licences of $201 million. These increases were partly offset by a $727 million decrease in natural resources.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im01.jpg)

14 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

In 2024/25, taxation revenue increased by $3,150 million (6.8%).Personal and corporate income tax revenue increased by $2,760 million (12.3%) primarily due to an increased tax base, property tax increased $232 million (6.4%) primarily due to increased assessed property values, employer health tax increased $170 million (5.9%) due to increased employment and other taxation revenues decreased by $12 million (0.2%), mainly from decreases in carbon tax and tobacco tax.

The net earnings of self–supported Crown corporations and agencies were $313 million higher than 2023/24 mainly from increased earnings of $264 million for British Columbia Hydro and Power Authority due to increased domestic sales,and a $254 million in the Insurance Corporation of British Columbia primarily due to increased premium revenue, partly offset by a $134 million decrease for British Columbia Lottery Corporation due to decreased revenue from table and slot games and lottery ticket sales.

Natural resources revenues were $727 million lower than 2023/24, reflecting lower natural gas, coal, and petroleum prices.

**Own–** **source Revenue to GDP**

The ratio of own–source revenue to GDP represents the amount of revenue the provincial government is taking from the provincial economy in the form of taxation, natural resources revenue, earnings of self–supported Crown corporations and user fees and licences. Own–source revenue is all revenue except for federal transfers.

Own–source revenue to GDP has remained stable over the past five years, ending the year at 16.3%.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im02.jpg)

**Percentage Change in Revenue**

Trend analysis of revenue provides users with information about significant changes in revenue over time and between sources. This enables users to evaluate past performance and assess potential implications for the future.

Over the five years since 2020/21, total revenue has increased in relation with the increase in GDP. Taxation revenue and natural resources revenue have continued to exceed the growth in GDP. Contributions from the federal government increased in the year due to increased funding for health programs. Fees and licences increased in the year primarily due to increased tuition revenue at post–secondary institutions.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im03.jpg)

PROVINCE OF BRITISH COLUMBIA 15 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Natural Resources Revenue**

The chart of natural resources revenue by source explains past trends of natural resources revenue in total and by major category.

Petroleum,natural gas and mineral revenues decreased by $340 million from 2023/24. These categories of natural resources revenue account for 48.1% of natural resources revenue compared to 47.8%in 2023/24.

Forestry revenue decreased by $143 million in 2024/25. The proportion of natural resources revenue derived from forestry increased to 21.3% in 2024/25 from 20.9% in 2023/24.

Water and other resource revenues decreased by $244 million in the year. They comprise 30.6%of provincial natural resources revenue.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im04.jpg)

**Government–** **to–Government Transfers to Total Revenue**

The ratio of government–to–government transfers to total revenue is an indicator of how dependent the province is on transfers from the federal government. An increasing trend shows more reliance and a decreasing trend shows less reliance.

Federal transfers increased in 2024/25 by $573 million. The ratio of federal contributions to total revenue decreased to 17.0%due to total provincial revenue increasing $4,423 million over the prior year.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im05.jpg)

16 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Expense Analysis**

The following analysis helps users to understand the impact of the government's spending on the economy, the government's allocation and use of resources, and the cost of government programs.

**Expense by Function**

Expense by function provides a summary of the major areas of government spending, and changes in spending over time. Functions, which indicate the purpose of expenditures, are defined by Statistics Canada's Canadian Classification of Functions of Government. The province uses the following functions: health, education, social services, other, natural resources and economic development,interest, transportation,protection of persons and property,and general government. The health, education and social services functions account for approximately three quarters of the province's total operating costs.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2020/21<br>Actual | 2021/22<br>Actual | 2022/23<br>Actual | 2023/24<br>Actual | 2024/25<br>Actual |
|  | $ | $ | $ | $ | $ |
| Health | 25613 | 27591 | 30322 | 34863 | 38182 |
| Education | 14946 | 15803 | 16993 | 18479 | 19609 |
| Social services | 7789 | 7268 | 9652 | 9284 | 10922 |
| Other | 2862 | 3082 | 5736 | 4215 | 4022 |
| Natural resources and economic development | 4191 | 5213 | 6284 | 6704 | 6165 |
| Interest | 2722 | 2742 | 2719 | 3292 | 4245 |
| Transportation | 3362 | 4453 | 3320 | 2379 | 2933 |
| Protection of persons and property | 2258 | 2937 | 3483 | 3101 | 3183 |
| General government | 3919 | 2040 | 2325 | 2341 | 2132 |
| **Total expense** | **67662** | **71129** | **80834** | **84658** | **91393** |

---

Government spending on programs and services increased by $6,735 million in 2024/25.

The province increased spending on the health sector by $3,319 million (9.5%), the social services sector by $1,638 million (17.6.%), the education sector by $1,130 million (6.1%), debt servicing costs by $953 million (29.0%), the transportation sector by $554 million (23.3%), and the protection sector by $82 million (2.6%). Spending in the natural resources and economic development sector decreased by $539 million (8.0%), the general government sector decreased by $209 million (8.9%), and spending in the other sector decreased by $193 million (4.6%) over 2023/24.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im06.jpg)

PROVINCE OF BRITISH COLUMBIA 17 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

In 2024/25, provincial operating expenses were $91,393 million, a $6,735 million (8.0%) increase from 2023/24. Program spending has increased by $23,731 million (35.1%) since 2020/21. This is compared to increases in GDP of 44.5% over the same period.

**Expense to GDP**

The ratio of expense to GDP represents the amount of government spending in relation to the overall provincial economy.

Government spending as a percentage of GDP increased from 20.7% to 21.4% in 2024/25, reflecting increased spending when compared to growth in GDP.

**2020/21 to 2024/25**

![](tm25230151d1_ex99-12sp2im07.jpg)

18 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Changes in Actual Results from 2023/24 to 2024/25**

---

| | |
|:---|:---|
|  | In Millions |
|  |<br>Revenue |
|  | $ |
| **2023/24 (Deficit))** |  |
| Increase in taxation revenue |  |
| Increase in other revenues |  |
| Increase in contributions from the federal government |  |
| Increase in net earnings of self–supported Crown corporations and agencies |  |
| Decrease in natural resources revenue) |  |
| Increase in health spending) |  |
| Increase in social services spending) |  |
| Increase in education spending) |  |
| Increase in debt servicing spending) |  |
| Increase in transportation spending) |  |
| Decrease in other program spending) |  |
| Decrease in natural resources and economic development spending |  |
| Subtotal of changes in actual results |  |
| **2024/25 (Deficit)** |  |
| **2023/24 Accumulated Surplus (Deficit) before Remeasurement Gains (Losses)** |  |
| **2024/25 Accumulated Surplus (Deficit) before Remeasurement Gains (Losses)** |  |
| Effect of remeasurement gains (losses) |  |
| **2024/25 Accumulated Surplus (Deficit)** |  |

---

The year over year increase in total revenue of $4,423 million, and the increase in total expense of $6,735 million,resulted in a deficit that was $2,312 million more than the 2023/24 deficit. Accumulated surplus (deficit), including remeasurement gains and losses, changed from $(1,621) million in 2023/24 to $(10,010) million at the end of 2024/25.

PROVINCE OF BRITISH COLUMBIA 19 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Changes from 2024/25 Budget**

---

| | |
|:---|:---|
|  | In Millions |
|  |<br>Revenue |
|  | $ |
| **(Deficit) per 2024/25 Budget)** |  |
| Increased net earnings of self–supported Crown corporations and agencies |  |
| Increased miscellaneous revenue |  |
| Increased investment income revenue |  |
| Increased other revenues |  |
| Decreased natural resources revenue) |  |
| Increased health spending) |  |
| Increased natural resources and economic development spending) |  |
| Increased protection spending) |  |
| Decreased other spending |  |
| Subtotal of changes in actual results compared to budget |  |
| **Actual Results** |  |

---

Revenue was $2,523 million (3.1%) higher than the budgeted amount of $81,523 million and expenses were $1,959 million (2.2%) higher than the budgeted amount of $89,434 million. Additional spending over budget was authorized by various statutory appropriations.

**Net Liabilities and Accumulated Surplus (Deficit)**

In accordance with Canadian generally accepted accounting principles, the government's Consolidated Statement of Financial Position is presented on a net liabilities basis. Net liabilities represent net future cash outflows resulting from past transactions and events. An analysis of net liabilities and accumulated surplus helps users to assess the government's overall financial position and the future revenue required to pay for past transactions and events.

---

| |
|:---|
| Financial assets |
| Less: liabilities |
| Net Liabilities) |
| Less: non–financial assets |
| **Accumulated surplus (deficit)** |

---

20 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

The accumulated surplus (deficit) represents the sum of the current and prior years' operating results,and accumulated changes in unrealized remeasurement gain (loss). At March 31, 2025, the accumulated surplus (deficit) was $(10,010) million.

Financial assets were $13,971 million higher than 2023/24 as the result of increases in cash and cash equivalents and temporary investments of $6,573 million, loans for the purchase of assets recoverable from agencies of $3,005 million, equity in self–supported Crown corporations and agencies of $2,308 million, and $2,085 million in other financial assets.

Liabilities increased by $30,020 million from 2023/24. This increase was the result of an increase of $25,527 million in taxpayer–supported debt, an increase in self–supported debt of $2,736 million, an increase in deferred revenue of $1,131 million, and an increase of $1,308 million in other liabilities. These increases were partly offset by a decrease in due to other governments of $682 million.

Non–financial assets typically represent resources, such as tangible capital assets, that the government can use in the future to provide services. Non–financial assets increased by $7,660 million over 2023/24 representing government's net investment in current year infrastructure spending.

**Accumulated Surplus (Deficit)**

The accumulated surplus (deficit) represents current and all prior years' operating results. In 2024/25, the province had an accumulated surplus (deficit) of $(10,010) million, a change of $8,389 million from 2023/24.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img017.jpg)

PROVINCE OF BRITISH COLUMBIA 21 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Components of Net Liabilities**

**Financial Assets**

Trend analysis of financial assets provides users with information regarding the amount of resources available to the government that can be converted to cash to meet obligations or fund operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2020/21<br>Actual | 2021/22<br>Actual | 2022/23<br>Actual | 2023/24<br>Actual | 2024/25<br>Actual |
|  | $ | $ | $ | $ | $ |
| Cash, cash equivalents, temporary investments | 6560 | 7142 | 8247 | 6768 | 13341 |
| Equity in self–supported Crown corporations and agencies | 9632 | 12426 | 12926 | 14677 | 16985 |
| Loans, advances and mortgages receivable | 4032 | 4199 | 4763 | 5359 | 5826 |
| Loans for the purchase of assets, recoverable from agencies | 26301 | 27218 | 28037 | 30572 | 33577 |
| Other financial assets | 11873 | 13420 | 14832 | 17189 | 18807 |
| **Total financial assets** | **58398** | **64405** | **68805** | **74565** | **88536** |

---

In 2024/25, financial assets increased by $13,971 million primarily due to an increase cash, cash equivalents, and temporary investments of $6,573 million, an increase in recoverable capital loans of $3,005 million due to investments in power projects, and an increase in equity in self–supported Crown corporations and agencies of $2,308 million. The remaining financial assets including receivables, other investments, and derivative financial instruments increased by $2,085 million.

**Liabilities**

Trend analysis of liabilities provides users with information to understand and assess the demands on financial assets and the revenue raising capacity of government.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2020/21<br>Actual | 2021/22<br>Actual | 2022/23<br>Actual | 2023/24<br>Actual | 2024/25<br>Actual |
|  | $ | $ | $ | $ | $ |
| Taxpayer–supported debt | 59982 | 62565 | 60518 | 76002 | 101529 |
| Self–supported debt | 26275 | 27209 | 28332 | 30969 | 33705 |
| **Total financial statement debt** | 86257 | 89774 | 88850 | 106971 | 135234 |
| Accounts payable and other liabilities | 14719 | 18490 | 25376 | 23769 | 24395 |
| Deferred revenue | 11571 | 12815 | 14518 | 15082 | 16213 |
| **Total liabilities** | **112547** | **121079** | **128744** | **145822** | **175842** |

---

In 2024/25, total liabilities increased by $30,020 million. Liabilities are obligations that must be settled at a future date by the transfer or use of assets. Taxpayer–supported financial statement debt increased by $25,527 million and self–supported financial statement debt increased by $2,736 million. Information relating to the government's debt management can be found in more detail in the analysis of the total provincial debt on page 25. Deferred revenue increased by $1,131 million and accounts payable and other liabilities increased by $626 million. Deferred revenue represents unearned revenues and restricted contributions that will be recognized as revenue in future periods.

22 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Non–** **financial Assets**

Trend analysis of non–financial assets provides users with information to assess the management of a government's infrastructure and long–term non–financial assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2020/21<br>Actual | 2021/22<br>Actual | 2022/23<br>Actual | 2023/24<br>Actual | 2024/25<br>Actual |
|  | $ | $ | $ | $ | $ |
| Tangible capital assets | 52861 | 56142 | 59818 | 65583 | 72736 |
| Other non–financial assets | 3585 | 3938 | 3571 | 4053 | 4560 |
| **Total non–financial assets** | **56446** | **60080** | **63389** | **69636** | **77296** |

---

Management of non–financial assets has a direct impact on the level and quality of services a government is able to provide to the public. Non–financial assets typically represent resources that government can use in the future to provide services. At March 31, 2025, non–financial assets were $77,296 million which was $7,660 million higher than 2023/24 and $20,850 million higher than fiscal 2020/21. The majority of the province's non–financial assets represent capital expenditures for tangible capital assets net of amortization. The government has increased its net investment in infrastructure spending by $7,153 million, to ensure service potential is available to deliver programs and services in future periods. Capital expenditures are not included on the Consolidated Statement of Operations and have no effect on the annual surplus (deficit). They reduce future operating results in the form of amortization expense as the service potential of assets is used to deliver programs and services.

**Change in Tangible Capital Assets**

This measure shows the impact of net changes to the government's stock of physical capital. Positive amounts demonstrate an investment in infrastructure to replace existing capital and provide service potential in future periods.

The net annual investment in capital was $7,153 million in 2024/25, and $22,632 million since the start of fiscal 2020/21. Total capital stock has also increased steadily over that period,which indicates that capital infrastructure is available to continue providing programs and services in future periods.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img016.jpg)

PROVINCE OF BRITISH COLUMBIA 23 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Net Liabilities and Accumulated Surplus (Deficit)**

---

| |
|:---|
| Financial assets |
| Less: liabilities |
| **Net liabilities**) |
| Less: non–financial assets |
| **Accumulated surplus (deficit)** |

---

Net liabilities increased by $16,049 million in 2024/25. Liabilities include deferred revenue of $16,213 million which represents unearned revenues and restricted contributions that will be recognized as revenue in future periods.

In the year,the financial measure of net liabilities has increased more than the increase in investments in infrastructure, resulting in an decrease in accumulated surplus (deficit). The accumulated surplus (deficit) of the province was $(10,010) million at the end of 2024/25, indicating that the cumulative result of all past annual surpluses and deficits is negative.

**Non–financial Assets as a Portion of Liabilities** 

The chart provides an indication of the proportion of liabilities used to fund capital infrastructure as opposed to funding working capital requirements including accounts payable and other operating liabilities, as well as revenue deferred to future periods. Over the past five years, the relationship between non–financial assets and net liabilities has steadily increased.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img018.jpg)

24 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Net Liabilities to GDP**

The net liabilities to GDP ratio provides an indication of the province's ability to maintain existing programs and meet existing creditor requirements without increasing the debt burden on the economy as a whole.

The trend toward increased net liabilities to GDP reflects the ongoing impacts from increased borrowing to fund investments in capital infrastructure and to finance the operating deficit during 2024/25. Net liabilities include deferred revenue that will be recognized as revenue in future periods,and obligations to outside parties including accounts payable and debt.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img019.jpg)

**Surplus (Deficit) to GDP**

The annual surplus (deficit) to GDP ratio is an indicator of sustainability that compares the province's financial results to the overall results of the economy.

Results in the positive range of the chart indicate that the economy is growing faster than net government spending. Results in the negative range of the chart reflect increased spending in the health sector due to staffing pressures, increased spending in the social services sector due to increased demand for child care services and various social assistance programs, and increased spending in the education sector primarily due to salary increases in school districts.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img020.jpg)

PROVINCE OF BRITISH COLUMBIA 25 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Total Provincial Debt**

Total provincial debt is calculated differently than financial statement debt. Analysis of total provincial debt helps users to assess the extent of long–term liabilities and the government's ability to meet future debt obligations.

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2020/21<br>Actual | 2021/22<br>Actual |
|  | $ | $ |
| Gross debt |  |  |
| Less: sinking fund assets) |  |  |
| Third party guarantees and non–guaranteed debt |  |  |
| Foreign exchange adjustments |  |  |
| **Total provincial debt** |  |  |

---

When reporting to rating agencies, the province adds to its financial statement debt all debt guarantees and the debt directly incurred by self–supported Crown corporations, reduced by sinking fund assets. This balance is referred to as the total provincial debt.

The total provincial net debt as at March 31, 2025 was $133,877 million, which consists of $135,234 million in the Summary Financial Statements and excludes the unrealized foreign exchange loss of $2,434 million of hedged foreign denominated debt translated to the March 31, 2025 exchange rates, in addition to $1,633 million of debt included as part of equity in self–supported Crown corporations and agencies and $6 million of guaranteed debt less $562 million of sinking fund investments.

Total provincial debt increased by $26,415 million in 2024/25 due to increased borrowing required to fund investments in capital infrastructure and to finance the operating deficit, and preborrowing for fiscal year 2025/2026. Taxpayer–supported debt increased by $23,687 million,including increases for government direct operating debt of $15,787 million, BC Transportation Financing Authority of $2,792 million, the health sector by $2,396 million, the education sector of $1,684 million, and other taxpayer–supported corporations and agencies by $1,028 million. The debt of self–supported Crown corporations and agencies increased $2,728 million mainly for investments in power projects.

**Taxpayer–** **supported debt to GDP**

The ratio of taxpayer–supported debt to GDP is a key measure used by financial analysts and investors to assess a province's ability to repay debt and is a key measure monitored by the bond rating agencies. An increasing ratio means that debt is growing faster than the growth of the economy as measured by GDP.

At the end of 2024/25, taxpayer–supported debt to GDP was 23.2%, which was higher than the budgeted 21.0%. This is an increase from 2023/24 to fund investments in capital infrastructure and to finance the operating deficit.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img021.jpg)

26 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Strong Credit Rating**

Reflecting the province's fiscal performance, British Columbia has maintained a strong and stable credit rating with all three credit rating agencies. In 2024/25, Moody's Investors Service Inc. gave the province a Aaa credit rating (2024: Aaa); Standard and Poor's gave the province a AA– credit rating (2024: AA); and Dominion Bond Rating Service gave the province a AA (high) credit rating (2024: AA(high)).

**Credit Ratings March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Rating Agency<sup>1</sup>** | **Rating Agency<sup>1</sup>** | **Rating Agency<sup>1</sup>** | **Rating Agency<sup>1</sup>** |
|  | Moody's Investors |  | Dominion Bond |
| Jurisdiction | Service Inc. | Standard and Poor's | Rating Service |
| British Columbia | Aaa | AA– | AA (high) |
| Alberta | Aa2 | AA– | AA |
| Saskatchewan | Aa1 | AA | AA (low) |
| Manitoba | Aa2 | A+ | A (high) |
| Ontario | Aa3 | AA– | AA |
| Quebec | Aa2 | AA– | AA (low) |
| New Brunswick | Aa1 | A+ | A (high) |
| Nova Scotia | Aa2 | AA– | A (high) |
| Prince Edward Island | Aa2 | A | A |
| Newfoundland | A1 | A | A |
| Canada | Aaa | AAA | AAA |

---

<sup>1</sup> The rating agencies assign letter ratings to borrowers. The major categories, in descending order of credit quality, are: AAA/Aaa; AA/Aa; A; BBB/Baa; BB/Ba; and B. The "1", "2", "3", "high", "low", "–", and "+" modifiers show relative standing within the major categories. For example, AA+ exceeds AA.

A more comprehensive overview of provincial debt, including key debt indicators, is located on pages 137–150.

**Public Debt Charges to Revenue (the Interest Bite)**

The public debt charges to revenue indicator is often referred to as the "interest bite". This provides users with the percentage of provincial revenue used to pay interest on debt. The ratio is sensitive to the cost of debt arising from either changes in interest rates, total debt, and in revenue.

If an increasing proportion of provincial revenue is required to pay interest on provincial debt, less money is available to provide core public services. The interest bite has increased over the last five years. In 2024/25, the province spent 4.1 cents of each revenue dollar for interest on the provincial taxpayer–supported debt.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img023.jpg)

PROVINCE OF BRITISH COLUMBIA 27 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Non–Hedged Foreign Currency Debt to Total Provincial Debt**

The ratio of non–hedged foreign currency debt to total provincial debt shows the degree of vulnerability of a government's public debt position to swings in exchange rates.

Non–hedged foreign currency debt directly offset by instruments in the same foreign currency are considered "natural hedges". These amounts are excluded from the ratio.

In 2024/25,the province had the equivalent of CAD $310 million in non–hedged debt.

**2020/21 to 2024/25**

![](tm2523015d1_ex99-12img024.jpg)

28 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Economic Highlights**

British Columbia's economy grew by 1.2% in the 2024 calendar year and ranked 8th (tied with Ontario) among the provinces, following growth of 2.4% in 2023 according to preliminary GDP by industry data from Statistics Canada. The estimated increase for B.C. real GDP in 2024 matches the government's Budget 2025 estimate of 1.2% growth.

**Real Gross Domestic Product in Calendar Year 2024**

Economic growth in 2024 was driven by B.C.'s service–producing industries while activity in goods–producing industries decreased compared to the previous year.

Service–producing industries grew by 2.5% in 2024,supported by strong population growth. Annual gains were broad–based, led by real estate, rental and leasing (up 3.0%); health care and social assistance services (up 4.3%); transportation and warehousing (up 4.1%); public administration (up 3.4%); and educational services (up 3.3%).

B.C.'s goods–producing industries decreased by 2.9% in 2024 due to lower construction (down 5.7%) and manufacturing (down 6.2%). Meanwhile, mining,quarrying and oil and gas extraction (up 3.9%); utilities (up 3.9%); and agriculture, forestry, fishing and hunting (up 0.3%) contributed to annual economic growth.

**Provincial Comparison**

![](tm2523015d1_ex99-12img025.jpg)

**Unemployment Rate**

British Columbia's annual unemployment rate was 5.6% in 2024, up from 5.2% in 2023 as labour force growth, supported by strong immigration, outpaced job gains. In 2024, B.C.'s unemployment rate was lower than the national unemployment rate of 6.3%. The average level of employment in B.C. rose by 2.3% in 2024, following a gain of 2.6% in 2023. Meanwhile, B.C.'s labour force expanded by 2.7%, following 3.2% growth in 2023.

**2020 to 2024**

![](tm2523015d1_ex99-12img026.jpg)

PROVINCE OF BRITISH COLUMBIA 29 <br> PUBLIC ACCOUNTS 2024/25

**Financial Statement Discussion and Analysis Report**

**Risks and Uncertainties**

The government's main exposure to risks and uncertainties arises from variables, which the government does not directly control. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· assumptions underlying revenue and Crown corporation forecasts such as economic factors, commodity prices
and weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· the outcome of litigation, arbitration, and negotiations with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;· potential changes to federal transfer allocations, cost – sharing
agreements with the federal government and impacts on the provincial income tax bases arising from federal tax policy and budget changes;

&nbsp;&nbsp;&nbsp;&nbsp;· utilization rates for government services such as health care, children and family services, and income
assistance;

&nbsp;&nbsp;&nbsp;&nbsp;· exposure to interest rate fluctuations, foreign exchange rates and credit risk; and

&nbsp;&nbsp;&nbsp;&nbsp;· changes in Canadian generally accepted accounting principles.

The following are the approximate effect of changes in some of the key variables on the surplus (deficit):

---

| | | |
|:---|:---|:---|
| **Key Fiscal Sensitivities**<br>**Variable** | <br>**Increase Of** | <br>**Annual Fiscal Impact**<br>**($ millions)** |
| Nominal GDP | 1% | $200 to $300 |
| Lumber prices (US$/thousand board feet) | $50 | $50 to $100<sup>1</sup> |
| Natural gas prices (Cdn$/gigajoule) | 25 cents | $100 to $200<sup>2</sup> |
| US exchange rate (US cents/Cdn$) | 1 cent | ($25) to ($50) |
| Interest rates | 1 percentage point | ($220) |
| Debt | $500 million | ($18) to ($19) |

---

<sup>1</sup>Sensitivity relates to stumpage revenue only.

<sup>2</sup>Sensitivities can vary significantly, especially at lower prices.

Although the government is unable to directly control these variables, strategies have been implemented to mitigate these risks and uncertainties. The development of taxation, financial and corporate regulatory policy to reinforce British Columbia's position as an attractive place to invest and create jobs will help offset the increase in competition for investment as a result of globalization of economic and financial markets.

Risk management in relation to debt is discussed in Note 20 on page 71 of the Notes to the Consolidated Summary Financial Statements.

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA

PUBLIC ACCOUNTS 2024/25

***Statement of Responsibility***

***for the Summary Financial Statements***

***of the Government of the Province of British Columbia***

 ****

Responsibility for the integrity and objectivity of the Summary Financial Statements for the Government of the Province of British Columbia rests with the government. The Comptroller General prepares these financial statements in accordance with the *Budget Transparency and Accountability Act* (BTAA), which requires generally accepted accounting principles (GAAP) for senior governments in Canada, supported by regulations of Treasury Board under the BTAA. The fiscal year of the government is from April 1 to March 31 of the following year.

To fulfill its accounting and reporting responsibilities, the government maintains financial management and internal control systems. These systems give due consideration to costs, benefits and risks, and are designed to provide reasonable assurance that transactions are properly authorized by the Legislative Assembly, are executed in accordance with prescribed regulations and are properly recorded. This is done to maintain accountability of public money and safeguard the assets and properties of the Province of British Columbia under government administration. The Comptroller General of British Columbia maintains the accounts of British Columbia, a centralized record of the government's financial transactions, and obtains additional information as required from ministries, Crown corporations, agencies, school districts, universities, colleges, institutes and health organizations to meet accounting and reporting requirements.

The Auditor General of British Columbia provides an independent opinion on the financial statements prepared by the government. The duties of the Auditor General in that respect are contained in section 11 of the *Auditor General Act*.

Annually, the financial statements are tabled in the legislature as part of the Public Accounts, and are referred to the Select Standing Committee on Public Accounts of the Legislative Assembly. The Select Standing Committee on Public Accounts reports to the Legislative Assembly with the results of its examination and any recommendations it may have with respect to the financial statements and accompanying audit opinions.

Approved on behalf of the Government of the Province of British Columbia:

---

| |
|:---|
| /s/ BRENDA BAILEY |
| BRENDA BAILEY |
| Chair, Treasury Board |

---

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

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| | | |
|:---|:---|:---|
| ![](tm2523015d1_ex99-12sp4img01.jpg) | 623 Fort Street<br> Victoria, British Columbia<br> V8W 1G1 | P: 250.419.6100<br> F: 250.387.1230<br>oag.bc.ca |

---

**Independent Auditor's Report**

*To the Legislative Assembly of British Columbia:*

***Qualified Opinion***

I have audited the Summary Financial Statements of the Government of the Province of British Columbia ("government") using my staff and resources. The Engagement Leader, Molly Pearce, CPA, CA is responsible for this audit and its performance. The Summary Financial Statements of government comprise the consolidated statement of financial position as at March 31, 2025, and the consolidated statements of operations, change in net liabilities, remeasurement gains and losses and cash flows for the year then ended, notes to the Summary Financial Statements including a summary of significant accounting policies, and supplementary statements to the Summary Financial Statements.

In my opinion, except for the effects of the matters described in the basis for qualified opinion section of my report, the Summary Financial Statements present fairly, in all material respects, the financial position of government as at March 31, 2025, and the results of its operations, change in its net liabilities, remeasurement gains and losses, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

***Basis for Qualified Opinion***

I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Summary Financial Statements* section of my report. I am independent of government in accordance with the ethical requirements that are relevant to my audit of the Summary Financial Statements in Canada, and I have fulfilled my other ethical responsibilities in accordance with these requirements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my qualified opinion.

*<u>Deferral of Revenues</u>*

Government's accounting treatment for funds received from other governments, and for externally restricted funds received from non-government sources, is to initially record them as deferred revenue (a liability) and then recognize revenue in the statement of operations either on the same basis as the related expenditures occur or, in the case of funds for the purchase or construction of capital assets, to recognize revenue on the same basis as the related assets are amortized.

Under Canadian public sector accounting standards, government's method of accounting for contributions is only appropriate in circumstances where the funding meets the definition of a liability. Otherwise, the appropriate accounting treatment is to record contributions as revenue when they are received or receivable. In my opinion, certain contributions from others do not meet the definition of a liability, and as such government's method of accounting for those contributions represents a departure from Canadian public sector accounting standards.

This departure has existed since the inception of the standard, which applies to periods beginning on or after April 1, 2012. Had government made an adjustment to correct for this departure in the current year, the liability for deferred revenue as at March 31, 2025 would have been lower by $9.85 billion and as a result, net liabilities would have been lower by $9.85 billion. Additionally, revenue would have been higher by $9.85 billion, and as a result, deficit for the year of $7.35 billion would have been a $2.50 billion surplus for the year and the accumulated deficit of $10.01 billion would have been a $0.16 billion accumulated deficit.

LEGISLATIVE ASSEMBLY OF BRITISH COLUMBIA

Independent Auditor's Report

*<u>Incomplete Contractual Obligations Disclosure</u>*

Canadian public sector accounting standards require disclosure of contractual obligations that commit government to certain expenditures for a considerable period into the future. This enables financial statement users to understand the nature and extent to which government's resources are already committed to meet future obligations.

The Summary Financial Statements did not provide all of the required disclosures. Certain larger contracts, along with many contracts below the $50 million threshold were not disclosed in Note 28 – Contingent Liabilities and Contractual Obligations. In my opinion, the cumulative impact of excluding these disclosures represents a departure from Canadian public sector accounting standards.

The following table is based on historical information and management's records. It sets out the estimated effect of government's departure from the standards.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Understatement of |  |  |  |  |  |  |  |
| Contractual Obligations | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  |  |  |  |  |  | 2031 |  |
|  | 2026 | 2027 | 2028 | 2029 | 2030 | and<br>beyond | Total |
|  | $ | $ | $ | $ | $ | $ | $ |
| Consolidated Revenue Fund and Taxpayer-supported Crown corporations and agencies | 1571 | 1060 | 707 | 652 | 590 | 2153 | 6733 |

---

*<u>Tobacco Settlement Accounting Treatment</u>*

On March 6, 2025, the Ontario Superior Court of Justice approved the *Companies' Creditors Arrangement Act* Plans of Arrangement in relation to historic lawsuits filed against major Canadian tobacco companies. As part of the court-approved resolution, the Government of British Columbia will receive compensation of $3.5 billion to recover a portion of incurred smoking-related health care costs. This resolution is binding on all parties and can no longer be appealed. As such, at March 31, 2025, this settlement represents an asset of government. For the year ended March 31, 2025, government has not recorded an asset, but has disclosed a $3.5 billion contingent asset in Note 27 (b) – Contingent Assets, in relation to this settlement.

In my opinion, there is no uncertainty regarding the existence of an asset which was created with the approval of the settlement on March 6, 2025. An initial estimated amount of $0.9 billion is expected to be received in fiscal year 2026 with the remainder to be received over an estimated 20 years. At March 6, 2025, government should have recorded an asset, corresponding revenue, and related legal expenses. This represents a departure from Canadian public sector accounting standards. Due to the prolonged timeframe over which the settlement will be paid, government must make an estimate to measure the value of this asset. As government has not yet estimated the asset's value, we are not in a position to quantify the effect of this departure on the financial statements.

***Key Audit Matters***

Key audit matters are those that, in my professional judgment, were of most significance in my audit of the Summary Financial Statements of the current period. These matters were addressed in the context of my audit of the Summary Financial Statements as a whole and in forming my opinion thereon and I do not provide a separate opinion on these matters. In addition to the matters described in the basis for qualified opinion section, I have determined the matters described below to be the key audit matters to be communicated in my report.

![](tm2523015d1_ex99-12sp4img002.jpg)

LEGISLATIVE ASSEMBLY OF BRITISH COLUMBIA

Independent Auditor's Report

*<u>Estimate of Personal and Corporate Income Tax Revenue</u>*

Personal and corporate income tax revenues are two of government's largest taxation revenue streams, estimated to be more than $17.0 billion and $8.3 billion, respectively, for *fiscal* 2025. They are included in Note 29 – Taxation Revenue, with more information in Note 2 - Measurement Uncertainty.

Personal and corporate income tax revenue reported in a *fiscal* year reflects management's estimate of income tax from two *calendar* years. For the *fiscal* year ending March 31, 2025, government recorded nine months of revenue for *calendar* year 2024 and three months of revenue for *calendar* year 2025. However, tax assessments for *calendar* year 2024 won't be finalized until *calendar* year 2026, and 2025 tax assessments won't be finalized until *calendar* year 2027.

As a result, final income tax revenue figures can't be determined until at least 21 months after the end of government's *fiscal* year. Government is therefore required to estimate the revenues based on the best information available at the time of its financial reporting. As disclosed in Note 2 – Measurement Uncertainty, personal and corporate income tax revenue can change as a result of tax assessments and reassessments. The reported personal income tax revenue can be lower by $400 million or higher by $800 million, and the reported corporate income tax revenue can be lower by $150 million or higher by $350 million.

Because both estimates are complex and include several inputs and assumptions, they have been identified as a key audit matter.

Audit work to address this key audit matter included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assessing the appropriateness of the methods used to make the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· performing a retrospective review to evaluate the accuracy of the models;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ensuring the underlying data supporting management's estimates were correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· testing the accuracy of management ' s calculations supporting
the estimates and developing range estimates by incorporating information from the June tax sharing statements to assess against management's
estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a review of the estimates for indications of management bias;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an evaluation of the quality of the measurement uncertainty disclosure in the Summary Financial Statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtaining written representations from management related to estimates.

An auditor's specialist was engaged to assist with the audit of these complex estimates.

*<u>Financial Instruments</u>*

Government's financial instruments*,* as described in Note 1(d) – Specific Accounting Policies, include cash, receivables, investments, payables, debt, and derivative instruments such as interest rate swaps and currency swaps.

Government has more than $135 billion in long-term debt. It hedges the risks related to debt borrowing by using derivative instruments that can be difficult to measure and can expose government to risks.

Key disclosures relating to government's financial instruments, such as the value of government investments ($8.6 billion), distinguish between three categories of fair value measurement, as indicated in the supplementary statement Schedule of Investments.

Government also discloses the risk exposure associated with its use of financial instruments, including disclosures relating to liquidity risk, interest rate risk, foreign exchange risk, credit risk and other market risks, as disclosed in Note 20 – Risk Management and Derivative Financial Instruments.

![](tm2523015d1_ex99-12sp4img002.jpg)

LEGISLATIVE ASSEMBLY OF BRITISH COLUMBIA

Independent Auditor's Report

The measurement and disclosure of financial instruments is complex and involves significant judgments and estimates. There are also extensive disclosure requirements on the risks associated with government's use of these instruments. As a result, the accounting for financial instruments has been identified as a key audit matter.

Audit work to address this key audit matter included:

&nbsp;&nbsp;&nbsp;&nbsp;· assessing government ' s accounting policy for compliance with
the standards;

&nbsp;&nbsp;&nbsp;&nbsp;· evaluating the completeness of the scoped in financial instruments;

&nbsp;&nbsp;&nbsp;&nbsp;· assessing the appropriateness of government ' s methodology, data,
and assumptions to value derivative financial instruments;

&nbsp;&nbsp;&nbsp;&nbsp;· assessing significant contracts for embedded derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing documents to assess the appropriateness of the statement of remeasurement gains and losses; and

&nbsp;&nbsp;&nbsp;&nbsp;· evaluating the presentation and disclosure of financial instruments in accordance with the requirements of Canadian public sector
accounting standards.

An auditor's specialist was engaged to assist with the audit of fair values of the derivative financial instruments.

*<u>Valuation of Plan Assets and Pension Benefits for Pension Plans</u>*

Government participates in four jointly trusteed pension plans that include a joint defined benefit component for most B.C. public servants. The estimated plan assets exceed $128 billion and accrued benefit obligations of the plans are estimated at $105 billion as disclosed in Note 17 – Employee Pension Plans.

Pension plan accounting values plan assets at market-related value for funded plans. Market-related value is derived from the fair value of plan assets reported in the pension plan financial statements. When observable market data is not available for investments, estimates of fair value are required and involve significant management judgment.

Government relies on a third-party actuarial specialist to estimate the accrued benefit obligation and other information for financial statement note disclosures. These calculations rely on management's assumptions for significant economic and demographic assumptions.

Valuing pension benefits is complex, requiring significant judgement and estimates. Given the magnitude of the accrued benefit obligation, small changes to long-term assumptions can have material impacts on the liability or asset, and expenses. As a result, pension plan accounting has been identified as a key audit matter.

Audit work to address this key audit matter included:

&nbsp;&nbsp;&nbsp;&nbsp;· performing procedures to rely on the pension plan auditor ' s
reports for the plan assets used in the estimates, as well as their work over the data provided by management to the actuary for making
the estimate;

&nbsp;&nbsp;&nbsp;&nbsp;· assessing the qualifications of management ' s actuarial expert;

&nbsp;&nbsp;&nbsp;&nbsp;· gaining an understanding of the assumptions and methods used by the actuary in determining the accrued benefit obligation for pension
benefits;

&nbsp;&nbsp;&nbsp;&nbsp;· obtaining the actuarial report, audited pension plan financial statements and other supporting documentation to test management ' s
assumptions, calculations, and journal entries for pension accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;· evaluating the presentation and disclosure of pension plans in accordance with the requirements of Canadian public sector accounting
standards.

![](tm2523015d1_ex99-12sp4img002.jpg)

LEGISLATIVE ASSEMBLY OF BRITISH COLUMBIA

Independent Auditor's Report

***Other Accompanying Information***

Government is responsible for the information they report in the annual Public Accounts. My opinion on the Summary Financial Statements does not cover other information included in the annual Public Accounts that accompanies the Summary Financial Statements and, except for my independent auditor's report on the debt-related statements, I do not express any form of assurance conclusion thereon.

In connection with my audit of the Summary Financial Statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Summary Financial Statements or my knowledge obtained during the audit or otherwise appears to be materially misstated.

Prior to the date of my auditor's report, I obtained a copy of the Public Accounts. If, based on the work I have performed on the other information, I conclude that there is a material misstatement therein, I am required to report that fact in this auditor's report.

As described in the basis for qualified opinion section above, I believe there are material misstatements in government's accounting for deferral of revenues. I have concluded that the other information within the Public Accounts that is affected by this departure from Canadian public sector accounting standards is materially misstated for the same reason as the Summary Financial Statements.

***Responsibilities of the Comptroller General and Treasury Board for the Summary Financial Statements***

The Comptroller General of British Columbia (comptroller general) is responsible for the preparation and fair presentation of the Summary Financial Statements in accordance with the *Budget Transparency and Accountability Act*, and for such internal control as the comptroller general determines is necessary to enable the preparation of the Summary Financial Statements that are free from material misstatement, whether due to fraud or error.

In preparing the Summary Financial Statements, the comptroller general is responsible for assessing government's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting when government will continue its operations for the foreseeable future.

As those charged with governance, the Treasury Board of British Columbia is responsible for the oversight of the financial reporting process including the approval of significant accounting policies.

***Auditor*** ***'s Responsibilities for the Audit of the Summary Financial Statements***

My objectives are to obtain reasonable assurance about whether the Summary Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion in accordance with generally accepted accounting principles, being Canadian public sector accounting standards for senior governments in Canada. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Summary Financial Statements.

![](tm2523015d1_ex99-12sp5img01.jpg)

LEGISLATIVE ASSEMBLY OF BRITISH COLUMBIA

Independent Auditor's Report

As part of an audit in accordance with Canadian generally accepted auditing standards, I exercise professional judgment and maintain professional skepticism throughout the audit. I also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the Summary Financial Statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of government ' s
internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by the comptroller general.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the appropriateness of the comptroller general ' s
use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on government ' s
ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor ' s
report to the related disclosures in the Summary Financial Statements or, if such disclosures are inadequate, to modify my opinion. My
conclusions are based on the audit evidence obtained up to the date of my auditor ' s
report. However, future events or conditions may cause government
to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall presentation, structure, and content of the Summary Financial Statements, including the disclosures, and whether
the Summary Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

The audit of the Summary Financial Statements is a group audit engagement. As such I also obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the Summary Financial Statements. I am responsible for the direction, supervision and performance of the group audit and I remain solely responsible for my audit opinion.

I communicate with the Chair of Treasury Board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide the Chair of Treasury Board with a statement that I have complied with relevant ethical requirements regarding independence, and communicated with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Summary Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

---

| |
|:---|
| /s/ Sheila Dodds |
| Sheila Dodds, CPA, CA, CIA |
| Acting Auditor General of British Columbia |
| Victoria, British Columbia, Canada |
| August 1, 2025 |

---

![](tm2523015d1_ex99-12sp5img01.jpg)

PROVINCE OF BRITISH COLUMBIA 41 <br> PUBLIC ACCOUNTS 2024/25

**Summary Financial Statements**

**Consolidated Statement of Financial Position**

**as at March 31, 2025**

---

| | |
|:---|:---|
|  |<br>Note |
| **Financial Assets** |  |
| Cash and cash equivalents |  |
| Temporary investments |  |
| Accounts receivable | 3 |
| Inventories for resale | 4 |
| Due from other governments | 5 |
| Due from self–supported Crown corporations and agencies | 6 |
| Equity in self–supported Crown corporations and agencies | 7 |
| Loans, advances and mortgages receivable | 8 |
| Other investments | 9 |
| Sinking fund investments | 10 |
| Derivative financial instruments | 20 |
| Loans for purchase of assets, recoverable from agencies | 11 |
| **Liabilities** |  |
| Accounts payable and accrued liabilities | 12 |
| Employee future benefits | 13 |
| Due to other governments | 14 |
| Due to Crown corporations, agencies and trust funds | 15 |
| Deferred revenue | 16 |
| Taxpayer–supported debt | 18 |
| Self–supported debt | 19 |
| Derivative financial instruments | 20 |
| Net assets (liabilities) | 21 |
| **Non–financial Assets** |  |
| Tangible capital assets | 22 |
| Restricted assets | 23 |
| Prepaid program costs | 24 |
| Other assets | 25 |
| **Accumulated surplus (deficit)** | 26 |
| Measurement uncertainty | 2 |
| Employee pension plans | 17 |
| Contingent assets and contractual rights | 27 |
| Contingent liabilities and contractual obligations | 28 |

---

The accompanying notes and supplementary statements are an integral part of these consolidated financial statements.

Prepared in accordance with Canadian generally accepted accounting principles.

---

| |
|:---|
| /s/ Nicole Wright |
| NICOLE WRIGHT |
| Comptroller General |

---

42 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Summary Financial Statements**

**Consolidated Statement of Operations**

**for the Fiscal Year Ended March 31, 2025**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Estimates<br>(Note 34) |
|  | $ |
| **Revenue** |  |
| Taxation (Note 29) |  |
| Contributions from the federal government |  |
| Fees and licences |  |
| Miscellaneous |  |
| Net earnings of self–supported Crown corporations and agencies (Note 7) |  |
| Natural resources (Note 30) |  |
| Investment income |  |
| **Expense** (Note 31) |  |
| Health |  |
| Education |  |
| Social services |  |
| Other |  |
| Natural resources and economic development |  |
| Interest |  |
| Transportation |  |
| Protection of persons and property |  |
| General government |  |
| **Surplus (deficit) for the year** | **)))** |
| Accumulated surplus (deficit)—beginning of year (Note 26) |  |
| Net remeasurement gains (losses) |  |
| **Accumulated surplus (deficit)—end of year** |  |

---

The accompanying notes and supplementary statements are an integral part of these consolidated financial statements.

PROVINCE OF BRITISH COLUMBIA 43 <br> PUBLIC ACCOUNTS 2024/25

**Summary Financial Statements**

**Consolidated Statement of Change in Net Liabilities**

**for the Fiscal Year Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2025 | 2024 |
|  | Estimates<sup>1</sup> | Actual | Actual |
|  | $ | $ | $ |
| Surplus (deficit) for the year |  |  |  |
| Effect of change in tangible capital assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of tangible capital assets |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) or loss on sale of tangible capital assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of tangible capital assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Disposals and valuation adjustments |  |  |  |
| Effect of change in: |  |  |  |
| &nbsp;&nbsp;&nbsp;Restricted assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid program costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets |  |  |  |
| Effect of self–supported Crown corporations' and agencies' other comprehensive income |  |  |  |
| Effect of net remeasurement gains and (losses) |  |  |  |
| (Increase) in net liabilities |  |  |  |
| Net (liabilities)—beginning of year |  |  |  |
| **Net (liabilities)—end of year** (Note 21) |  |  |  |

---

The accompanying notes and supplementary statements are an integral part of these consolidated financial statements.

<sup>1</sup>The estimates amounts are from pages 154 – 155 of the Budget and Fiscal Plan 2024/25–2026/27.

44 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Summary Financial Statements**

**Consolidated Statement of Remeasurement Gains and Losses**

**for the Fiscal Year Ended March 31, 2025**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
| Accumulated remeasurement gains (losses)—beginning of year, before other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio investments<sup>1</sup> |  |  |
| Total opening accumulated remeasurement gains (losses) before other comprehensive income |  |  |
| Changes in unrealized gains (losses) attributable to: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio investments<sup>1</sup> |  |  |
| Total changes in unrealized gains (losses) |  |  |
| Amounts reclassified to the statement of operations: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio investments<sup>1</sup> |  |  |
| Total reclassified to the statement of operations |  |  |
| Total remeasurement gains (losses) attributable to: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio investments<sup>1</sup> |  |  |
| Remeasurement gains (losses), before other comprehensive income from self–supported Crown corporations and agencies |  |  |
| Accumulated other comprehensive income from self–supported Crown corporations and agencies – beginning of the year |  |  |
| Other comprehensive income from self–supported Crown corporations and agencies |  |  |
| Accumulated other comprehensive income from self–supported Crown corporations and agencies |  |  |
| **Accumulated remeasurement gains (losses)—end of year** |  |  |

---

The accompanying notes and supplementary statements are an integral part of these consolidated financial statements.

<sup>1</sup>Portfolio investments include equities, bonds and certain other investments designated to the fair value measurement category.

PROVINCE OF BRITISH COLUMBIA 45 <br> PUBLIC ACCOUNTS 2024/25

**Summary Financial Statements**

**Consolidated Statement of Cash Flow**

**for the Fiscal Year Ended March 31, 2025**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Receipts |
| **Operating Transactions** |  |
| Surplus (deficit) for the year<sup>1</sup> |  |
| Non–cash items included in surplus (deficit): |  |
| &nbsp;&nbsp;&nbsp;Amortization of tangible capital assets |  |
| &nbsp;&nbsp;&nbsp;Amortization of public debt deferred revenue and deferred charges) |  |
| &nbsp;&nbsp;&nbsp;Concessionary loan adjustments increase |  |
| &nbsp;&nbsp;&nbsp;(Gain) or loss on sale of tangible capital assets |  |
| &nbsp;&nbsp;&nbsp;Valuation adjustment |  |
| &nbsp;&nbsp;&nbsp;Net earnings of self–supported Crown corporations and agencies) |  |
| Temporary investments (increase) |  |
| Accounts receivable (increase) |  |
| Due from other governments (increase) |  |
| Due from self–supported Crown corporations and agencies decrease (increase) |  |
| Accounts payable and accrued liabilities increase (decrease) |  |
| Employee future benefits increase |  |
| Due to other governments (decrease) |  |
| Due to Crown corporations, agencies and funds increase (decrease) |  |
| Deferred revenue and items applicable to future operations increase |  |
| Dividends from self–supported Crown corporations and agencies |  |
| Cash (used for) operations |  |
| **Capital Transactions** |  |
| Tangible capital assets dispositions (acquisitions) |  |
| Cash (used for) capital |  |
| **Investment Transactions** |  |
| Investment in self–supported Crown corporations and agencies |  |
| Loans, advances and mortgages receivable (issues) |  |
| Other investments—net (increase) |  |
| Restricted assets—net (increase) |  |
| Sinking fund investments—net (increase) decrease |  |
| Cash (used for) investments |  |
| Sub–total cash (requirements) |  |

---

46 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Summary Financial Statements**

**Consolidated Statement of Cash Flow**—Continued

**for the Fiscal Year Ended March 31, 2025**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Receipts |
| Sub–total cash (requirements) carried forward from previous page |  |
| **Financing Transactions<sup>2</sup>** |  |
| Public debt increases) |  |
| (Used for) purchase of assets, recoverable from agencies |  |
| Cash derived from financing |  |
| Increase (decrease) in cash and cash equivalents |  |
| Cash and cash equivalents—beginning of year |  |
| **Cash and cash equivalents—end of year** |  |
| Cash and cash equivalents are made up of: |  |
| &nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents |  |

---

<sup>1</sup>Interest received during the year was $1,599 million (2024: $1,479 million). Interest paid during the year was $3,617 million (2024: $3,025 million). Interest received includes interest income from the Statement of Operations in the amount of $2,159 million (2024: $1,718 million) plus the change in accrued interest receivable in the amount of $(560) million (2024: $(239) million). Interest paid includes interest expense from the Statement of Operations in the amount of $4,245 million (2024: $3,292 million) plus the change in accrued interest payable in the amount of $(628) million (2024: $(267) million).

<sup>2</sup>Financing transaction receipts are from debt issues and disbursements are for debt repayments.

The accompanying notes and supplementary statements are an integral part of these consolidated financial statements.

PROVINCE OF BRITISH COLUMBIA 47 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**

**1. Significant Accounting Policies**

(a) BASIS OF ACCOUNTING

The government's Summary Financial Statements are prepared in accordance with the *Budget Transparency and Accountability Act* (BTAA), which requires generally accepted accounting principles (GAAP) for senior governments in Canada, supported by regulations of Treasury Board under the BTAA.

(b) REPORTING ENTITY

These financial statements include the accounts of organizations that meet the criteria of control (by the province) as established under Canadian Public Sector Accounting Standards. The reporting entity also includes government partnerships.

A list of organizations included in these consolidated financial statements may be found on pages 91 – 93. Trusts administered by government or government organizations are excluded from the reporting entity.

(c) PRINCIPLES OF CONSOLIDATION

Taxpayer–supported Crown corporations, agencies, and the school districts, universities, colleges, institutes, health organizations (SUCH) and the Consolidated Revenue Fund (CRF) are consolidated using the full consolidation method. The government's interests in government partnerships are recorded on a proportional consolidation basis. Self–supported Crown corporations, agencies, entities and government business partnerships are consolidated using the modified equity basis of consolidation.

Organizations are reviewed annually to determine whether they can be expected to meet the definition of self–supported over their normal course of operations. In determining whether organizations will be able to maintain their operations and meet their liabilities from revenues received from sources outside of the government reporting entity, the following factors are considered as they apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The organization's history of maintaining its operations and meeting its liabilities;

ii) Whether the organization would continue to maintain its operations and meet its liabilities without relying on sales to, or subsidies in cash or kind from, the government reporting entity;

iii) Past, present and future economic conditions within which the organization operates; and

iv) Whether the organization has realistic and specific plans that show how it expects to be able to maintain its operations and meet its liabilities in the future.

The status of self–supported organizations is not changed in response to financial results which are reasonably expected to be temporary in nature. Organizations are classified as self–supported on establishment and during a start up period if they are reasonably expected to meet the definition of self–supported in their normal course of operations.

The definitions of these consolidation methods can be found on page 151.

Adjustments are made for Crown corporations, agencies and entities whose fiscal year ends are different from the government's fiscal year end of March 31. These Crown corporations, agencies and entities consist of all school districts (June 30).

Statistics Canada's Canadian Classification of Functions of Government provides guidance for establishing segment disclosure and function reporting. The Consolidated Statement of Financial Position by Sector and the Consolidated Statement of Operations by Sector are found on pages 94 – 101. These statements include the operations of the CRF, taxpayer–supported Crown corporations and agencies, and SUCH sector organizations. Each taxpayer–supported Crown corporation, agency and SUCH sector organization is assigned to a sector based on its major activity. Sectors are identified using functions. The nature of each function is described in greater detail under Note 1(d) Classification by Sector.

48 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**1. Significant Accounting Policies**—Continued

(d) SPECIFIC ACCOUNTING POLICIES

*Classification by Sector*

The province uses the following sectors: health, education, social services, natural resources and economic development, protection of persons and property, transportation, general government, debt servicing and other.

The health sector includes the provincial health care system. It includes providing medical, hospital and preventive care, and other health–related services such as laboratories and diagnostic facilities.

The education sector includes education services. It includes elementary, secondary, and post–secondary schools. It also includes other education services such as programs to upgrade the skills of individuals and to provide apprenticeship training.

The social services sector includes outlays that the province made to help disadvantaged individuals and families overcome obstacles and circumstances which threaten their well–being. It includes counselling and rehabilitation services, transfer payments to individuals with a physical or mental disability, and services and goods provided by the province to the elderly.

The natural resources and economic development sector includes the promotion and development of industries, as well as the development and conservation of the natural resources on which these industries depend. It includes regulating the various industrial activities that are carried on in the province, as well as research related to resource conservation.

The protection of persons and property sector includes the protection of persons and property from negligence, abuse and crime. It includes policing, operating and maintaining courts of law and correctional facilities. It includes services related to new immigrants. It also includes negotiations to resolve land, resources, governance and jurisdictional issues with First Nations.

The transportation sector includes the operation and maintenance of transportation systems. This includes highway infrastructure, other road systems and public transit.

The general government sector is composed of three sub–categories. These are general administration, executive and legislature, and other general government services. General administration includes central accounting, budgeting, tax administration and collection, and other centralized administrative services. Executive and legislature includes the political, law enactment and constitutional activities of the province.

The debt servicing sector represents the financial impacts of activities related to management of public debt.

The other sector consists of activities, such as housing and culture, which cannot be allocated to any of the specifically described sector classifications.

*Revenue*

All revenue is recorded on an accrual basis. For corporate income tax, the cash received from the federal government is used as the basis for estimating the tax revenue. Annual tax revenues also include adjustments between the estimated revenues of previous years and actual amounts, as well as revenues from reassessments relating to prior years. Revenues do not include estimates of unreported taxes, or the impact of future reassessments that cannot be reliably determined.

Personal income tax revenue is accrued in the year earned based on estimates of household and taxable income. The revenue reported in the fiscal year is based on a pro–ration of the calendar year estimates.

Direct taxes, such as sales, fuel, carbon and tobacco, are recorded during the period in which the taxable event occurs and when authorized by legislation. Property tax revenues are recorded based on a pro–ration of actual property tax billings for each of the calendar years that comprise the fiscal year.

PROVINCE OF BRITISH COLUMBIA 49 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**1.** **Significant Accounting Policies** — Continued

In the normal course of business, taxpayer–supported Crown corporations, SUCH and the CRF are charged provincial taxes, including provincial sales tax, employer health tax, carbon tax, property transfer tax and fuel tax. These transactions are not eliminated upon consolidation and are reported on a gross basis in taxation revenue, expense, and the historical cost of tangible capital assets. The amount of these transactions cannot be reliably determined.

Tax concessions are accrued on the same basis as the associated tax revenues and reduce gross taxation revenue, but are not considered valuation allowances.

Royalty revenue is reported net of allowable credits integral to determining the amount of royalty. Amounts are reported as revenue when received or receivable.

Government transfers are recognized as revenues in the period during which the transfer is authorized and any eligibility criteria are met. Government transfers are deferred if they are restricted through stipulations for specific programs such as health transfers.

Transactions where goods or services are provided for consideration include performance obligations to a specific payor. Revenue from these transactions is recognized as the performance obligations are satisfied. Transactions without performance obligations are recognized when the revenue is received or receivable.

*Expense*

The cost of all goods consumed and services received during the year is expensed. Interest expense includes debt servicing costs such as amortization of discounts and premiums, realized foreign exchange gains and losses, and issue costs.

Pension expense is calculated as the cost of pension benefits earned by employees during the year, interest on the pension benefits liability, net of pension plan assets, and amortization of the government's share of any experience gains or losses, less contributions made by members. The estimated total cost of government's share of plan amendments related to past service is expensed in the year the plan is amended.

Government transfers include grants, entitlements and transfers under agreements, as defined in the definitions on pages 151 – 153. Government transfers are recognized as expenses in the period in which the events giving rise to the transfer occurred, as long as the transfer is authorized, eligibility criteria have been met and a reasonable estimate of the amount can be made.

*Financial Instruments*

Financial instruments include primary instruments, such as cash, receivables, investments, payables, and debt, and derivative instruments such as interest rate swaps and currency swaps. Derivatives, portfolio investments in equities and bonds quoted in an active market, and certain other investments are measured at fair value. All other financial assets and liabilities are measured at cost or amortized cost. When a financial instrument is derecognized, a gain or loss is recognized in the Consolidated Statement of Operations. A government classifies fair value measurements using a hierarchy with the following levels:

Level 1: quoted prices in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability

Level 3: inputs that are not based on observable market data.

Examples include, certain portfolio investments measured using quoted prices (Level 1), derivatives measured using internal models developed from observable market data (Level 2), and certain other investments measured with inputs not based on observable market data (Level 3). Unrealized gains and losses from changes in the fair value of financial instruments are recognized in the Consolidated Statement of Remeasurement Gains and Losses. Upon settlement, cumulative gains or losses are reclassified to the Consolidated Statement of Operations.

50 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**1.** **Significant Accounting Policies** — Continued

*Assets*

Assets are recorded to the extent they represent cash and claims upon outside parties, items held for resale to outside parties, prepaid expenses, deferred charges, derivative financial instruments, tangible capital assets, or purchased intangible assets, acquired as a result of events and transactions prior to year end.

*Financial Assets*

Cash and cash equivalents include cash on hand, demand deposits and short–term highly liquid investments that are readily convertible to known amounts of cash. These are subject to an insignificant risk of changes in value. These short–term investments generally have a maturity of three months or less and are held for the purpose of meeting short–term cash commitments rather than for investing.

Temporary investments and Warehouse Program investments include short–term investments recorded at the lower of cost or market value. The fair values of short–term investments approximate their carrying values because of the short–term maturity of these instruments. Warehouse Program investments are short–term investments related to specific borrowings in advance of requirements under the Warehouse Borrowing Program.

Inventories for resale are expected to be sold within one year and include property that has been purchased, or for which development costs have been incurred, and that is held for ultimate resale or lease to outside parties. Inventories for resale are recorded at the lower of cost or net realizable value.

Equity in self–supported Crown corporations and agencies represents the province's investment (including long–term advances) in those self–supported Crown corporations and agencies at cost, increases/decreases in the investees' net assets, and other comprehensive income.

Loans for purchase of assets recoverable from agencies are recorded at maturity value, less unamortized premium or discount and sinking fund balances. Premium/discount is amortized using the effective interest rate method.

Loans and advances are recorded at cost less adjustment for any prolonged impairment in value. Mortgages receivable are recorded at the principal amount less valuation allowance, are secured by real estate and are repayable over varying terms. Concessionary loans and mortgages are recorded at net present value at issue, and related present value discounts are expensed. Valuation allowances are made when collectibility is considered doubtful. Interest is accrued on loans receivable only when collection is certain. Otherwise, it is recognized on the cash basis.

Investments in equities and bonds quoted in an active market and certain other investments are recorded at fair value. Other investments are recorded at the cost of acquisition, which may be adjusted by attributed income. Valuation adjustments are made when the value of investments is impaired.

Sinking fund investments are cash and marketable securities held specifically for the purpose of repaying outstanding debt at maturity. Sinking fund investments in marketable securities are recorded at fair value.

*Tangible Capital Assets*

Tangible capital assets are recorded at historical cost, plus asset retirement obligations, less accumulated amortization and valuation adjustments. The recorded cost, less the residual value, is generally amortized over the estimated useful lives of the assets on a straight–line basis.

All significant tangible capital assets and purchased intangible assets of government organizations and operations have been capitalized. Intangible assets that are not purchased and items inherited by right of the Crown, such as forest, water and mineral resources, are not recognized in these financial statements. Crown land is capitalized at a nominal value of one dollar.

The value of collections (e.g. artifacts, documents, specimens, works of art) has been excluded from the Consolidated Statement of Financial Position. When collections are purchased, these items are expensed.

PROVINCE OF BRITISH COLUMBIA 51 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**1.** **Significant Accounting Policies** — Continued

*Liabilities*

All liabilities are recorded to the extent they represent claims payable to outside parties as a result of events and transactions prior to year end. This includes probable losses on loan guarantees issued by the province, contingent liabilities (when it is likely a liability exists and the amount of the liability can be reasonably determined on an individual or portfolio basis), unfunded pension liabilities, and derivative financial instruments. Liabilities are not recorded for tax concessions or royalty credits which are integral in determining the amount of revenue.

Guaranteed debt includes guarantees by the Minister of Finance, made through specific agreements or legislation, to repay promissory notes, bank loans, lines of credit, mortgages and other securities. Loss provisions on guaranteed debt are recorded when it is likely that a loss will occur. The amount of the loss provision represents the best estimate of future payments less recoveries. The loss provision is recorded as a liability and an expense in the year determined and is adjusted as necessary to ensure it equals the expected payout of the guarantee.

*Employee Pension Plans*

The province accounts for employee pension plans by recognizing a liability and an expense in the reporting period in which the employee has provided service. The amount is calculated using the accrued benefit actuarial cost method. Where plans are in a net asset position and Joint Trusteeship Agreements restrict access to the assets, the province records the value of plan net assets as nil. The province records a liability for its share where plans are in a net obligation position. Changes in net liabilities/assets, which arise as a result of actuarial gains and losses, are amortized on a straight–line basis over the average remaining service period of employees active at the date of the adjustments. Past service costs from plan amendments are recognized in full in the year of the amendment.

*Public Debt*

Public debt represents the direct debt obligations of the Province of British Columbia, including borrowings incurred for government operating purposes, the acquisition of capital assets, re–lending to authorized government bodies and borrowings in advance of future requirements under the Warehouse Borrowing Program. Public debt is reported at amortized cost and consists of short–term promissory notes, notes, bonds and debentures, bank loans, capital leases, public private partnership obligations and mortgages payable. These obligations are recorded at principal and adjusted for unamortized premium or discount and unrealized foreign exchange gains and losses, where applicable.

Public debt is reported under two categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Taxpayer – supported debt — includes
direct debt used for government operating and capital purposes, the debt of those Crown corporations, agencies and SUCH sector entities
who require an operating or debt servicing subsidy from the provincial government, and the debt of an entity that is fully consolidated
within these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Self – supported debt — includes
the portion of debt of self – supported organizations and entities
that has been borrowed through the government ' s fiscal agency loan
program. It does not include all debt of self – supported organizations
as these entities are consolidated on the modified equity basis. Self – supported
organizations fully fund their operations and debt from revenue generated through the sale of goods and/or services at commercial rates
to buyers that are outside the government reporting entity. Self – supported
debt includes debt of the Warehouse Borrowing Program.

Debt premium/discount is amortized using the effective interest rate method. Unamortized premium/discount on bonds is amortized over the life of the debt.

52 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**1.** **Significant Accounting Policies** — Continued

*Foreign Currency Translation*

Monetary assets and liabilities denominated in foreign currencies are translated to Canadian dollars at the exchange rate prevailing at year end. Foreign currency transactions are translated at the exchange rate prevailing at the date of the transaction. Adjustments to revenue or expense transactions arising as a result of foreign currency translation are credited or charged to operations at the time the adjustments arise. Unrealized foreign currency gains and losses on long–term, fixed–term monetary assets and liabilities are reported in the Consolidated Statement of Financial Position and in the Consolidated Statement of Remeasurement Gains and Losses. Non–monetary assets and liabilities are translated at historical rates of exchange.

*Derivative Financial Instruments*

The province is a party to financial instruments whose value may vary due to fluctuations in foreign currency exchange rates, interest rate fluctuations and counterparty default on financial obligations, and utilizes derivative financial instruments in hedging strategies to mitigate risk. The fair value of derivative financial instruments is reported in the Consolidated Statement of Financial Position and in the Consolidated Statement of Remeasurement Gains and Losses. The province does not use derivative financial instruments for speculative purposes. Off–balance sheet position data is given in the form of nominal principal amounts outstanding. Amounts earned and expenses incurred under derivative contracts upon settlement are recognized and offset against the related interest expense.

*Other Comprehensive Income*

Any recognition of other comprehensive income for self–supported Crown corporations has been reflected in the equity in self–supported Crown corporations and agencies, and in the accumulated surplus (deficit).

*Asset Retirement Obligations*

The province recognizes asset retirement obligations where there is a legal obligation to retire a tangible capital asset and a reasonable estimate of the fair value of the obligation can be determined. For assets that are not fully amortized, the associated retirement costs are capitalized as part of the carrying value and amortized over the underlying assets' useful lives. Costs relating to obligations for fully amortized assets or assets no longer in productive use are expensed.

PROVINCE OF BRITISH COLUMBIA 53 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**2.** **Measurement Uncertainty** 

The preparation of financial statements requires the province to make estimates and assumptions that affect the amounts of assets, liabilities, revenues and expenses during the reporting period. Uncertainty in the determination of these amounts is known as measurement uncertainty.

Some of the more significant estimates used in these financial statements affect the accrual of tax revenues, Canada Health Transfer and Canada Social Transfer entitlements, liabilities for pension obligations and other employee future benefits, accruals for environmental obligations, future payments related to contingent liabilities, and valuation allowances for loans, investments and advances. Actual results could differ from estimates. For many common financial statement items, such as accounts payable and allowances for doubtful accounts, measurement uncertainty is inherent but inestimable.

A provision for environmental clean–up is included in accounts payable and accrued liabilities. The provision is subject to a high degree of measurement uncertainty because the existence and extent of contamination, the responsibility for clean–up, and the timing and cost of remediation cannot be reliably estimated in all circumstances. The degree of measurement uncertainty resulting from the estimation of the provision cannot be reasonably determined. Environmental clean–up disclosure is included in Note 28.

A provision for asset retirement obligations is included in accounts payable and accrued liabilities. The provision is subject to a high degree of measurement uncertainty due to the long–term nature of these liabilities and often indeterminate settlement dates. The degree of measurement uncertainty resulting from the estimation of the provision cannot be reasonably determined. Asset retirement obligation disclosure is included in Note 36.

The amount of personal income tax attributable to the year can change as a result of changes in the underlying revenue assumptions, such as household income growth and tax base growth, and as a result of tax assessments and reassessments. The amount of corporate income tax attributable to the tax year can change as a result of tax assessments and reassessments in subsequent years. Tax transfer expenses related to refundable tax credits attributable to the year are also impacted by both personal income tax and corporate income tax assessments and reassessments. The variability of the final amounts attributable to the year cannot be reasonably determined.

Estimates are based on the best information available at the time of preparation of the financial statements and are reviewed annually to reflect new information as it becomes available. The amount of variability cannot be reasonably determined at this time.

54 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**2. Measurement Uncertainty**—Continued

Measurement uncertainty exists in these financial statements, as identified in the table below, for items with a variability of over $10 million:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Actual<sup>1</sup> | | | | |
|  | Amount | Measurement | Uncertainty | Range | Range |
| Program Area | Recorded | Minimum | Maximum | Minimum | Maximum |
|  | $ | $ | $ | $ | $ |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable and Accrued Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation and Arbitration | 306 | 290 | 382 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crime Victim Assistance Program | 216 | 206 | 226 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silviculture Liability | 167 | 150 | 183 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Leave Entitlements | 536 | 519 | 562 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long–Term Disability Special Account | 502 | 477 | 527 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variability arises from uncertainty of the outcomes or the use of estimates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variability arises from uncertainty of the outcomes or the use of estimates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variability arises from uncertainty of the outcomes or the use of estimates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variability arises from uncertainty of the outcomes or the use of estimates |  |  |
| **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Income Tax | 17026 | 16626 | 17826 |  | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Income Tax | 8262 | 8112 | 8612 |  | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer Health Tax | 3056 | 2964 | 3148 |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Speculation and Vacancy Tax | 86 | 80 | 93 |  | 7 |
| &nbsp;&nbsp;&nbsp;Natural Resources |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral and Mining Tax | 256 | 173 | 311 |  | 55 |
| &nbsp;&nbsp;&nbsp;Contributions from the Federal Government |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada Health Transfer payments<sup>2</sup> | 7188 | 7136 | 7240 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada Social Transfer payments<sup>2</sup> | 2334 | 2317 | 2351 |  | 17 |
| **Expense (Note 31)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Transfers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Transfers | 3047 | 2847 | 3247 |  | 200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variability is based on the potential differences between the estimates for the economic factors used in calculating the accruals and actual economic results.

<sup>1</sup>Actual amount recorded for each program area may not represent the entire amount in the financial statement line item.

<sup>2</sup>Canada Health Transfer and Canada Social Transfer payments are transfers from the federal government based on the provincial share of national population figures.

PROVINCE OF BRITISH COLUMBIA 55 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**3. Accounts Receivable**

---

| |
|:---|
| Accounts receivable |
| Taxes receivable |
| Accrued interest |
| Provision for doubtful accounts) |

---

**4. Inventories for Resale**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $| $|
| Properties | 71 | 61 |
| Miscellaneous | 65 | 87 |
|  | **136** | **148** |

---

Inventories for resale are charged to the statement of operations when sold. During the year, the total cost of sales was $115 million (2024: $122 million) including the effect of write–downs of $8 million (2024: $1 million). Write–downs occurred due to obsolete materials no longer used, damaged goods, and reductions in the market value of goods.

**5. Due from Other Governments**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| Government of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;Current | 1692 | 2049 |
| &nbsp;&nbsp;&nbsp;Long–term | 1150 | 425 |
| Provincial governments: |  |  |
| &nbsp;&nbsp;&nbsp;Current | 32 | 29 |
| Local governments:<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Current | 122 | 89 |
| &nbsp;&nbsp;&nbsp;Long–term | 6 | 5 |
|  | **3002** | **2597** |

---

<sup>1</sup>Local governments are municipal units established by the provincial government which include regional and metropolitan municipalities, cities, towns, townships, districts, rural municipalities and villages.

56 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**6. Due from Self** **–supported Crown Corporations and Agencies**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| British Columbia Lottery Corporation | 137 | 190 |
| UBC Properties Investments Ltd. | 128 | 105 |
| British Columbia Liquor Distribution Branch | 88 | 115 |
| Great Northern Way Campus Trust | 63 | 61 |
| Columbia Power Corporation | 34 | 44 |
| British Columbia Hydro and Power Authority | 22 | 17 |
| SFU Community Trust | 17 | 15 |
| Vancouver Island Technology Park Trust | 7 | 7 |
| Heritage Realty Properties Ltd. | 4 | 3 |
|  | **500** | **557** |

---

*See* Statement of Financial Position for Self–supported Crown Corporations and Agencies on pages 102 – 103 for details.

**7. Equity in Self** **–supported Crown Corporations and Agencies**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2025 | 2025 | 2025 | 2025 | 2024 |
|  |<br>Investments |<br>Unremitted<br>Earnings | Other<br>Comprehensive<br>Income |<br>Total |<br>Total |
|  | $ | $ | $ | $ | $ |
| British Columbia Hydro and Power Authority |  |  |  |  |  |
| Insurance Corporation of British Columbia |  |  |  |  |  |
| Columbia Power Corporation |  |  |  |  |  |
| British Columbia Lottery Corporation<sup>1</sup> |  |  |  |  |  |
| **Self** **–Supported Subsidiaries**<sup>2</sup>** |  |  |  |  |  |
| Columbia Basin Trust joint ventures<sup>3</sup> |  |  |  |  |  |
| British Columbia Railway Company<sup>4</sup> |  |  |  |  |  |
| UBC Properties Investments Ltd.) |  |  |  |  |  |
| SFU Community Trust |  |  |  |  |  |
| Vancouver Island Technology Park Trust<sup>5</sup> |  |  |  |  |  |
| Great Northern Way Campus Trust<sup>6</sup> |  |  |  |  |  |
| Miscellaneous |  |  |  |  |  |

---

PROVINCE OF BRITISH COLUMBIA 57 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**7. Equity in Self** **–supported Crown Corporations and Agencies**—Continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2025 | 2025 | 2025 | 2025 | 2024 |
|  |<br>Investments |<br>Unremitted<br>Earnings | Other<br>Comprehensive<br>Income |<br>Total |<br>Total |
|  | $ | $ | $ | $ | $ |
| **Change in Equity in Self–supported Crown Corporations and Agencies** |  |  |  |  |  |
| Balance–beginning of year |  |  |  |  |  |
| Increase (decrease) in other comprehensive income |  |  |  |  |  |
| Net earnings of self–supported Crown corporations and agencies |  |  |  |  |  |
| Dividends) |  |  |  |  |  |
| Adjustments to dividends |  |  |  |  |  |
| **Balance—end of year** |  |  |  |  |  |
| **Self–Supported Subsidiaries<sup>2</sup>** |  |  |  |  |  |
| Balance–beginning of year |  |  |  |  |  |
| Increase (decrease) in investment |  |  |  |  |  |
| Increase (decrease) in other comprehensive income |  |  |  |  |  |
| Net earnings of self–supported Crown corporations and agencies |  |  |  |  |  |
| Dividends) |  |  |  |  |  |
| Transfers (to) from deferred revenue |  |  |  |  |  |
| **Balance–end of year** |  |  |  |  |  |

---

<sup>1</sup>Government's proportionate share of British Columbia Lottery Corporation.

<sup>2</sup>Self–supported subsidiaries are non–core government business enterprises that are consolidated under the modified equity method by taxpayer–supported organizations.

<sup>3</sup>Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation and Waneta Expansion Power Corporation are jointly controlled with Columbia Power Corporation.

<sup>4</sup>A subsidiary of BC Transportation Financing Authority.

<sup>5</sup>A subsidiary of the University of Victoria.

<sup>6</sup>Great Northern Way Campus Trust is owned 25% each by Emily Carr University of Art & Design, British Columbia Institute of Technology, The University of British Columbia, and Simon Fraser University.

*See* Statement of Financial Position for Self–supported Crown Corporations and Agencies and Summary of Results of Operations and Statement of Equity for Self–supported Crown Corporations and Agencies on pages 102 – 105 for details.

58 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**8. Loans, Advances and Mortgages Receivable**

---

| |
|:---|
| **Loans and Advances** |
| Land tax deferment loans |
| BC student loans |
| Construction loans to social housing projects |
| Note receivable |
| Miscellaneous |
| Provision for doubtful accounts |
| **Mortgages Receivable** |
| Reconstruction Program |
| Provision for doubtful accounts |

---

The Land Tax Deferment Program allows eligible owners to defer payment of all, or a portion of, annual property taxes due on principal residences. Eligible individuals are either 55 years of age or older, a surviving spouse, a person with a disability, or an owner who is financially supporting, at the time of application, a dependent child. The program for individuals 55 years of age or older, a surviving spouse, or a person with a disability, requires 25% equity in the home. The program for families with dependent children requires 15% equity in the home. Simple interest is charged on the deferred taxes at a rate set by the minister of finance. This rate will not exceed the prime lending rate of the principal banker to the government and there is a different interest rate between the two programs. The deferred taxes, plus any administration fees or outstanding interest, must be repaid before the residence can be legally transferred to a new owner, other than directly to a surviving spouse or adding a current spouse to title. Land Tax Deferment Loans are secured by registered charge on title.

The BC Student Loan Program provides funding in the form of interest–free repayable loans to students for post secondary education leading toward a credential. Amortization of the loans is set on repayment commencement by the borrower. Most periods are 114 months in length but borrowers can extend that amortization to a maximum of 174 months if minimum payment requirements have been met. Defaulted loans are due on demand. The Ministry of Finance also administers defaulted student loans issued by financial institutions under a guaranteed or a risk sharing agreement with the province.

Construction loans are provided by British Columbia Housing Management Commission as interim construction draws to non–profit housing providers, First Nations and developers. Interest is payable at the province's weighted average borrowing rate for short–term funds, plus administration costs. Loans are repaid at substantial completion of each project from financing arranged with private lenders.

The note receivable is due to a sale of property by Providence Health Care Society.

Miscellaneous loans include housing and other loans receivable issued by The University of British Columbia of $52 million (2024: $49 million) in accordance with the University's Housing Action Plan, bearing interest of nil or at the Canada Revenue Agency's prescribed interest rate, with maturities up to 30 years, commercial loans of $30 million (2024: $34 million) issued by Columbia Basin Trust bearing interest of 3.65% to 8.45% maturing by 2050 and loans of $17 million (2024: $18 million) issued by University of Victoria to subsidiary government business enterprises bearing interest of 5.13% to 6.95% maturing by 2030.

PROVINCE OF BRITISH COLUMBIA 59 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements <br> for the Fiscal Year Ended March 31, 2025**—Continued

**8. Loans, Advances and Mortgages Receivable**—Continued

The Reconstruction Loan Program was established in 1998 under the *Homeowner Protection Act* to provide financial assistance to British Columbians who own homes damaged by premature building envelope failure and have limited ability to secure financing to pay for necessary remediation work. The financial assistance includes interest free loans as well as guarantees and interest subsidies of those loans provided by lenders outside of the government reporting entity. No new applicants under the program were being accepted after July 31, 2009. Financial assistance is secured by registered mortgages.

**9. Other Investments**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $| $|
| Pooled investment portfolios | 3396 | 3051 |
| Equity investments | 636 | 596 |
| Municipal, corporate and other bonds | 129 | 152 |
| Provincial government bonds | 80 | 78 |
| British Columbia Ferry Services Inc. | 75 | 75 |
| Commercial loans and investments | 14 | 15 |
| Government of Canada bonds | 3 | 1 |
| Miscellaneous | 725 | 600 |
|  | **5058** | **4568** |

---

Investments in equities and bonds traded on active markets and certain other investments are recognized at fair market value. All other investments are recognized at cost.

Pooled investment portfolios consist mainly of units in various funds of the British Columbia Investment Management Corporation. These funds' investments consist primarily of debt and equity holdings of privately held companies. Pooled investment portfolios have a historical cost of $2,661 million (2024: $2,654 million).

Equity investments have a historical cost of $390 million (2024: $374 million). They include investments in Canadian, United States (U.S.) and international equity markets.

Municipal, corporate and other bonds have a historical cost of $131 million (2024: $158 million) with yields ranging from 1.10% to 8.50%. Maturity dates range from April 8, 2025 to February 15, 2060.

Provincial bonds of various provinces have a historical cost of $85 million (2024: $85 million) with yields ranging from 1.54% to 7.60%. Maturity dates range from June 2, 2025 to October 17, 2054.

As part of a secured debenture amendment and preferred share surrender agreement dated May 23, 2003, the province exchanged its interest in British Columbia Ferry Corporation for 75,477 preferred shares in British Columbia Ferry Services Inc. These non–voting preferred shares are valued at $1,000 per share and entitle the province to a fixed cumulative dividend at a rate of 8% of the issue price.

Commercial loans and investments are recorded at the cost of acquisition adjusted by attributed income. Commercial loans and investments include Columbia Basin Trust's $14 million (2024: $15 million) investment in power developments and other investments.

Government of Canada bonds have a historical cost of $3 million (2024: $1 million) with yields ranging from 1.25% to 5.00%. Maturity dates range from August 1, 2025 to December 1, 2064.

Miscellaneous investments consist of other pooled funds as well as various forms of income securities, notes and treasury bills. The historical cost of miscellaneous investments is $704 million (2024: $589 million).

60 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements <br>for the Fiscal Year Ended March 31, 2025**—Continued

1**0. Sinking Fund Investments**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Sinking fund investments related to taxpayer–supported debt |  |  | 168 |
| Sinking fund investments related to self–supported debt |  |  | 323 |
|  |  |  | **491** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Provincial government bonds |  |  | 477 |
| Pooled investment portfolios |  |  | 14 |
|  |  |  | **491** |

---

Sinking fund investments are recorded at fair market value.

Provincial bonds of various provinces have a historical cost of $520 million (2024: $510 million), with yields ranging from 2.33% to 4.67%. Maturity dates range from April 17, 2025 to June 2, 2052.

Pooled investment portfolios have a historical cost of $69 million (2024: $14 million). These pooled investment portfolios consist of units in the British Columbia Investment Management Corporation's bond funds, which mainly consist of various governments' bonds and short–term unitized funds that hold money market instruments.

Sinking fund investments related to self–supported debt include Province of British Columbia bonds with a carrying value of $108 million (2024: $108 million).

**11. Loans for Purchase of Assets, Recoverable from Agencies**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| British Columbia Hydro and Power Authority |  |  | 29248 |
| Columbia Basin Trust joint ventures<sup>1</sup> |  |  | 945 |
| Columbia Power Corporation |  |  | 266 |
| British Columbia Lottery Corporation |  |  | 110 |
| Improvement districts |  |  | 3 |
|  |  |  | **30572** |

---

<sup>1</sup>Columbia Basin Trust joint ventures with Columbia Power Corporation (Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation, and Waneta Expansion Power Corporation).

PROVINCE OF BRITISH COLUMBIA 61 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**12. Accounts Payable and Accrued Liabilities**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Accounts payable |  |  | 8051 |
| Other accrued estimated liabilities<sup>1</sup> |  |  | 5886 |
| Asset retirement obligations<sup>2</sup> |  |  | 1848 |
| Accrued interest on debt |  |  | 1021 |
|  |  |  | **16806** |

---

<sup>1</sup>Includes pending litigation, provision for guaranteed debt payout and other miscellaneous accrued claims as disclosed in Note 28.

<sup>2</sup>See Asset Retirement Obligations disclosed in Note 36.

**13. Employee Future Benefits**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Vacation, compensatory time off, sick bank |  |  | 1714 |
| Retirement allowance |  |  | 879 |
| Long–term disability |  |  | 486 |
| Worker compensation benefits |  |  | 264 |
| Post–retirement benefits |  |  | 225 |
|  |  |  | **3568** |

---

There are a variety of employee benefit plans across the reporting entity with different terms that provide for post–employment benefits, compensated absences, and termination benefits. The cost of benefits is recognized in the periods the employee provides service. A liability is recognized for benefits that do not vest or accumulate when an event that obligates the province to pay benefits occurs.

The retirement allowance includes actuarially determined liabilities. As at March 31, 2025, unamortized actuarial losses (gains) from actuarial estimates performed every three years were $29 million (2024: $2 million). During the year, the amount of benefits paid was $49 million (2024: $56 million).

Amounts recorded in the financial statements relating to long–term disability benefits represents the actuarial estimate for future payments based on claims ongoing at year–end.

Worker compensation benefits represent the actual premiums and claims costs accruing to WorkSafeBC for the year.

Post–retirement benefits include amounts accrued for non–pension retiree and early retirement benefits.

62 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**14. Due to Other Governments**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Government of Canada: |  |  |  |
| &nbsp;&nbsp;&nbsp;Current |  |  | 1258 |
| Provincial governments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Current |  |  | 26 |
| Local governments:<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Current |  |  | 242 |
|  |  |  | **1526** |

---

<sup>1</sup>Local governments are municipal units established by the provincial government that include regional and metropolitan municipalities, cities, towns, townships, districts, rural municipalities and villages.

**15. Due to Crown Corporations, Agencies and Trust Funds**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Columbia Basin Trust joint ventures<sup>1</sup> |  |  | 610 |
| Great Northern Way Campus Trust |  |  | 10 |
| Trust funds |  |  | 12 |
|  |  |  | **632** |

---

<sup>1</sup>Columbia Basin Trust joint ventures with Columbia Power Corporation (Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation, and Waneta Expansion Power Corporation).

**16. Deferred Revenue**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Deferred restricted contributions (*see* table) |  |  | 12513 |
| Unearned lease revenue |  |  | 1369 |
| Tuition |  |  | 676 |
| Water rentals and recording fees |  |  | 103 |
| Miscellaneous |  |  | 421 |
|  |  |  | **15082** |

---

Unearned lease revenue represents lease payments received in advance. Revenue is recognized as the performance obligations are met over the term of the lease.

PROVINCE OF BRITISH COLUMBIA 63 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**16. Deferred Revenue**—Continued

Deferred Restricted Contributions are those contributions received from external sources that are restricted through legislative or contractual stipulations for the purpose of program delivery. These deferred contributions are reduced and recognized as revenue when the stipulations of the contribution agreement are satisfied.

---

| | | | |
|:---|:---|:---|:---|
|  | | In Millions | In Millions |
|  | | 2025 | 2024 |
|  |<br>Revenue Recognition<br>(Years) | $ | $ |
| **Restricted Contributions from the Federal Government** |  |  |  |
| Build Canada fund for highway and transportation infrastructure | 3–100 | 2233 | 2168 |
| Infrastructure and economic diversification | 20–50 | 1493 | 1034 |
| Operating contributions for other sectors | 1–12 | 831 | 982 |
| Operating contributions for the education sector | 1–12 | 576 | 561 |
| Emergency response and recovery assistance | 1–12 | 470 | 334 |
| Strategic infrastructure fund investments in post–secondary institutions | 3–40 | 443 | 410 |
| Regional services and facilities in the health sector | 3–40 | 88 | 35 |
| Miscellaneous contributions for post–secondary institutions | 1–40 | 64 | 66 |
| Miscellaneous contributions for transportation infrastructure | 1–40 | 10 | 1 |
| Miscellaneous contributions from the federal government | 1–40 | 59 | 9 |
| **Restricted Contributions from Municipal Sources** |  |  |  |
| Regional hospital districts for equipment and facilities | 3–40 | 1148 | 1497 |
| Bylaw capital funding for schools | 3–40 | 206 | 177 |
| Operating contributions for the transportation sector | 1–12 | 94 | 99 |
| Municipal transportation infrastructure funding | 3–77 | 78 | 68 |
| **Restricted Contributions from Other Sources** |  |  |  |
| Health endowments and other contributions | 5–50 | 2622 | 2143 |
| Education endowments | 30 | 2210 | 1922 |
| Operating contributions for the education sector | 1–12 | 661 | 620 |
| Operating contributions for the health sector | 1–12 | 129 | 119 |
| Operating contributions for the other sector | 1–12 | 18 | 15 |
| Miscellaneous contributions from other sources | 5–50 | 283 | 253 |
|  |  | **13716** | **12513** |

---

Impact to revenue for the next five fiscal years and thereafter is estimated to be:

---

| | |
|:---|:---|
|  | In Millions |
|  | $ |
| 2026 | 2598 |
| 2027 | 1098 |
| 2028 | 804 |
| 2029 | 723 |
| 2030 | 698 |
| Thereafter | 7795 |
| Total deferred restricted contributions | **13716** |

---

64 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**17. Employee Pension Plans**

*Joint trusteed plans*

The province contributes to four pension plans for substantially all of its employees. The four pension plans are the Public Service Pension Plan, the Municipal Pension Plan, the Teachers' Pension Plan and College Pension Plan. The plans provide basic pensions based on length of service, highest five–year average earnings and plan members' age at retirement. Benefits, such as group health benefits and inflation protection for the basic pension, are not guaranteed and are contingent upon available funding. No unfunded liability exists for the future indexing of pensions as the obligation is limited to the amount of available assets in separate inflation accounts.

The Public Service, Municipal, Teachers' and College pension plans are joint trusteed plans. Under the joint trust agreements, control of the plans and their assets is assumed by individual pension boards made up of plan employer and plan member appointed trustees. The province participates as a plan employer in each plan. Provisions of these plans stipulate that the province has no formal claim to any pension plan surplus or asset. The boards are fully responsible for the management of the plans, including investment of the assets and administration of the plans. The BC Pension Corporation provides benefit administrative services as an agent of the boards of trustees. The British Columbia Investment Management Corporation provides investment management services as an agent of the boards of trustees.

In the event an unfunded liability is determined by an actuarial valuation (performed at least every three years), the pension boards are required to address it through contribution adjustments shared equally by plan members and employers.

The reported net assets or net obligations of the pension plans are administered under joint trust arrangements. The province has no claim on accrued asset amounts. The province is responsible for 50% of a reported net obligation. Settlement of the obligation will occur in future periods as contributions maintain a fully funded plan status over time. Also, only 70% of the pension fund assets, accrued benefit obligation, and preliminary current year employer contributions are included for the Municipal Pension Plan, reflecting the province's interest in the plan.

The accrued benefit obligations and pension assets shown for 2024/25 are based on extrapolations of the most recent actuarial valuations as shown below. Fund assets are based on market–related value at the date of actuarial valuation and extrapolated using actuarial growth assumptions as shown in the following table. The expected long–term inflation rates used in these assumptions are nil, since the future indexing of pensions is limited to the amount of available assets in the inflation adjustment account.

**Key actuarial assumptions, data and dates:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Public<br>Service<br>Pension<br>Plan | <br>Municipal<br>Pension<br>Plan | <br>Teachers'<br>Pension<br>Plan | <br>College<br>Pension<br>Plan |
| Date of actuarial valuation | Mar 31/23 | Dec 31/21 | Dec 31/23 | Aug 31/24 |
| Date of audited financial statements | Mar 31/24 | Dec 31/23 | Dec 31/23 | Aug 31/24 |
| Expected long–term rate of return used as discount rate | 6.00% | 6.00% | 5.75% | 6.00% |
| Expected average remaining service life of employee group | 10.2 years | 10.5 years | 12.2 years | 8.8 years |
| Normal actuarial cost used in extrapolations | 16.10% | 16.80% | 17.90% | 17.04% |
| Basic benefits paid during the plan's fiscal year (in millions) | $1426 | $2601 | $1494 | $286 |
| Total contribution rate for basic benefits (members and employers) | 14.20% | 15.08% | 18.34% | 16.88% |
| Assumed rate of salary escalation | 3.25% | 3.25% | 3.25% | 3.25% |
| Current benefit accrual rate | 1.95% | 1.90–2.12% | 1.90% | 2.00% |
| Entry–age normal cost rate–basic account | 16.06% | 15.49% | 17.28% | 16.84% |
| Market value of plan net assets at latest financial statement date (in millions) | $34902 | $44744 | $31671 | $6347 |

---

Actuarial assumptions are decisions of the individual pension boards and have been collected from the latest audited financial statements and actuarial valuation of each pension plan. The audited financial statements, actuarial valuations, and joint trust agreements of each pension plan listed may be found at <u>www.pensionsbc.ca</u> outside these audited statements.

PROVINCE OF BRITISH COLUMBIA 65 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**17. Employee Pension Plans**—Continued

**Accrued net obligation (asset) table:**

The estimated financial position as at March 31, 2025, for the basic pension in each joint trusteed plan is as follows:

---

| |
|:---|
| Accrued benefit obligation |
| Pension fund assets |
| Unamortized actuarial gain (loss) |
| **Accrued net obligation (asset)** |
| Attributable to the province) |
| Valuation adjustment |
| **Province's reported net obligation** |

---

The province is obligated under labour contracts to provide retirement benefits for its employees through contributions to these pension plans. Contribution rates are adjusted to reflect the results of the triennial actuarial valuation of each plan. The province contributes approximately 50% of the total contributions for these plans; therefore, the province's accrued net obligation is 50%. An accrued net obligation will not result in a payment to the plan, but will be addressed through increased contributions over time.

The preliminary overall fund rates of return (loss) reported to the pension boards as at December 31, 2024 for each plan are: the Public Service Pension Plan 11.50% (2024: 7.50%), the Municipal Pension Plan 12.50% (2024: 7.70%), the Teachers' Pension Plan 10.70% (2024: 7.60%), and the College Pension Plan 13.00% (2024: 8.00%).

The province's share includes contributions for all participants in the government reporting entity. When the plans are in an accrued net asset position for accounting purposes, pension expense for the period is equal to employer contributions. Total employer contributions this year for each plan are: the Public Service Pension Plan $646 million (2024: $583 million), the Municipal Pension Plan $1,250 million (2024: $1,128 million), the Teachers' Pension Plan $493 million (2024: $465 million), and the College Pension Plan $152 million (2024: $143 million).

66 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**17. Employee Pension Plans**—Continued

*Other pension plans*

Other pension plans represent defined benefit plans outside of the College, Public Service, Municipal, and Teachers' Pension plans which are funded by entities within the government reporting entity and are included in other investments in Note 9. Total employer contributions this year for each plan are: Simon Fraser University's Academic Pension Plan and Administrative/Union Pension Plan $29 million (2024: $33 million), the University of Victoria's pension plan for employees other than faculty and professional staff $7 million (2024: $7 million), and Canadian Blood Services' pension plan for regular employees $3 million (2024: $3 million). Only 14.67% of the pension fund assets and accrued benefit obligation are included for the Canadian Blood Services pension plan, reflecting the province's interest in the plan.

The estimated financial position as at March 31, 2025, for the other pension plans is as follows:

---

| | |
|:---|:---|
|  | In Millions |
|  | Canadian<br>Blood<br>Services<br>Pension<br>Plan |
| Accrued benefit obligation |  |
| Pension fund assets |  |
| Unamortized actuarial gain (loss) |  |
| **Accrued net obligation (asset)** |  |

---

There are additional employee pension plans in Crown corporations and agencies consolidated on the modified equity basis. Total employer contributions this year for each plan are: British Columbia Hydro and Power Authority $63 million (2024: $57 million), British Columbia Lottery Corporation $16 million (2024: $16 million), and the Insurance Corporation of British Columbia $11 million (2024: $33 million). Net assets or net liabilities of the pension funds are included in the equity balance of the particular Crown corporation or agency in Note 7.

The estimated financial position as at March 31, 2025, for the pension plans of commercial Crown corporations is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions |
|  | BC Hydro<br>Pension<br>Plan | BC Railway<br>Pension<br>Plan | Total | Total |
|  |  |  | $— | $|
| Accrued benefit obligation |  |  |  | 9568 |
| Pension fund assets |  |  |  | 9183 |
| **Accrued net obligation (asset)** |  |  |  | **385** |

---

PROVINCE OF BRITISH COLUMBIA 67 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**18. Taxpayer–supported Debt<sup>1</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Year of<br>maturity | Canadian<br>dollar | U.S.<br>dollar<sup>2</sup> | Other<br>currencies<sup>2</sup> | 2025 | 2024 |
|  |  | $| $| $| $| $|
| Short–term promissory notes | 2025 |  |  |  | 0 | 7337 |
|  | 2026 | 7228 | 3784 |  | 11012 | 0 |
| Notes, bonds and debentures | 2025 |  |  |  | 0 | 3909 |
|  | 2026 | 3570 |  | 350 | 3920 | 4191 |
|  | 2027 | 1129 | 4110 | 169 | 5408 | 5375 |
|  | 2028 | 2835 | 5027 |  | 7862 | 2088 |
|  | 2029 | 876 | 2757 |  | 3633 | 3631 |
|  | 2030 | 2756 | 3452 | 876 | 7084 | 2775 |
|  | 2031–2035 | 15532 | 7930 | 4912 | 28374 | 21226 |
|  | 2036–2040 | 6368 |  | 2886 | 9254 | 4791 |
|  | 2041–2045 | 5670 |  | 648 | 6318 | 6318 |
|  | 2046–2050 | 2222 |  | 1752 | 3974 | 3895 |
|  | 2051–2055 | 8875 |  | 117 | 8992 | 9776 |
|  | 2056–2060 | 3230 |  |  | 3230 | 130 |
|  | 2061–2065 | 181 |  |  | 181 | 181 |
| Capital leases | 2025–2047 | 158 |  |  | 158 | 165 |
| **Total debt issued** |  | **60630** | **27060** | **11710** | 99400 | 75788 |
| Unamortized premium (discount) |  |  |  |  | (129) | (222) |
| Unrealized foreign exchange (gain) loss<sup>3</sup> |  |  |  |  | 2258 | 436 |
| **Total taxpayer–supported debt** |  |  |  |  | **101529** | **76002** |
| The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  |  |  |  | 3.60% |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  | 3.75% |

---

<sup>1</sup>The balances and interest rates reflect the impact of the related derivative contracts, presented in Note 20.

<sup>2</sup>Foreign currency denominated debt as at March 31, 2025 includes USD$19,986 million which was fully hedged to CAD$27,060 million; 100 million Swiss Francs was fully hedged into CAD$96 million; 5,873 million EURO was fully hedged to CAD$8,638 million, $2,318 million AUD was fully hedged to CAD$2,100 million; and 500 million GBP was fully hedged to CAD $876 million .

<sup>3</sup>The foreign currency denominated debt translated to apply exchange rates as at March 31, 2025, includes USD$19,986 million converted to CAD$28,731 million; 100 million Swiss Francs converted into CAD$163 million; 5,873 million EURO converted to CAD$9,126 million; and $2,318 million AUD converted to CAD$2,079 million; and 500 million GBP converted to CAD $929 million.

68 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**18. Taxpayer–supported Debt**—Continued

**Notes, bonds and debentures**

*Redeemable by the province*

Balances include debentures issued to the Canada Pension Plan totalling $1,969 million (2024: $2,158 million) at a weighted average interest rate of 3.92% (2024: 4.06%). These debentures mature at various dates from July 11, 2025 to July 12, 2049 with interest rates varying between 1.98% and 5.19%. These debentures are redeemable in whole or in part before maturity, on thirty days prior notice, at the option of the province. During the year, no Canada Pension Plan debentures were issued (2024: $13 million).

*Mortgages*

Balances include mortgages totalling $167 million (2024: $177 million) secured by land and buildings. The carrying value is $287 million (2024: $295 million).

*Other debt*

Balances include $1,011 million (2024: $774 million) in other loans.

*Aggregate payments to meet sinking fund instalments and retirement provisions*

Aggregate payments for the next five fiscal years and thereafter to meet sinking fund instalments and retirement provisions on notes, bonds and debentures are:

---

| | |
|:---|:---|
|  | In Millions |
|  | $ |
| 2026 | 4315 |
| 2027 | 5383 |
| 2028 | 7856 |
| 2029 | 3630 |
| 2030 | 7064 |
| 2031**–**2065 | 60562 |
| **Total of stated minimum payments** | 88810 |

---

**Capital lease obligations**

Capital lease obligations consist of the present value of the minimum lease payments related to capital leased assets. The province has lease agreements with remaining terms between 1 years and 22 years, with interest rates ranging between nil and 19.50%.

Major leases include: Ministry of Citizens' Services capital lease obligation for office space in Capital Park of $79 million (2024: $83 million), with a weighted average interest rate of 3.97% and maturing March 1, 2040, Thompson Rivers University lease agreements for land and student residences of $32 million (2024: $33 million), with a weighted average interest rate of 5.14% and maturing August 31, 2047, and British Columbia Institute of Technology capital lease obligation for the building at Annacis Island Campus of $22 million (2024: $23 million), with a weighted average interest rate of 4.00% and maturing July 31, 2044.

PROVINCE OF BRITISH COLUMBIA 69 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**18. Taxpayer–supported Debt**—Continued

*Aggregate payments to meet capital lease payments*

Aggregate minimum lease payments over the next five fiscal years and thereafter are:

---

| |
|:---|
| 2026 |
| 2027 |
| 2028 |
| 2029 |
| 2030 |
| 2031**–**2047 |
| Total minimum lease payments |
| Less imputed interest |
| **Total capital lease liability** |

---

**Public private partnership obligations**

Public Private Partnerships (P3) are long–term contractual agreements that require a public partner to finance, build and operate and/or maintain an infrastructure asset while the province retains ownership and control over the asset.

The tangible capital asset and the related debt are recognized concurrently during construction of the infrastructure asset. The present value of the minimum debt payments using an interest rate implicit to the agreement is the capital cost of the asset.

P3 arrangements exist across the reporting entity for buildings, such as health, post–secondary, housing, correctional facilities, and highway infrastructure, with different key rights and obligations with each public partner. Significant P3 arrangements include Abbotsford Regional Hospital and Cancer Centre, Sea–to–Sky Highway and Campbell River and Comox Valley Hospitals.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | | | | | | Asset net | Asset net |
|  |<br><br>Term |<br>Interest<br>rate |<br>Debt<br>remaining |<br>Interest<br>payments | Operating /<br>maintenance<br>payments | book value | book value |
|  | Years | % |  | $— | $— | $— | $|
| Health | 30 | 5–15 |  |  |  |  | 2398 |
| Education | 30 | 5 |  |  |  |  | 103 |
| Other | 18 | 7 |  |  |  |  | 104 |
| Transportation | 20–30 | 7–9 |  |  |  |  | 1337 |
| Protection of persons and property | 20–30 | 5–8 |  |  |  |  | 319 |
| **Total** |  |  |  |  |  |  | **4261** |

---

70 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**19. Self–supported Debt<sup>1</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Year of<br>maturity | Canadian<br>dollar | U.S.<br>dollar<sup>2</sup> | Other<br>currencies<sup>2</sup> | 2025 | 2024 |
|  | | $ | $ | $ | $ | $ |
| Short–term promissory notes | 2025 |  |  |  | 0 | 4881 |
|  | 2026 | 2694 | 685 |  | 3379 | 0 |
| Notes, bonds and debentures | 2025 |  |  |  | 0 | 0 |
|  | 2026 | 900 | 652 | 391 | 1943 | 1942 |
|  | 2027 | 850 |  |  | 850 | 850 |
|  | 2028 | 1000 |  |  | 1000 | 1000 |
|  | 2029 | 1500 |  |  | 1500 | 1500 |
|  | 2030 | 500 |  |  | 500 | 500 |
|  | 2031–2035 | 6275 |  | 200 | 6475 | 5160 |
|  | 2036–2040 |  | 378 |  | 378 | 378 |
|  | 2041–2045 | 6173 |  |  | 6173 | 6173 |
|  | 2046–2050 | 3695 |  |  | 3695 | 3695 |
|  | 2051–2055 | 6646 |  |  | 6646 | 4861 |
|  | 2056–2060 | 1160 |  |  | 1160 | 60 |
|  | 2061–2065 | 50 |  |  | 50 | 50 |
| **Total debt issued at face value** |  | **31443** | **1715** | **591** | 33749 | 31050 |
| Unamortized premium (discount) |  |  |  |  | (220) | (139) |
| Unrealized foreign exchange (gain) loss<sup>3</sup> |  |  |  |  | 176 | 58 |
| **Total self–supported debt** |  |  |  |  | **33705** | **30969** |
| The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: | The effective interest rates (weighted average) as at March 31 on the above debt are: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  |  | 3.46% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  | 3.64% |

---

<sup>1</sup>The balances and interest rates reflect the impact of the related derivative contracts, presented in Note 20.

<sup>2</sup>Foreign currency denominated debt as at March 31, 2025 includes USD$1,292 million (CAD$1,715 million), of which USD$1,065 million was fully hedged to CAD$1,405 million and USD$227 million was unhedged (CAD$310 million), and 402 million EURO was fully hedged to CAD$591 million.

<sup>3</sup>The foreign currency denominated debt adjustment to exchange rates as at March 31, 2025, includes USD$1,292 million converted to CAD$1,857 million; and 402 million EURO converted to CAD$625 million.

**Notes, bonds and debentures**

*Redeemable by the province*

Balances include debentures issued to the Canada Pension Plan totalling $223 million (2024: $223 million) at a weighted average interest rate of 3.34% (2024: 3.34%). These debentures mature at various dates from May 8, 2042 to July 10, 2042, with interest rates varying between 3.22% and 3.54%. These debentures are redeemable in whole or in part before maturity, on thirty days prior notice, at the option of the province. During the year, no Canada Pension Plan debentures were issued (2024: nil).

PROVINCE OF BRITISH COLUMBIA 71 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**19. Self–supported Debt**—Continued

*Aggregate payments to meet retirement provisions*

Aggregate payments for the next five fiscal years and thereafter to meet retirement provisions on notes, bonds and debentures are:

---

| | |
|:---|:---|
|  | In Millions |
|  | $ |
| 2026 | 1943 |
| 2027 | 850 |
| 2028 | 1000 |
| 2029 | 1500 |
| 2030 | 500 |
| 2031**–**2065 | 24577 |
| **Total of stated minimum payments** | **30370** |

---

**20. Risk Management and Derivative Financial Instruments**

The province borrows funds in both domestic and foreign capital markets, managing its existing debt portfolio to achieve the lowest debt costs within specified risk parameters, and through its selected investment managers invests funds in both domestic and foreign capital markets. The province is exposed to risks such as fluctuations in interest and foreign exchange rates, credit risk, liquidity risk, and market price risk. The province is also exposed to these risks in its receivables, loans and investment portfolios. In accordance with the risk management policy guidelines set by the Risk Committee of the Ministry of Finance, the province uses a variety of means to manage risk, including the use of derivative financial instruments to hedge the exposure to these risks.

**Derivative financial instruments**

A derivative financial instrument is a financial contract with a counterparty that is applied to hedge against interest rate or foreign exchange risk. Derivatives used by the province include interest rate swaps, cross–currency swaps, and forward foreign exchange contracts. Swaps are legal contracts under which the province agrees with another party to exchange cash flows based on the notional amounts.

*Notional and fair value of derivative financial instruments*

Interest rate fluctuations impact floating rate interest payments and the corresponding market value of the interest rate swaps. Foreign exchange fluctuations impact the carrying value of foreign currency debt and correspondingly the carrying value of foreign currency derivatives. The change in debt due to foreign currency and interest rate fluctuations approximate the change in market value of the associated derivative immediately prior to maturity.

Most foreign currency denominated debt is fully hedged to Canadian dollars to eliminate exposure to future fluctuation in exchange rates. Despite a perfectly functioning hedge relationship, throughout the life of these bonds and associated derivatives the impacts are not perfectly offsetting in the Consolidated Statement of Financial Position and in the Consolidated Statement of Remeasurement Gains and Losses. This volatility is not realized in the Consolidated Statement of Operations.

72 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**20. Risk Management and Derivative Financial Instruments**—Continued

The following table presents the outstanding notional and fair values of the province's derivative instruments. The notional values indicate the volume of outstanding derivative contracts employed. The fair value of derivatives is reported in the Consolidated Statement of Financial Position and in the Consolidated Statement of Remeasurement Gains and Losses.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Taxpayer–supported portfolio | Taxpayer–supported portfolio | Taxpayer–supported portfolio | Self–supported portfolio | Self–supported portfolio | Self–supported portfolio | Self–supported portfolio |
|  |<br>Cross–<br>currency<br>swaps |<br>Interest<br>rate<br>swaps | Forward<br>foreign<br>exchange<br>contracts |<br>Cross–<br>currency<br>swaps |<br>Interest<br>rate<br>swaps | Advanced<br>rate<br>setting<br>agreements | Forward<br>foreign<br>exchange<br>contracts |
|  | $ | $ | $ | $ | $ | $ | $ |
| Total notional values |  |  | 3784 |  |  |  | 1404 |
| Fair values |  |  |  |  |  |  |  |
| Derivative assets |  |  | 135 |  |  |  | 81 |
| Derivative liabilities) |  |  |  |  |  |  |  |
| **Net Derivative Assets / (Liabilities)** | **Net Derivative Assets / (Liabilities)** | **Net Derivative Assets / (Liabilities)** | **Net Derivative Assets / (Liabilities)** | **Net Derivative Assets / (Liabilities)** |  |  |  |

---

*Undiscounted cashflows for derivative instruments<sup>1</sup>*

The table below shows maturities and cash inflows and outflows of the province's derivative instruments. Cross–currency swaps and forward foreign exchange contracts are utilized to mitigate foreign currency risk on foreign currency debt payments, and interest rate swaps are utilized to mitigate interest rate risk on floating debt payments, as the cash inflows from these derivatives will offset the debt payment outflows.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | | | | | | | Forward foreign | Forward foreign |
|  | Cross currency swaps | Cross currency swaps | Cross currency swaps | Cross currency swaps | Interest rate swaps | Interest rate swaps | exchange contracts | exchange contracts |
| Year of | Principal | Principal | Interest | Interest | Interest | Interest | Principal | Principal |
| maturity | outflows | inflows | outflows | inflows | outflows | inflows | outflows | inflows |
|  | $ | $ | $ | $ | $ | $ | $ | $ |
| 2026 |  | 816 |  | 1277 |  | 65 |  | 4640 |
| 2027 |  | 4825 |  | 1242 |  | 61 |  | 493 |
| 2028 |  | 5032 |  | 1210 |  | 57 |  |  |
| 2029 |  | 2875 |  | 973 |  | 46 |  |  |
| 2030 |  | 4522 |  | 747 |  | 38 |  |  |
| 2031–2035 |  | 13979 |  | 2522 |  | 130 |  |  |
| Thereafter |  | 5711 |  | 813 |  | 200 |  | 331 |
| **Total** |  | **37760** |  | **8784** |  | **597** |  | **5464** |

---

<sup>1</sup>Future foreign payments paid or received are converted to Canadian dollars using the March 31, 2025 foreign exchange rates.

PROVINCE OF BRITISH COLUMBIA 73 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**20. Risk Management and Derivative Financial Instruments**—Continued

*Interest rate risk*

Interest rate risk is the risk that the province's debt servicing costs will fluctuate due to changes in interest rates. The province uses derivative contracts (interest rate swaps) to manage interest rate risk by exchanging a series of interest payments and assuming either a fixed or floating rate liability to a counterparty, based on the notional principal amount. These types of derivatives allow the province to alter the proportion of its debt held in fixed and floating rate form to take advantage of changes in interest rates.

The government's current policy guidelines with respect to the provincial government direct debt portfolio, which totals $71,951 million (2024: $49,532 million), allow floating rate exposure up to 45.00% (2024: 45.00%) of this portion of the taxpayer–supported debt. At March 31, 2025, floating rate debt exposure was 16.57% (2024: 17.97%) of the government direct debt portfolio.

The maximum floating risk exposure for British Columbia Hydro and Power Authority is 25.00% (2024: 25.00%) of their debt that totals $32,015 million (2024: $29,328 million). At March 31, 2025, floating rate debt exposure for British Columbia Hydro and Power Authority was 15.30% (2024: 16.00%) of their debt.

Based on the taxpayer–supported and self–supported debt portfolios at March 31, 2025, a one percent change in interest rates would impact the annual debt servicing expense by $140 million (2024: $106 million) for the taxpayer–supported debt portfolio and $34 million (2024: $49 million) for the self–supported debt portfolio.

*Foreign exchange risk*

Foreign exchange risk is the risk that the province's debt servicing costs and principal payments will fluctuate due to changes in foreign exchange rates. The province uses derivative contracts (cross–currency swaps and forward foreign exchange contracts) to hedge foreign exchange risk by converting foreign currency principal and interest cash flows into Canadian dollar cash flows and by locking the future foreign currency rate.

The government's current policy guidelines with respect to the provincial government direct debt portfolio, which totals $71,951 million (2024: $49,532 million), allow unhedged foreign debt exposure up to 10.00% (2024: 10.00%) of this portion of the taxpayer–supported debt. At March 31, 2025, there was no unhedged foreign debt exposure of the government direct debt portfolio (2024: nil).

The maximum unhedged foreign debt exposure for British Columbia Hydro and Power Authority is 5.00% (2024: 5.00%) of its debt, which totals $32,015 million (2024: $29,328 million). At March 31, 2025, there was $326 million of unhedged foreign debt (2024: $308 million), which translates to $227 million U.S. dollars (2024: $227 million U.S. dollars).

Based on the taxpayer–supported and self–supported debt portfolios at March 31, 2025, a one cent change in the Canadian dollar versus the U.S. dollar would not impact the annual debt servicing costs (2024: nil) for the taxpayer–supported portfolio; however, it would impact the self–supported debt portfolio by $1 million (2024: $1 million).

74 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**20. Risk Management and Derivative Financial Instruments**—Continued

Approximately 32% of the province's debt, or $43,511 million (2024: $26,165 million) is foreign currency debt. With a 1% change in the Canadian dollar against all other currencies, there would be a potential unrealized gain (loss) of $435 million (2024: $262 million). The table below summarizes the province's exposure to foreign currency debt:

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | Carrying<br>value (CAD) | Sensitivity | Sensitivity |
|  |  | $— | $|
| U.S. dollars |  |  | 306 |
| Euros |  |  | 98 |
| Australian dollars |  |  | 21 |
| Great British Pounds |  |  | 9 |
| Swiss Franc |  |  | 2 |
| **Total foreign currency debt** |  |  | **436** |

---

Although throughout the life of a foreign currency debt and associated derivative these impacts on foreign exchange fluctuations are not perfectly offsetting, the volatility is never realized as the swaps are not terminated until maturity.

*Credit risk*

Credit risk is the risk that the province will incur financial losses due to a derivative counterparty defaulting on its financial obligations. In accordance with the government's policy guidelines, the province reduces its counterparty credit risk by trading only under Credit Support Annex agreements where derivative exposures are covered by a regular exchange of collateral. The province also establishes limits on individual counterparty credit exposures and monitors these exposures on a regular basis.

The province implements Credit Support Annex agreements for all derivative type transactions, including cross–currency and interest rate swaps, to mitigate exposure to counterparty default risk. Under the terms of these agreements, the province may be required to pledge or receive eligible collateral with its counterparties. These amounts will be returned to or from the counterparties when there are no longer any outstanding obligations.

PROVINCE OF BRITISH COLUMBIA 75 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**20. Risk Management and Derivative Financial Instruments**—Continued

The province's gross credit risk exposure is the amount of loss that would occur if all counterparties to contracts in an unrealized gain position were to default at once, and the contracted netting provisions (derivatives in an unrealized loss position for those counterparties) were not enforced. Net credit exposure is the loss net of the permitted offset for provisions with unrealized losses. Net credit risk exposure is the potential loss after allowing for collateral balances received from counterparties. The following table provides net credit risk exposure.

---

| |
|:---|
| Gross credit risk exposure |
| Less: netting provisions |
| Net credit risk exposure (before collateral) |
| Less: collateral available to offset exposure |
| **Net credit risk exposure (after collateral)** |

---

Total net collateral associated with Credit Support Annex agreements consist of $135 million (2024: $389 million) cash paid which is included in accounts receivable (*see* Note 3). Securities pledged by counterparties of $786 million (2024: $324 million) have not been recognized in the financial statements as it is held by a third party until the derivative transaction is completed or default occurs.

*Liquidity risk*

The province utilizes a cash management framework to ensure that cash is available where and when it is needed while minimizing the cost of cash and maximizing returns on temporary balances. The province forecasts all cash inflows and outflows, including debt and the related derivatives maturities, for the full current fiscal year and the following two fiscal years. The forecast is for each business day and is revised daily based on actual flows, analysis of current trends, historical patterns, and emerging market conditions.

*Market price risk*

The province is committed to generating long–term investment returns that meet or exceed targets and benchmarks without unnecessary risk. The province is exposed to market price risk on its portfolio investments, and utilizes strategies such as diversification and the selection of only high–quality investment assets to mitigate this exposure.

**21. Net Liabilities**

The Consolidated Statement of Change in Net Liabilities (*see* page 43) shows the net impact of applying the expenditure basis of accounting. The net liabilities calculation uses the expenditure, rather than the expense basis of accounting. Under the expenditure basis of accounting, tangible capital assets, prepaid program costs and other assets are recorded as expenditures when calculating the current year surplus or deficit. Under the expense basis of accounting, these items are recorded on the Consolidated Statement of Financial Position as assets and amortized over an applicable period of time.

76 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**22. Tangible Capital Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Land and land improvements |  |  | 6951 |
| Buildings (including tenant improvements) |  |  | 33545 |
| Highway infrastructure |  |  | 16098 |
| Transportation equipment |  |  | 3926 |
| Computer hardware and software |  |  | 2464 |
| Other |  |  | 2599 |
|  |  |  | **65583** |

---

*See* Consolidated Statement of Tangible Capital Assets on page 106.

The estimated useful lives of the more common tangible capital assets are: buildings (3–90 years); highway infrastructure (3–90 years); transportation equipment (including rapid transit, ferries and related infrastructure) (15–100 years); computer hardware and software (1–15 years); major software systems (1–15 years); and other (including vehicles, specialized equipment, and furniture and equipment) (1–30 years). Land improvements are amortized over 30 years (recreation areas) or 40 years (dams and water management systems). Leasehold improvements (2–40 years) are amortized over the lesser of the lease term and the life of the asset.

Tangible capital assets include infrastructure assets under public private partnership agreements as disclosed in Note 18.

BC Transportation Financing Authority assets include capital assets under lease to South Coast British Columbia Transportation Authority. These capital assets under lease consist of land, land improvements, interests in land, park and ride facilities, stations, guideways, rolling stocks and other assets related to the SkyTrain system, including the Millennium Line, Evergreen Line, the Expo Line SkyTrain systems and the West Coast Express. These assets are made available for use by South Coast British Columbia Transportation Authority under operating lease arrangements for a nominal lease amount pursuant to an Order in Council and represent one of the province's contributions toward public transportation in the Metro Vancouver service area.

The Provincial Rapid Transit System Operating and Use Agreement expires in January 2040 and may be renewed, if mutually agreed, for successive five year terms as long as the assets remain a part of the Greater Vancouver regional transportation system. The net book value of these assets is $2,116 million (2024: $2,166 million).

The province received donations of tangible capital assets during the year of $8 million (2024: $5 million).

PROVINCE OF BRITISH COLUMBIA 77 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**23. Restricted Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Endowment funds |  |  | **2352** |

---

Donors provide contributions that are invested in various financial instruments. Donors have placed restrictions on their contributions to the endowment funds of universities, colleges, school districts, health organizations, and taxpayer–supported Crown corporations. One restriction is that the original contribution should not be spent. Endowment agreements may also require that a portion of investment income be used to offset the eroding effect of inflation or preserve the original value.

**24. Prepaid Program Costs**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Prepaid program costs |  |  | **1233** |

---

The prepaid program costs include deferred costs associated with the BC Timber Sales Program, prepaid operating costs and inventories of supplies and other not–for–resale items held by taxpayer–supported Crown corporations and agencies which are charged to expense when consumed in the normal course of operations. At March 31, 2025, the total inventories held for use or consumption was $533 million (2024: $538 million). During the year, the total expense due to the consumption of inventories was $2,419 million (2024: $1,976 million) including the effect of write–downs of $20 million (2024: $21 million).

**25. Other Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Other deferred costs |  |  | **468** |

---

Other deferred costs include funds held by a service provider to provide group health and welfare benefits on behalf of health authorities, affiliates and community social service organizations. As at March 31, 2025, the actuarial valuation estimated fund assets were $1,806 million (2024: $1,635 million) and accrued benefit obligations were $1,188 million (2024: $1,170 million).

78 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**26. Accumulated Surplus (Deficit)**

---

| |
|:---|
| Accumulated surplus (deficit)—before remeasurement gains and losses—beginning of year as previously reported<sup>1</sup> |
| Surplus (deficit) for the year |
| **Accumulated surplus (deficit)—before remeasurement gains and losses))** |
| Effect of remeasurement gains and (losses) |
| **Accumulated surplus (deficit)—end of year** |

---

<sup>1</sup>The opening accumulated surplus (deficit) figures for April 1, 2024 and April 1, 2023 are reported before remeasurement gains and losses.

**27. Contingent Assets and Contractual Rights**

(a) UNRECOGNIZED ASSETS

Intangible assets that are not purchased and items inherited by right of the Crown, such as forest, water and mineral resources, are not recognized in these financial statements. Land inherited by right of the Crown is capitalized at a nominal value of one dollar. The value of collections (e.g. artifacts, specimens, works of art, and documents) has been excluded from the Statement of Financial Position. When collections are purchased, these items are expensed.

(b) CONTINGENT ASSETS

The province has contingent assets where the estimated amount is, or exceeds, $100,000 and the occurrence of the confirming future event is likely.

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Litigation settlements |  |  | 1 |
| Miscellaneous |  |  | 1 |
|  |  |  | **2** |

---

The Province is a claimant in legal action against three Canadian tobacco manufacturers to recover costs of treating tobacco–related diseases. On March 6, 2025, the Ontario Superior Court of Justice approved a $32.5 billion settlement agreement in Canada under the Companies' Creditors Arrangement Act*,* subject to certain conditions*.* The settlement is payable by an up–front $6.2 billion lump–sum payment and the balance through annual payments to be received over approximately 20 years. The annual payments are based on a percentage of the future after–tax profits earned in each subsequent year and may be affected by economic, regulatory or market factors.

Under the terms of the settlement, the Province's share of the arrangement is estimated at $3,578 million which is 14.4710% of the $24,725 million global settlement amount owed to provinces and territories. The Province's estimated share of the legal costs are $167 million. Payments to the Province remain uncertain until the Plans of Compromise and Arrangement conditions are met.

PROVINCE OF BRITISH COLUMBIA 79 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**27. Contingent Assets and Contractual Rights**—Continued

(c) CONTRACTUAL RIGHTS

Contractual rights are future–oriented financial information based on multi–year contracts the government has entered into that will become assets and revenue when terms of the contracts are met. The following table presents contractual rights that are greater than $50 million, by sector, by year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and<br>beyond | <br>Total |
|  | $| $| $| $| $| $| $|
| **Consolidated Revenue Fund and Taxpayer–supported Crown corporations and agencies** |  |  |  |  |  |  |  |
| Education | 49 | 34 | 21 | 12 | 7 | 14 | 137 |
| Natural resources and economic development | 538 | 474 | 406 | 411 | 374 | 4904 | 7107 |
| Transportation | 578 | 739 | 310 | 9 | 8 | 46 | 1690 |
|  | 1165 | 1247 | 737 | 432 | 389 | 4964 | 8934 |
| **Self–supported Crown corporations and agencies** |  |  |  |  |  |  |  |
| Natural resources and economic development | 411 | 300 | 272 | 240 | 226 | 3930 | 5379 |
| Protection of persons and property | 14 | 12 | 10 | 9 | 6 | 11 | 62 |
|  | 425 | 312 | 282 | 249 | 232 | 3941 | 5441 |
| **Total** | **1590** | **1559** | **1019** | **681** | **621** | **8905** | **14375** |

---

The following table presents amounts provided in multi–year government transfer agreements that are greater than $50 million, by sector, by year. These government transfers may be authorized by the federal government in the future.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and<br>beyond | <br>Total |
|  | $| $| $| $| $| $| $|
| **Consolidated Revenue Fund and Taxpayer–supported Crown corporations and agencies** |  |  |  |  |  |  |  |
| Health | 698 | 517 | 333 | 254 |  |  | 1802 |
| Education | 197 | 263 | 97 |  |  |  | 557 |
| Social services | 1353 | 1032 | 1039 | 1071 | 1103 | 1136 | 6734 |
| Other | 160 | 172 | 183 | 13 | 7 | 6 | 541 |
| Natural resources and economic development | 17 | 17 | 17 |  |  |  | 51 |
| Transportation | 33 | 33 | 33 | 33 | 33 | 1084 | 1249 |
| Protection of persons and property | 29 | 29 |  |  |  |  | 58 |
| **Total** | 2487 | 2063 | 1702 | 1371 | 1143 | 2226 | 10992 |

---

80 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**28. Contingent Liabilities and Contractual Obligations**

(a) GUARANTEED DEBT

The authorized limit for loans guaranteed by the province as at March 31, 2025 was $10 million (2024: $398 million). These guarantees include amounts where indemnities have been made for explicit quantifiable loans. Guaranteed debt as at March 31, 2025 totalled $6 million (2024: $15 million). *See* Consolidated Statement of Guaranteed Debt on page 107 for details.

(b) CONTINGENT LIABILITIES

*Litigation*

The province is a defendant in legal actions and is involved in matters such as expropriation, contract and tax disputes. These matters may give rise to future liabilities.

The province has the following contingent liabilities where the estimated or known claim is, or exceeds, $100,000 but the likelihood of payment is uncertain.

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Damage to persons or property |  |  | 5 |
| Tax disputes |  |  | 77 |
| Contract disputes |  |  | 24 |
| Property access disputes |  |  | 30 |
| Negligence and miscellaneous |  |  | 4459 |
|  |  |  | **4595** |

---

When it is determined it is likely a liability exists and the amount can be reasonably estimated, the amount is recorded as an accrued liability (*see* Note 12) and an expense. The accrued liability for pending litigation in process at March 31, 2025 was $282 million (2024: $342 million).

*Tax Appeals*

The province has received appeals under various tax statutes totalling $367 million (2024: $253 million). The cost to the province cannot be determined as the outcome of these appeals is uncertain.

*Guarantees and Indemnities*

The province also has contingent liabilities in the form of indemnities, indirect guarantees and outstanding claims for amounts that are not explicit or reasonably estimable at this time.

PROVINCE OF BRITISH COLUMBIA 81 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**28. Contingent Liabilities and Contractual Obligations**—Continued

*Environmental Clean–up*

The province is responsible for the remediation of numerous contaminated sites in the province that are no longer in productive economic use.

For sites where the province is directly responsible or has assumed responsibility for remediation, the following provision for future clean–up costs has been accrued based on preliminary environmental assessments, or estimations for those sites where an assessment has not been conducted. The provision is recorded as an accrued liability (*see* Note 12).

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Mine sites |  |  | 359 |
| Transportation infrastructure |  |  | 45 |
| Industrial sites |  |  | 23 |
| Salt sheds |  |  | 5 |
| Maintenance yards |  |  | 4 |
| Pulp mills |  |  | 2 |
| Miscellaneous |  |  | 93 |
|  |  |  | **531** |

---

This provision for future clean–up costs is an estimate of the minimum remediation costs for known sites where an assessment has been conducted, or where available information on sites is sufficient to estimate the costs. Where information is not available to make an estimate, costs are extrapolated from the estimated costs of similar sites. The undiscounted estimated costs for sites that require ongoing remediation, monitoring or maintenance is $114 million. Where settlement dates are known, these costs are discounted using the province's estimated weighted average cost of capital at periodic evaluation dates. As at March 31, 2025, the weighted average cost of capital is 3.60% (2024: 3.75%).

As at the reporting date, 27 sites where historical industrial activity has occurred have been identified for monitoring purposes. Remediation activities are unlikely to be performed on these sites and a liability may be recorded at a later date.

Additional environmental liabilities of government business enterprises include $279 million (2024: $242 million) accrued by British Columbia Hydro and Power Authority, and $3 million (2024: $10 million) accrued by British Columbia Railway Company. The liabilities are included in the investment balance of the Crown corporation or agency in Note 7.

82 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**28. Contingent Liabilities and Contractual Obligations**—Continued

*Treaty Negotiations*

Treaty negotiations between the province, Canada and First Nations commenced in 1994. The province anticipates these negotiations will result in modern–day treaties defining the boundaries and nature of First Nations treaty settlement lands. As of March 31, 2025, there were 37 First Nations Groups in active or completed negotiations, representing 61 current or former *Indian Act* bands.

When final treaty agreements are ratified by all parties, the provincial cost of treaties is recorded in the Public Accounts. Costs are accounted for based on the substance of the final agreement.

A Final Agreement with Yale First Nation was ratified by Yale First Nation in March 2011, by the provincial government on June 2, 2011, and by the Parliament of Canada on June 19, 2013. A treaty effective date has not yet been agreed to by the parties. Through the treaty, the Province will provide Yale with a capital transfer of $2.5 million, economic development funding of $1.1 million and 1,179 hectares of provincial Crown lands.

It is expected the capital transfer components for all treaty agreements will be, in most cases, entirely provided by Canada. The current commitments of provincial Crown land for all Final Agreement and Incremental Treaty Agreement tables are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ditidaht, 3,567 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Homalco, 707 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In–SHUCK–ch (Skatin and Samahquam),
9,474 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Kaska Dena Council, 677 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Kitselas, 35,290 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Kitsumkalum, 45,789 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· K'omoks, 3,040 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ktunaxa Nation Council, 418 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lake Babine Nation (BC only), 497.6 hectares
with a one–time payment of $0.02 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lax Kw'alaams First Nation, 4,309 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lheidli T'enneh, 3,416 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Nazko, 172 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· NStQ (Canoe Creek, Sugar Cane, Canim Lake, Soda
Creek), 3,656 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pacheedaht, 1,216 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Te'mexw (Malahat, Scia'new, Snaw–naw–as,
Songhees and T'Sou–ke), 1,916.7 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tla–o–qui–aht, 47 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Wei Wai Kai (Cape Mudge First Nation), 2,217
hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Wei Wai Kum (Campbell River First Nation) 1,276
hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Wuikinuxv, 13,946 hectares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Yekooche, 5,960 hectares

Upon coming into effect, treaties and other incremental agreements will also trigger implementation costs and may result in compensation to third parties. Those costs are not determinable at this time.

Some First Nations have chosen not to negotiate through the formal British Columbia Treaty Commission process. A number of those First Nations have chosen to advance their claims through litigation. Claims include declarations with respect to Aboriginal rights and title, commercial rights, challenges with respect to adequacy of consultation and accommodation, and damages for unjustified infringements. The amount of any provincial liability is not determinable at this time.

PROVINCE OF BRITISH COLUMBIA 83 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**28. Contingent Liabilities and Contractual Obligations**—Continued

*Crown Corporations, Agencies and School Districts, Universities, Colleges, Institutes and Health Organizations (SUCH)*

The BC Transportation Financing Authority has unrecorded contingent liabilities of $101 million (2024: $117 million), including $32 million (2024: $33 million) for expropriation claims and $25 million (2024: $25 million) for contaminated sites.

The B.C. Pavilion Corporation and predecessor property owners remain liable for environmental and reclamation obligations for known hazards that may exist at its facilities. Management is not aware of any existing environmental problems related to its facilities that may result in a material liability to the B.C. Pavilion Corporation.

(c) CONTRACTUAL OBLIGATIONS

The government has entered into a number of multiple–year contracts for the delivery of services and the construction of assets. These contractual obligations will become liabilities in the future when the terms of the contracts are met. Disclosure relates to the unperformed portion of the contracts. Contractual obligations are future–oriented financial information about non–discounted future cash payments for operating and capital contracts, and do not indicate when the related expenses will be recognized in the financial statements.

The following table presents the minimum amounts required to satisfy the contractual obligations, for contractual obligations that are greater than $50 million, by sector, by year. Details are available as unaudited supplementary information on the public website at <u>http://gov.bc.ca/publicaccounts</u>.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and<br>beyond | <br>Total |
|  | $| $| $| $| $| $| $|
| **Consolidated Revenue Fund and Taxpayer–supported Crown corporations and agencies** |  |  |  |  |  |  |  |
| Health | 5884 | 2615 | 1962 | 1323 | 1009 | 5396 | 18189 |
| Education | 1876 | 801 | 238 | 44 | 26 | 127 | 3112 |
| Social services | 180 |  |  |  |  |  | 180 |
| Other | 86 | 64 | 15 | 14 | 14 | 658 | 851 |
| Natural resources and economic development | 84 | 85 | 50 | 48 | 49 | 285 | 601 |
| Transportation | 4320 | 2962 | 1994 | 1241 | 571 | 8799 | 19887 |
| Protection of persons and property | 10 | 11 | 11 | 13 | 13 | 238 | 296 |
| General government | 678 | 645 | 553 | 530 | 418 | 190 | 3014 |
|  | 13118 | 7183 | 4823 | 3213 | 2100 | 15693 | 46130 |
| **Self–supported Crown corporations and agencies** |  |  |  |  |  |  |  |
| Natural resources and economic development | 3106 | 2528 | 2266 | 2159 | 1892 | 52252 | 64203 |
| Protection of persons and property | 12 | 16 | 20 | 21 | 23 | 29 | 121 |
| General government | 286 | 11 | 2 | 1 |  |  | 300 |
|  | 3404 | 2555 | 2288 | 2181 | 1915 | 52281 | 64624 |
| **Total** | **16522** | **9738** | **7111** | **5394** | **4015** | **67974** | **110754** |

---

84 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**28. Contingent Liabilities and Contractual Obligations**—Continued

The following table presents the amounts provided in multiple–year government transfer agreements that are greater than $50 million, by sector, by year. While there is no current obligation for these amounts, these government transfers may be authorized by government in a future year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and<br>beyond | <br>Total |
|  | $| $| $| $| $| $| $|
| **Consolidated Revenue Fund and Taxpayer–supported Crown corporations and agencies** |  |  |  |  |  |  |  |
| Health | 59 | 61 | 61 | 61 | 61 |  | 303 |
| Education | 376 | 150 |  |  |  |  | 526 |
| Social services | 724 | 413 | 69 | 13 | 13 | 52 | 1284 |
| Other | 873 | 432 | 352 | 346 | 250 | 5673 | 7926 |
| Natural resources and economic development | 536 | 168 | 108 | 67 | 39 | 142 | 1060 |
| Protection of persons and property | 633 | 644 | 630 | 630 | 630 | 1261 | 4428 |
| **Total** | **3201** | **1868** | **1220** | **1117** | **993** | **7128** | **15527** |

---

**29. Taxation Revenue**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Personal income |  |  | 16443 |
| Provincial sales |  |  | 10330 |
| Corporate income |  |  | 6085 |
| Property |  |  | 3605 |
| Employer health |  |  | 2886 |
| Carbon |  |  | 2642 |
| Property transfer |  |  | 1993 |
| Fuel |  |  | 982 |
| Tobacco |  |  | 477 |
| Other |  |  | 853 |
|  |  |  | **46296** |

---

Personal income tax and corporate income tax revenues are recorded after deductions for non–refundable tax credits. Deductions allowable in the calculation of personal income tax revenue were $160 million (2024: $176 million) and corporate income tax revenue were $221 million (2024: $174 million). The types of tax credits adjusting personal income tax and corporation income tax revenues are for foreign taxes, logging taxes, venture capital, scientific and experimental development tax, and mining flow**–**through share.

Personal income tax revenue was also reduced by $190 million (2024: $191 million) for the BC Tax Reduction.

Property tax revenue was recorded net of home owner grants of $914 million (2024: $903 million).

PROVINCE OF BRITISH COLUMBIA 85 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**30. Natural Resource Revenue**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Petroleum, natural gas and minerals |  |  | 1502 |
| Forests |  |  | 657 |
| Water and other |  |  | 984 |
|  |  |  | **3143** |

---

Oil and gas royalty revenues are reported after adjustments for various royalty deduction programs such as producer cost of service allowances, deep well, marginal, ultra marginal, low production, net profit, new pool discovery and road construction. Deductions allowable in the calculation of royalty revenue were $278 million (2024: $429 million). Natural resource revenue includes mining taxes of $256 million (2024: $497 million) and logging taxes, before refunds, of $8 million (2024: $15 million).

The province offers credits for certain costs incurred by producers including the deep well, road and summer drilling programs. Deep well credits of $1,914 million (2024: $2,029 million), road credits of $13 million (2024: $11 million) and summer drilling credits of $3 million (2024: $3 million) have been incurred by producers and will reduce future natural gas royalties payable when wells go into production.

**31. Expense**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| **Total Expense by Group Account Classification** |  |  |  |
| Salaries and benefits |  |  | 32611 |
| Government transfers |  |  | 24657 |
| Operating costs |  |  | 19754 |
| Interest<sup>1</sup> |  |  | 3292 |
| Amortization |  |  | 2947 |
| Other |  |  | 1397 |
|  |  |  | **84658** |

---

<sup>1</sup>Total interest function costs include a $76 million net loss (2024: $156 million net loss) related to cross currency and interest rate derivatives.

86 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**32. Valuation Allowances**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2024 |
|  |  | $— | $|
| Accounts receivable |  |  | 276 |
| Loans, advances and mortgages receivable |  |  | 33 |
| Inventories held for use |  |  | 26 |
| Tangible capital assets |  |  | 9 |
|  |  |  | **344** |

---

These amounts are included in "Other" of "Total Expense by Group Account Classification" in Note 31, and represent the write–down of assets in the above Consolidated Statement of Financial Position categories.

**33. Trusts Under Administration**

Trusts Under Administration are not included in the Summary Financial Statements because the province has no equity in, or power of appropriation over, these trusts. The province administers these trusts on behalf of third parties according to the terms of the underlying trust arrangements. The trust assets consist of cash, term deposits, investments, real estate, and other sundry assets. Trust liabilities consist of trade payables, loans payable, and mortgages payable. Summary financial information from the financial statements of trust funds is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions |
|  | Assets | 2025 | 2024 | 2024 |
|  |  |  | $— | $|
| Public Guardian and Trustee of British Columbia<sup>1</sup> <br> —administered by government officials) |  |  |  | 1489 |
| Credit Union Deposit Insurance Corporation of British Columbia<sup>1</sup> —administered by various government officials and a non–government investment corporation) |  |  |  | 910 |
| Supreme and provincial court (Suitors' Funds) <br> —administered by the Courts |  |  |  | 237 |
| Other trust funds <br> —administered by various government officials |  |  |  | 121 |
|  |  |  |  | **2757** |

---

<sup>1</sup>These organizations are reported under International Financial Reporting Standards. The financial statements of Public Guardian and Trustee of British Columbia are draft and unaudited when the Public Accounts are prepared.

**34. Comparison to Estimates**

The Estimates numbers on the Statement of Operations are taken from the Estimated Statement of Operations, the Estimated Revenue by Source, and the Estimated Expense by Function, on pages 4 – 6 of the Estimates, Fiscal Year Ending March 31, 2025, presented to the Legislative Assembly February 22, 2024.

PROVINCE OF BRITISH COLUMBIA 87 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**35. Comparatives**

Comparative figures have been restated to conform with the current year's presentation.

**36. Asset Retirement Obligations**

Asset retirement obligations recognized by the province include estimated costs for which there is a legal obligation to conduct activities associated with the retirement of tangible capital assets. Activities may include the remediation of hazardous materials such as asbestos in buildings and the decommissioning or restoration of assets such as land or leaseholds to their original use and condition. The following table summarizes the changes to the consolidated revenue fund and taxpayer–supported crown corporations and agencies asset retirement obligations during the year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Balance–<br>beginning of<br>year | New<br>liabilities in<br>the year | Accretion<br>expense in<br>the year | 2025 | 2024 |
|  | $| $| $| $| $|
| Health | 373 | 2 | 10) | 385 | 373 |
| Education | 756 | 4 | 5) | 770 | 756 |
| Other | 301 | 7 | 10) | 312 | 301 |
| Natural resources and economic development | 17 |  |  | 17 | 17 |
| Transportation | 246) |  |  | 242 | 246 |
| Protection of persons and property | 1 |  |  | 1 | 1 |
| General government | 154 | 2 | 5) | 159 | 154 |
|  | **1848** | **15** | **30)** | **1886** | **1848** |

---

The estimated undiscounted cash flows required to settle these obligations are $2,360 million. Those with legally stipulated settlement dates are expected to be settled between 2025 and 2086. The timing of settlement for all other obligations is dependent on the use of the underlying assets. Where the settlement date is known, estimated future costs are discounted using the province's estimated weighted average cost of capital at periodic evaluation dates. As at March 31, 2025, the weighted average cost of capital is 3.60% (2024: 3.75%).

Asset retirement obligations for self–supported Crown corporations as at March 31, 2025 were $264 million (2024: $229 million). Self–supported Crown corporations' balances are calculated using International Financial Reporting Standards. Asset retirement obligations are included in the equity balance of the particular Crown corporation or agency in Note 7.

<sup>1</sup>Can include changes in the estimated cost, timing of settlement and the discount of the current value of the obligation.

88 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**37. Government Partnerships**

Canadian Blood Services owns and operates the national blood supply system for Canada, except for the province of Quebec. It is a government partnership amongst Canadian provinces and territories. The ministers of health for the provinces and territories, except Quebec, provide contributions to fund its operations. Its financial results are proportionately consolidated with those of the province based upon the province's share of its total provincial contributions (14.67%). The amounts included in these financial statements are as follows:

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Financial Position** | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| Financial assets |  |  |
| Liabilities |  |  |
| **Net liabilities** |  |  |
| Non–financial assets |  |  |
| **Accumulated surplus (deficit)** |  |  |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| Revenue | 248 | 226 |
| Expenses | 244 | 223 |
| **Surplus (deficit) for the year** | **4** | **3** |
| Accumulated surplus (deficit)—beginning of year | 54 | 51 |
| **Accumulated surplus (deficit)—end of year** | **58** | **54** |

---

**38. Regulatory Accounting**

Included in the Summary Financial Statements are entities that are regulated by the independent British Columbia Utilities Commission (the Commission). The Commission is responsible for regulating utilities in British Columbia which includes establishing tariffs, approving the construction of new facilities planned by utilities, and their issuance of securities. As an independent provincial agency, the operating results of the Commission are also included in the Summary Financial Statements.

Rate–regulation can result in the deferral and amortization of costs and recoveries to allow for adjustment of future rates. In the absence of rate–regulation, these amounts would otherwise be included in the determination of net income in the year the amounts are incurred. British Columbia Hydro and Power Authority had unamortized net regulatory assets at the end of March 31, 2025 of $2,520 million (2024: $1,852 million). Regulatory accounting resulted in an increase to net income for British Columbia Hydro and Power Authority for the year ended March 31, 2025 of $602 million (2024: $495 million). Further details are included in their financial statements outside these audited financial statements at <u>http://gov.bc.ca/financepublications</u>.

PROVINCE OF BRITISH COLUMBIA 89 <br> PUBLIC ACCOUNTS 2024/25

**Notes to Consolidated Summary Financial Statements**

**for the Fiscal Year Ended March 31, 2025**—Continued

**39. Amounts Collected and Transferred to Other Governments and Organizations**

Legislation establishes the right of other governments and organizations to amounts prescribed under various enactments. The province acts as an administrator for amounts collected for, and transferred to, other governments and organizations. These amounts are not included in the provincial operating results. These arrangements will continue each year until legislation is amended or the agreement concludes.

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| Rural areas | 555 | 504 |
| South Coast British Columbia Transportation Authority | 362 | 412 |
| Municipalities or eligible entities | 175 | 165 |
| British Columbia First Nations Gaming Revenue Sharing Limited Partnership | 100 | 108 |
| Habitat Conservation Trust | 7 | 7 |
| Cowichan Tribes | 4 | 4 |
|  | **1203** | **1200** |

---

Rural areas and local governments receive local property taxes and levies collected under the *Taxation (Rural Area) Act*.

South Coast British Columbia Transportation Authority receives fuel tax collected under the *South Coast British Columbia Transportation Authority Act*.

Municipalities, regional districts, and other eligible entities receive municipal and regional district tax collected under the *Provincial Sales Tax Act*.

British Columbia First Nations Gaming Revenue Sharing Limited Partnership receives 7% of provincial gaming net proceeds collected under the *Gaming Control Act* until March 31, 2045.

Habitat Conservation Trust Fund receives surcharges on hunting and angling licences collected under the *Wildlife Act*.

Cowichan Tribes receive the annual band tobacco tax collected as per a formula set out in the Consolidated Cowichan Tribes Tobacco Tax Collection Agreement.

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA 91 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the**

**Consolidated Summary Financial Statements**

**Reporting Entity**

**for the Fiscal Year Ended March 31, 2025**

TAXPAYER–SUPPORTED CROWN CORPORATIONS AND AGENCIES

(GOVERNMENT ORGANIZATIONS)

RECORDED ON A CONSOLIDATED BASIS

**Consolidated Revenue Fund<sup>1</sup>**

**Health Sector**

BC Health Care Occupational Health and Safety Society

Canadian Blood Services<sup>2</sup>

Fraser Health Authority

Interior Health Authority

Louis Brier Home and Hospital

Menno Hospital

Mount St. Mary Hospital

Nisga'a Valley Health Authority

Northern Health Authority

Providence Health Care Society

Provincial Health Services Authority

St Michael's Centre

Vancouver Coastal Health Authority

Vancouver Island Health Authority

**Education Sector**

BCNET

British Columbia Institute of Technology

Camosun College

Capilano University

Coast Mountain College

College of New Caledonia

College of the Rockies

Douglas College

Emily Carr University of Art & Design

Justice Institute of British Columbia

Knowledge Network Corporation

Kwantlen Polytechnic University

Langara College

Nicola Valley Institute of Technology

North Island College

Northern Lights College

Okanagan College

92 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the**

**Consolidated Summary Financial Statements**

**Reporting Entity**

**for the Fiscal Year Ended March 31, 2025**—Continued

TAXPAYER–SUPPORTED CROWN CORPORATIONS AND AGENCIES

(GOVERNMENT ORGANIZATIONS)

RECORDED ON A CONSOLIDATED BASIS

**Education Sector**—Continued

Royal Roads University

School Districts

Selkirk College

Simon Fraser University

SkilledTradesBC

The British Columbia Council for International Education

The University of British Columbia

Thompson Rivers University

University of the Fraser Valley

University of Northern British Columbia

University of Victoria

Vancouver Community College

Vancouver Island University

**Natural Resources and Economic Development Sector**

BC Infrastructure Benefits Inc.

B.C. Pavilion Corporation

British Columbia Energy Regulator

Columbia Basin Trust

Creston Valley Wildlife Management Authority Trust Fund

Destination BC Corp.

Forest Enhancement Society of BC

Forestry Innovation Investment Ltd.

InBC Investment Corp.

Infrastructure BC Inc.

Innovate BC

Nechako–Kitamaat Development Fund Society

**Transportation Sector**

BC Transportation Financing Authority

British Columbia Transit

**Protection of Persons and Property Sector**

BC Family Maintenance Agency Ltd.

BC Financial Services Authority

British Columbia Securities Commission

Organized Crime Agency of British Columbia Society

PROVINCE OF BRITISH COLUMBIA 93 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the**

**Consolidated Summary Financial Statements**

**Reporting Entity**

**for the Fiscal Year Ended March 31, 2025**—Continued

TAXPAYER–SUPPORTED CROWN CORPORATIONS AND AGENCIES

(GOVERNMENT ORGANIZATIONS)

RECORDED ON A CONSOLIDATED BASIS

**Social Services Sector**

Community Living British Columbia

Legal Services Society

**Other Sector**

BC Games Society

British Columbia Assessment Authority

British Columbia Housing Management Commission

British Columbia Public School Employers' Association

Community Social Services Employers' Association of British Columbia

Crown Corporations Employers' Association

First Peoples' Heritage, Language and Culture Council

Health Employers Association of British Columbia

Post–Secondary Employers' Association

The Royal British Columbia Museum Corporation

SELF–SUPPORTED CROWN CORPORATIONS AND AGENCIES

(GOVERNMENT BUSINESS ENTERPRISES)

RECORDED ON A MODIFIED EQUITY BASIS

British Columbia Hydro and Power Authority<sup>3</sup>

British Columbia Liquor Distribution Branch<sup>4</sup>

British Columbia Lottery Corporation<sup>4</sup>

Columbia Power Corporation<sup>3</sup>

Insurance Corporation of British Columbia<sup>5</sup>

<sup>1</sup>The Consolidated Revenue Fund has been allocated to the appropriate sector on the Consolidated Statement of Financial Position by Sector (page 94) and on the Consolidated Statement of Operations by Sector (page 98).

<sup>2</sup>This organization reflects a government partnership amongst Canadian provinces and is proportionally consolidated based upon the province's share (14.67%) of the total provincial contributions to the partnership.

<sup>3</sup>These organizations were included in the Natural Resources and Economic Development Sector results.

<sup>4</sup>These organizations were included in the General Government Sector results.

<sup>5</sup>This organization was included in the Protection of Persons and Property Sector results.

94 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Financial Position by Sector**

**as at March 31, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Health | Health | Education | Education | Social Services | Social Services | Other<sup>1</sup> | Other<sup>1</sup> | Natural Resources and<br>Economic<br> Development | Natural Resources and<br>Economic<br> Development |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
| **Financial Assets** |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | 2872 | 3072 | 3796 | 3692 | 51 | 63 | 217 | 251 | 147 | 160 |
| Temporary investments |  | 1 | 292 | 178 |  |  | 141 | 128 | 92 | 122 |
| Accounts receivable | 1306 | 1244 | 375 | 414 | 93 | 87 | 262 | 278 | 730 | 665 |
| Inventories for resale | 2 | 3 | 26 | 27 |  |  | 3 | 2 | 92 | 84 |
| Due from Crown corporations and agencies | 10 | 12 | 56 | 50 | 5 | 1 | 22 | 26 | 15 | 16 |
| Due from other governments | 109 | 96 | 71 | 43 | 90 | 106 | 123 | 153 | 174 | 238 |
| Due from self–supported Crown corporations and agencies |  |  | 219 | 191 |  |  |  |  | 56 | 61 |
| Equity in self–supported Crown corporations and agencies |  |  | 33 | 39 |  |  |  |  | 9425 | 8832 |
| Loans, advances and mortgages receivable | 637 | 629 | 1298 | 1154 | 1 | 1 | 1506 | 1379 | 50 | 66 |
| Other investments | 92 | 85 | 4172 | 3793 |  |  | 213 | 202 | 438 | 349 |
| Sinking fund investments |  |  | 73 | 63 |  |  |  |  |  |  |
| Derivative financial instruments | 5 | 3 |  | 3 |  |  | 1 |  |  |  |
| Loans for purchase of assets, recoverable from agencies |  |  |  |  |  |  |  |  |  |  |
|  | 5033 | 5145 | 10411 | 9647 | 240 | 258 | 2488 | 2419 | 11219 | 10593 |

---

PROVINCE OF BRITISH COLUMBIA 95 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Financial Position by Sector**

**as at March 31, 2025**—Continued

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Debt Servicing<sup>2</sup> | Debt Servicing<sup>2</sup> | Transportation | Transportation | Protection of Persons<br>and Property | Protection of Persons<br>and Property | General Government<sup>3</sup> | General Government<sup>3</sup> | Total | Total |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
| **Financial Assets** |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | 6831 | 1525 | 81 | 68 | 58 | 33 | 504 | 477) | 12816 | 6308 |
| Temporary investments |  |  |  |  |  | 31 |  |  | 525 | 460 |
| Accounts receivable | 1130 | 983 | 32 | 16 | 110 | 114 | 4488 | 4566) | 8340 | 8130 |
| Inventories for resale |  |  | 10 | 28 | 2 | 2 | 1 | 2 | 136 | 148 |
| Due from Crown corporations and agencies |  |  | 37 | 39) |  |  |  |  | 0 | 0 |
| Due from other governments |  |  | 552 | 166 | 1255 | 940 | 628 | 855 | 3002 | 2597 |
| Due from self–supported Crown corporations and agencies |  |  |  |  |  |  | 225 | 305 | 500 | 557 |
| Equity in self–supported Crown corporations and agencies |  |  | 248 | 239 | 7193 | 5503 | 86 | 64 | 16985 | 14677 |
| Loans, advances and mortgages receivable |  |  |  |  | 1 | 1 | 2333 | 2131) | 5826 | 5359 |
| Other investments | 9 | 9 | 76 | 76 | 57 | 54 | 1 |  | 5058 | 4568 |
| Sinking fund investments | 562 | 491 | 68 | 60) |  |  |  |  | 562 | 491 |
| Derivative financial instruments | 1209 | 698) |  |  |  |  |  |  | 1209 | 698 |
| Loans for purchase of assets, recoverable from agencies | 59102 | 53165 |  |  |  |  |  |  | 33577 | 30572 |
|  | 68843 | 56871 | 1104 | 692 | 8676 | 6678 | 8266 | 8400 | 88536 | 74565 |

---

96 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements** 

**Consolidated Statement of Financial Position by Sector** 

**as at March 31, 2025**—Continued

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | Natural Resources and | Natural Resources and |
|  | Economic | Economic |
|  | Development | Development |
|  | 2025 | 2024 |
|  | $ | $ |
| **Liabilities** |  |  |
| Accounts payable and accrued liabilities | 2112 | 2334 |
| Employee future benefits | 56 | 54 |
| Due to other governments | 15 | 18 |
| Due to Crown corporations, agencies and trust funds | 620 | 630 |
| Due to the Province of British Columbia | 13 | 11 |
| Deferred revenue | 553 | 531 |
| Taxpayer–supported debt | 251 | 191 |
| Self–supported debt |  |  |
| Derivative financial instruments |  |  |
|  | 3620 | 3769 |
| Net assets (liabilities) | 7599 | 6824 |
| **Non–financial Assets** |  |  |
| Tangible capital assets | 2292 | 2261 |
| Restricted assets |  |  |
| Prepaid program costs | 282 | 284 |
| Other assets |  |  |
|  | 2574 | 2545 |
| **Accumulated surplus (deficit)** | **10173** | **9369** |

---

PROVINCE OF BRITISH COLUMBIA 97 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Financial Position by Sector**

**as at March 31, 2025**—Continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions |
|  | Protection of Persons | Protection of Persons | | |
|  | and Property | and Property | General Government<sup>3</sup> | General Government<sup>3</sup> |
|  | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ |
| **Liabilities** |  |  |  |  |
| Accounts payable and accrued liabilities | 453 | 524 | 1409 | 1486) |
| Employee future benefits | 81 | 76 | 768 | 780 |
| Due to other governments | 304 | 236 | 189 | 879 |
| Due to Crown corporations, agencies and trust funds | 4 |  | 35 | 37) |
| Due to the Province of British Columbia |  |  | 1) |  |
| Deferred revenue | 307 | 342 | 13 | 12 |
| Taxpayer–supported debt |  |  | 293 | 302) |
| Self–supported debt |  |  |  |  |
| Derivative financial instruments |  |  |  |  |
|  | 1149 | 1178 | 2708 | 3496 |
| Net assets (liabilities) | 7527 | 5500 | 5558 | 4904 |
| **Non–financial Assets** |  |  |  |  |
| Tangible capital assets | 168 | 169 | 2013 | 1952) |
| Restricted assets |  |  |  |  |
| Prepaid program costs | 9 | 8 | 90 | 80 |
| Other assets |  |  |  |  |
|  | 177 | 177 | 2103 | 2032 |
| **Accumulated surplus (deficit)** | **7704** | **5677** | **7661** | **6936** |

---

<sup>1</sup> The Other Sector consists of activities, such as housing and culture, which cannot be allocated to any of the specifically described sector classifications.

<sup>2</sup> Debt servicing represents the financial impacts of activities related to management of the public debt.

<sup>3</sup> Includes the Legislature, tax collection and administration, Canadian Health and Social Transfers from the federal government, liquor and gaming profits, general administration and central agency services such as accounting, auditing, budgeting, insurance and risk management to all sectors.

<sup>4</sup> Represents sectoral adjustments to conform to government accounting policies and to eliminate transactions between sectors.

98 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Operations by Sector**

**for the Fiscal Year Ended March 31, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | | | | | | | | | Natural Resources and | Natural Resources and |
|  | | | | | | | | | Economic | Economic |
|  | Health | Health | Education | Education | Social Services | Social Services | Other<sup>1</sup> | Other<sup>1</sup> | Development | Development |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| Taxation |  |  |  |  |  |  | 120 | 114 |  |  |
| Contributions from the federal government | 699 | 279 | 1330 | 1350 | 1152 | 1006 | 321 | 335 | 224 | 124 |
| Fees and licences | 794 | 744 | 3191 | 3107 | 3 | 3 | 50 | 41 | 170 | 156 |
| Miscellaneous | 2035 | 1831 | 1875 | 1869 | 47 | 47 | 193 | 139 | 530 | 408 |
| Contributions from the provincial government / net earnings of self–supported Crown corporations and agencies | 101 | 182 | 532 | 499 | 25 | 27 | 99 | 242 | 792 | 512 |
| Natural resources |  |  |  |  |  |  |  |  | 2416 | 3143 |
| Investment income | 137 | 134 | 384 | 356 | 7 | 9 | 36 | 24 | 34 | 36 |
| **Total revenue** | **3766** | **3170** | **7312** | **7181** | **1234** | **1092** | **819** | **895** | **4166** | **4379** |

---

PROVINCE OF BRITISH COLUMBIA 99 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Operations by Sector**

**for the Fiscal Year Ended March 31, 2025**—Continued

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | | | | | Protection of Persons | Protection of Persons | | | | |
|  | Debt Servicing<sup>2</sup> | Debt Servicing<sup>2</sup> | Transportation | Transportation | and Property | and Property | General Government<sup>3</sup> | General Government<sup>3</sup> | Total | Total |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| Taxation |  |  | 601 | 591 |  |  | 48725 | 45591 | 49446 | 46296 |
| Contributions from the federal government |  |  | 487 | 470 | 391 | 640 | 9703 | 9530 | 14307 | 13734 |
| Fees and licences |  |  | 101 | 81 | 1120 | 1100 | 39 | 35 | 5468 | 5267 |
| Miscellaneous |  |  | 75 | 102 | 290 | 266 | 548 | 544) | 5460 | 4988 |
| Contributions from the provincial government / net earnings of self–supported Crown corporations and agencies |  |  | 24 | 33 | 1655 | 1399 | 2389 | 2577) | 4790 | 4477 |
| Natural resources |  |  |  |  |  |  |  |  | 2416 | 3143 |
| Investment income | 2222 | 1828 | 1 | 12 | 4 |  | 271 | 218 | 2159 | 1718 |
| **Total revenue** | **2222** | **1828** | **1289** | **1289** | **3460** | **3405** | **61675** | **58495** | **84046** | **79623** |

---

100 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Operations by Sector** 

**for the Fiscal Year Ended March 31, 2025**—Continued

---

| |
|:---|
| **Expense** |
| Salaries and benefits |
| Government transfers |
| Operating costs |
| Interest |
| Amortization |
| Other |
| **Operating expense** |
| **Surplus (deficit) for the Fiscal Year ended March 31** |

---

PROVINCE OF BRITISH COLUMBIA 101 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Operations by Sector**

**for the Fiscal Year Ended March 31, 2025**—Continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions |
|  | Protection of Persons | Protection of Persons | | |
|  | and Property | and Property | General Government<sup>3</sup> | General Government<sup>3</sup> |
|  | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ |
| **Expense** |  |  |  |  |
| Salaries and benefits | 1482 | 1361 | 846 | 802 |
| Government transfers | 1102 | 1038 | 130 | 304) |
| Operating costs | 558 | 661 | 571 | 510) |
| Interest |  |  | 16 | 16) |
| Amortization | 41 | 38 | 156 | 143 |
| Other | 29 | 32 | 433 | 587 |
| **Operating expense** | **3212** | **3130** | **2152** | **2362** |
| **Surplus (deficit) for the Fiscal Year ended March 31** | **248** | **275** | **59523** | **56133** |

---

<sup>1</sup>The Other Sector consists of activities, such as housing and culture, which cannot be allocated to any of the specifically described sector classifications.

<sup>2</sup>Debt servicing represents the financial impacts of activities related to management of the public debt.

<sup>3</sup>Includes the Legislature, tax collection and administration, Canadian Health and Social Transfers from the federal government, liquor and gaming profits, general administration and central agency services such as accounting, auditing,budgeting, insurance and risk management to all sectors.

<sup>4</sup>Represents sectoral adjustments to conform to government accounting policies and to eliminate transactions between sectors.

102 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Statement of Financial Position**

**for Self–supported Crown Corporations and Agencies<sup>1</sup>**

**as at March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions |
|  | Natural Resources<br>and Economic<br>Development<sup>2</sup> | Protection of<br>Persons and<br>Property<sup>3</sup> |<br>2025<br>Sub–Total |<br>2024<br>Sub–Total |
|  | $ | $ | $ | $ |
| **Assets** |  |  |  |  |
| Cash and cash equivalents |  | 18 | 304 | 298 |
| Accounts receivable |  | 338 | 1337 | 1514 |
| Inventories |  |  | 711 | 641 |
| Other investments |  | 18246 | 19746 | 19583 |
| Tangible capital assets |  | 336 | 45761 | 42955 |
| Other assets |  | 349 | 6698 | 5612 |
| **Total Assets** |  | **19287** | **74557** | **70603** |
| **Liabilities** |  |  |  |  |
| Accounts payable and accrued liabilities |  | 11967 | 17295 | 18623 |
| Deferred revenue |  | 77 | 6689 | 6405 |
| Due to Province of British Columbia |  |  | 281 | 366 |
| Debt due to Province of British Columbia |  |  | 32900 | 30052 |
| Other debt |  | 49 | 1669 | 1734 |
|  |  | 12093 | 58834 | 57180 |
| **Equity** |  |  |  |  |
| Investment by Province of British Columbia |  |  | 46 | 46 |
| Other comprehensive income) |  | 593 | 629 | 595 |
| Unremitted earnings–end of year |  | 6601 | 15048 | 12782 |
|  |  | 7194 | 15723 | 13423 |
| **Total Liabilities and Equity** |  | **19287** | **74557** | **70603** |

---

PROVINCE OF BRITISH COLUMBIA 103 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Statement of Financial Position**

**for Self–supported Crown Corporations and Agencies<sup>1</sup>**

**as at March 31, 2025**—Continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions |
|  | Natural Resources<br>subsidiaries<sup>6</sup> | Transportation<br>subsidiaries<sup>7</sup> | 2025<br>Grand Total | 2024<br>Grand Total |
|  | $ | $ | $ | $ |
| **Assets** |  |  |  |  |
| Cash and cash equivalents | 30 |  | 478 | 432 |
| Accounts receivable | 487 |  | 1944 | 2141 |
| Inventories |  |  | 750 | 686 |
| Other investments | 33 |  | 20116 | 19975 |
| Tangible capital assets | 817 |  | 47709 | 44736 |
| Other assets | 267 |  | 6973 | 5883 |
| **Total Assets** | **1634** |  | **77970** | **73853** |
| **Liabilities** |  |  |  |  |
| Accounts payable and accrued liabilities | 14 |  | 17571 | 18895 |
| Deferred revenue | 1 |  | 6760 | 6500 |
| Due to Province of British Columbia |  |  | 500 | 557 |
| Debt due to Province of British Columbia |  |  | 32949 | 30157 |
| Other debt | 639 |  | 3205 | 3067 |
|  | 654 |  | 60985 | 59176 |
| **Equity** |  |  |  |  |
| Investment by Province of British Columbia | 941 |  | 1167 | 1167 |
| Other comprehensive income) |  |  | 609 | 582 |
| Unremitted earnings–end of year | 39 |  | 15209 | 12928 |
|  | 980 |  | 16985 | 14677 |
| **Total Liabilities and Equity** | **1634** |  | **77970** | **73853** |

---

<sup>1</sup>Self–supported Crown corporations and agencies report under International Financial Reporting Standards. These statements include related party transactions between self–supported Crown corporations and with taxpayer–supported entities. No elimination entries are recorded for these transactions. They are in the normal course of operations and are recorded at the exchange amount. The normal course of operations includes trade, financial and legal services, shared administration, business relationships, collaboration on projects, carbon offsets, and payment of cash dividends. Significant balances are disclosed in the notes to these financial statements.

<sup>2</sup>British Columbia Hydro and Power Authority and Columbia Power Corporation.

<sup>3</sup>Insurance Corporation of British Columbia.

<sup>4</sup>British Columbia Liquor Distribution Branch and government's proportionate share of British Columbia Lottery Corporation.

<sup>5</sup>Self–supported subsidiaries, including Great Northern Way Campus Trust, Heritage Realty Properties Ltd., SFU Community Trust, UBC Properties Trust, and Vancouver Island Technology Park Trust, of post–secondary institutions.

<sup>6</sup>Columbia Basin Trust joint ventures with Columbia Power Corporation (Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation, and Waneta Expansion Power Corporation).

<sup>7</sup>British Columbia Rail Company, a subsidiary of BC Transportation Financing Authority.

104 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Summary of Results of Operations and Statement**

**of Equity for Self–supported Crown Corporations and Agencies<sup>1</sup>**

**for the Fiscal Year Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | Protection of<br>Persons and<br>Property<sup>3</sup> |<br>2025<br>Sub–Total |<br>2024<br>Sub–Total |
|  | $ | $ | $ |
| Revenue | 6822 |  |  |
| Expense | 5169 |  |  |
| Net earnings of self–supported Crown corporations and agencies | 1653 |  |  |
| Dividends) |  |  |  |
| Adjustments to dividends) |  |  |  |
| Transfers (to) from deferred revenue |  |  |  |
| Increase(decrease) in unremitted earnings in self–supported Crown corporations and agencies | 1653 |  |  |
| Unremitted earnings—beginning of year | 4948) |  |  |
| Adjustments to unremitted earnings | 398 |  |  |
| Unremitted earnings—end of year | 6601 |  |  |
| Accumulated other comprehensive income—beginning of year) | 555 |  |  |
| Other comprehensive income | 38 |  |  |
| Accumulated other comprehensive income—end of year | 593 |  |  |
| Investment by Province of British Columbia |  |  |  |
| **Equity in self–supported Crown corporations and agencies for the year** | **7194** |  |  |

---

PROVINCE OF BRITISH COLUMBIA 105 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Summary of Results of Operations and Statement**

**of Equity for Self–supported Crown Corporations and Agencies<sup>1</sup>**

**for the Fiscal Year Ended March 31, 2025**—Continued

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | Natural Resources<br>subsidiaries<sup>6</sup> | 2025<br>Grand Total | 2024<br>Grand Total |
|  | $ | $ | $ |
| Revenue |  |  |  |
| Expense |  |  |  |
| Net earnings of self–supported Crown corporations and agencies |  |  |  |
| Dividends) |  |  |  |
| Adjustments to dividends) |  |  |  |
| Transfers (to) from deferred revenue |  |  |  |
| Increase(decrease) in unremitted earnings in self–supported |  |  |  |
| Crown corporations and agencies |  |  |  |
| Unremitted earnings—beginning of year) |  |  |  |
| Adjustments to unremitted earnings |  |  |  |
| Unremitted earnings—end of year |  |  |  |
| Accumulated other comprehensive income—beginning of year) |  |  |  |
| Other comprehensive income |  |  |  |
| Accumulated other comprehensive income—end of year |  |  |  |
| Investment by Province of British Columbia |  |  |  |
| **Equity in self–supported Crown corporations and agencies for the year** |  |  |  |

---

<sup>1</sup>Self–supported Crown corporations and agencies report under International Financial Reporting Standards. These statements include related party transactions between self–supported Crown corporations and with taxpayer–supported entities. No elimination entries are recorded for these transactions. They are in the normal course of operations and are recorded at the exchange amount. The normal course of operations includes trade, financial and legal services, shared administration, business relationships, collaboration on projects, carbon offsets, and payment of cash dividends. Significant balances are disclosed in the notes to these financial statements.

<sup>2</sup>British Columbia Hydro and Power Authority and Columbia Power Corporation.

<sup>3</sup>Insurance Corporation of British Columbia.

<sup>4</sup>British Columbia Liquor Distribution Branch and government's proportionate share of British Columbia Lottery Corporation.

<sup>5</sup>Self–supported subsidiaries, including Great Northern Way Campus Trust, Heritage Realty Properties Ltd., SFU Community Trust, UBC Properties Trust, and Vancouver Island Technology Park Trust, of post–secondary institutions.

<sup>6</sup>Columbia Basin Trust joint ventures with Columbia Power Corporation (Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation, and Waneta Expansion Power Corporation).

<sup>7</sup>British Columbia Rail Company, a subsidiary of BC Transportation Financing Authority.

106 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the Summary Financial Statements**

**Consolidated Statement of Tangible Capital Assets<sup>1</sup>**

**for the Fiscal Year Ended March 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  |<br>Land and Land<br>Improvements |<br>Building |<br>Highway<br>Infrastructure |<br>Transportation<br>Equipment | Computer<br>Hardware/<br>Software |<br>Other<sup>3</sup> |<br>2025<br>Total |<br>2024<br>Total |
| **Historical Cost<sup>2</sup>** |  |  |  |  |  |  |  |  |
| Opening Cost |  |  |  |  |  |  |  |  |
| Additions |  |  |  |  |  |  |  |  |
| Disposals and valuation adjustments |  |  |  |  |  |  |  |  |
| **Accumulated Amortization** |  |  |  |  |  |  |  |  |
| Opening balance |  |  |  |  |  |  |  |  |
| Amortization expense |  |  |  |  |  |  |  |  |
| Effect of disposals and valuation adjustments |  |  |  |  |  |  |  |  |
| **Net book value for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |
| **Net book value for the year ended March 31, 2024** |  |  |  |  |  |  |  |  |

---

<sup>1</sup>This statement includes assets that are held on capital leases at March 31, 2025 at a gross value of $406 million less accumulated amortization of $(160) million for a net book value totalling $246 million (2024: gross value of $401 million less accumulated amortization of $(144) million for a net book value of $257 million) comprised of: heavy equipment gross $2 million less accumulated amortization $(1) million for a net book value of $1 million (2024: gross $1 million less accumulated amortization $(1) million for a net book value of nil); computer hardware/software gross $74 million less accumulated amortization $(51) million for a net book value of $23 million (2024: gross $72 million less accumulated amortization $(46) million for a net book value of $26 million); buildings gross $322 million less accumulated amortization $(102) million for a net book value of $220 million (2024: gross $321 million less accumulated amortization $(92) million for a net book value $229 million); and other assets gross $8 million less accumulated amortization $(6) million for a net book value of $2 million (2024: gross $7 million less accumulated amortization $(5) million for a net book value of $2 million).

<sup>2</sup>Historical cost includes work–in–progress at March 31, 2025 totalling $15,228 million (2024: $10,947 million) comprised of: buildings $8,704 million (2024: $6,748 million); land improvements $103 million (2024: $102 million); highway infrastructure $2,513 million (2024: $1,672 million); transportation equipment $2,680 million (2024: $1,518 million); computer hardware/software $851 million (2024: $660 million); and specialized equipment $377 million (2024: $247 million). Work–in–progress is not amortized. Work–in–progress includes capitalized interest expense at March 31, 2025 totalling $111 million (2024: $78 million).

<sup>3</sup>"Other" at net book value includes office furniture and equipment $1,065 million (2024: $947 million), vehicles $153 million (2024: $129 million), machinery $1,552 million (2024: $1,345 million) and miscellaneous $176 million (2024: $178 million).

PROVINCE OF BRITISH COLUMBIA 107 <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the**

**Summary Financial Statements**

**Consolidated Statement of Guaranteed Debt**

**as at March 31, 2025**

Guaranteed debt represents the debt of organizations that has been explicitly guaranteed or indemnified by the government under the authority of a statute as to net principal or redemption provisions. These organizations may include municipalities and other governments, private enterprises and individuals, minority interests of provincial Crown corporations and agencies, and SUCH<sup>1</sup> sector entities.

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | Maximum<br>Guarantee<br>Authorized | Maximum<br>Guarantee<br>Authorized |
|  | $ | $ |
| **Taxpayer–supported Guaranteed Debt** |  |  |
| General government: |  |  |
| &nbsp;&nbsp;&nbsp;*Homeowner Protection Act* loan guarantees<sup>2</sup> |  | 375 |
| Subtotal, general government | 0 | 375 |
| Natural resources and economic development: |  |  |
| &nbsp;&nbsp;&nbsp;Financial Administration Act: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feeder's Association Loan Guarantee | 10 | 13 |
| Subtotal, natural resources and economic development | 10 | 13 |
| Total taxpayer–supported guaranteed debt | 10 | 388 |
| **Self–supported Guaranteed Debt** |  |  |
| &nbsp;&nbsp;&nbsp;*Hydro and Power Authority Act* bonds and debentures<sup>3</sup> |  | 10 |
| Total self–supported guaranteed debt | 0 | 10 |
| Grand total, all guaranteed debt | 10 | 398 |
| &nbsp;&nbsp;&nbsp;Provision for probable payout |  |  |
| **Net total, all guaranteed debt** | **10** | **398** |

---

<sup>1</sup>School districts, universities, colleges and health authorities/hospital societies.

<sup>2</sup>*Homeowner Protection Act* loan guarantees include indemnities provided to Canada Mortgage and Housing Corporation for any claims made on reconstruction loans made to homeowners for repairs to homes with premature building envelope failure. During the fiscal year, this program concluded.

<sup>3</sup>The government has unconditionally guaranteed the payment of principal and interest of debentures issued to the Canada Pension Plan Investment Fund. During the fiscal year, these debentures matured.

108 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Supplementary Statement to the**

**Summary Financial Statements**

**Schedule of Investments**

**as at March 31, 2025**

This schedule of investments includes temporary investments, other investments, sinking funds and restricted assets.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  |<br>Cost | Fair value<br>level 1 | Fair value<br>level 2 | Fair value<br>level 3 |<br>Pensions<sup>1</sup> | 2025 | 2024 |
|  | $ | $ | $ | $ | $ | $ | $ |
| Pooled investment portfolios | 125 | 2856 | 581 | 1472 | 146 | 5180 | 4733 |
| Equity investments | 32 | 1276 | 29 | 21 |  | 1358 | 1306 |
| Provincial government bonds |  | 579 | 4 |  |  | 583 | 503 |
| Municipal, corporate and other bonds |  | 144 | 7 |  |  | 151 | 198 |
| Government of Canada bonds | 49 | 2 | 6 |  |  | 57 | 12 |
| Miscellaneous<sup>2</sup> | 631 | 235 | 127 | 116 | 171 | 1280 | 1119 |
| **Total** | **837** | **5092** | **754** | **1609** | **317** | **8609** | **7871** |

---

<sup>1</sup>Pension investments included in the financial statements of certain post–secondary institutions.

<sup>2</sup>Miscellaneous consists of other pooled funds and alternative investments.

The following table reconciles the changes in fair value of financial instruments classified as Level 3 during the year:

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| Balance–beginning of year |  |  |
| Unrealized gains |  |  |
| Purchases |  |  |
| Dispositions) |  |  |
| Reclassifications |  |  |
| **Balance–end of year** |  |  |

---

![](tm2523015d1_ex99-12s12img001.jpg)

Supplementary Information (Unaudited) The following unaudited supplementary information is intended to provide additional information to financial statement readers and includes: a) the impacts of the Crown corporations and the school districts, universities, colleges, institutes and health organizations (SUCH) sector on the province's annual surplus (deficit); and b) the Consolidated Staff Utilization. The purpose of this information is to report organizational impacts on the Summary Financial Statements.

PROVINCE OF BRITISH COLUMBIA

PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 111

**Adjusted Net Income of Crown Corporations, Agencies and the SUCH Sector<sup>1</sup>**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Revenue | Expense | Net Income | Adjustments | Dividends | Adjusted <br> Net Income<sup>2</sup> |
|  | $ | $ | $ | $ | $ | $ |
| **Taxpayer–supported (Government Organizations)** |  |  |  |  |  |  |
| BC Family Maintenance Agency Ltd. | 22) |  |  |  |  |  |
| BC Financial Services Authority | 77) |  |  |  |  |  |
| BC Games Society | 3) |  |  |  |  |  |
| BC Health Care Occupational Health and Safety Society | 7) |  |  |  |  |  |
| BC Infrastructure Benefits Inc. | 273) |  |  |  |  |  |
| BCNET | 28) |  |  |  |  |  |
| B.C. Pavilion Corporation | 205) |  |  |  |  |  |
| BC Transportation Financing Authority | 650) |  |  |  |  |  |
| British Columbia Assessment Authority | 127) |  |  |  |  |  |
| British Columbia Energy Regulator | 101) |  |  |  |  |  |
| British Columbia Housing Management Commission | 2590) |  |  |  |  |  |
| British Columbia Public School Employers' Association | 11) |  |  |  |  |  |
| British Columbia Securities Commission | 81) |  |  |  |  |  |
| British Columbia Transit | 473) |  |  |  |  |  |
| Canadian Blood Services | 252) |  |  |  |  |  |
| Columbia Basin Trust | 22) |  |  |  | 72 |  |
| Community Living British Columbia | 1726) |  |  |  |  |  |
| Community Social Services Employers' Association of British Columbia | 6) |  |  |  |  |  |
| Creston Valley Wildlife Management Authority Trust Fund | 1) |  |  |  |  |  |
| Crown Corporations Employers' Association |  |  |  |  |  |  |
| Destination BC Corp. | 60) |  |  |  |  |  |
| First Peoples' Heritage, Language and Culture Council | 39) |  |  |  |  |  |
| Forest Enhancement Society of BC | 59) |  |  |  |  |  |
| Forestry Innovation Investment Ltd. | 21) |  |  |  |  |  |

---

112 PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

**Adjusted Net Income of Crown Corporations, Agencies and the SUCH Sector<sup>1</sup> <br>for the Fiscal Year Ended March 31, 2025**—Continued

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | Revenue | Adjustments | Dividends |
|  | $ | $ | $ |
| **Taxpayer–supported (Government Organizations)** —Continued |  |  |  |
| Health Employers Association of British Columbia | 68) |  |  |
| InBC Investment Corp. | 11) |  |  |
| Infrastructure BC Inc. | 14) |  |  |
| Innovate BC | 28) |  |  |
| Knowledge Network Corporation | 20) |  |  |
| Legal Services Society | 164) |  |  |
| Nechako–Kitamaat Development Fund Society | 1) |  |  |
| Organized Crime Agency of British Columbia Society | 32) |  |  |
| Post–Secondary Employers' Association | 6) |  |  |
| SkilledTradesBC | 118) |  |  |
| The British Columbia Council for International Education | 2) |  |  |
| The Royal British Columbia Museum Corporation | 41 |  |  |
| **Taxpayer–supported Crown corporations and agencies** | 7339 |  | 72 |
| **SUCH Sector** |  |  |  |
| School Districts | 9457) |  |  |
| Universities | 7246) |  | 53 |
| Colleges and Institutes | 1930) |  |  |
| Health Authorities | 29416) |  |  |
| Hospital Societies | 1675 |  |  |
| **SUCH sector** | 49724 |  | 53 |
| **Net impact of taxpayer–supported Crown corporations, agencies and SUCH sector** | **57063** |  | **125** |

---

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 113

**Adjusted Net Income of Crown Corporations, Agencies and the SUCH Sector<sup>1</sup>**

**for the Fiscal Year Ended March 31, 2025**—Continued

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | Revenue | Net Income | Adjustments |
|  | $ | $ | $ |
| **Self–supported (Government Enterprises)** |  |  |  |
| British Columbia Hydro and Power Authority | 7478) | 587) |  |
| British Columbia Liquor Distribution Branch | 3917) | 1094) |  |
| British Columbia Lottery Corporation | 2603) | 1295) |  |
| Columbia Power Corporation | 90) | 63) |  |
| Insurance Corporation of British Columbia | 6822 | 1653 |  |
| Sub–total | 20910 | 4692 | 0 |
| British Columbia Railway Company<sup>3</sup> | 41) | 9 |  |
| Columbia Basin Trust joint ventures<sup>4</sup> | 152) | 78) |  |
| Great Northern Way Campus Trust<sup>5</sup> | 11) | 4) |  |
| Heritage Realty Properties Ltd<sup>6</sup> | 4) |  |  |
| SFU Community Trust) |  |  |  |
| UBC Properties Investments Ltd. | 7) | 6) |  |
| Vancouver Island Technology Park Trust<sup>6</sup> | 7) | 1 |  |
| Miscellaneous | 5 |  |  |
| Sub–total | 227 | 98 | 0 |
| **Net impact of self–supported Crown corporations and agencies** | **21137** | **4790** | **0** |

---

<sup>1</sup>This schedule does not include elimination entries between entities.

<sup>2</sup>Adjusted Net Income includes the effect of contributions paid to the Consolidated Revenue Fund to indicate the impacts that the Crown corporations and agencies and the SUCH sector have made on the Consolidated Revenue Fund operating result. The Adjusted Net Income of Crown corporations and agencies and the SUCH sector combined with the Consolidated Revenue Fund operating result, after elimination entries between entities, make up the Summary Financial Statements surplus (deficit).

<sup>3</sup>Subsidiary of BC Transportation Financing Authority.

<sup>4</sup>Columbia Basin Trust joint ventures with Columbia Power Corporation (Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation, and Waneta Expansion Power Corporation).

<sup>5</sup>Subsidiary owned 25% each by Emily Carr University of Art & Design, British Columbia Institute of Technology, The University of British Columbia, and Simon Fraser University.

<sup>6</sup>Subsidiaries of the University of Victoria.

114 PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

**SUCH <sup>1</sup> Statement of Financial Position <br>as at March 31, 2025**

**(Unaudited)**

---

| | |
|:---|:---|
|  | In Millions |
|  | School<br> Districts |
|  | $ |
| **Financial Assets** |  |
| Cash and cash equivalents | 1977 |
| Temporary investments | 121 |
| Accounts receivable | 134 |
| Inventories for resale |  |
| Due from Crown corporations, agencies and trust funds | 30 |
| Due from other governments | 2 |
| Due from self–supported Crown corporations and agencies |  |
| Equity in self–supported Crown corporations and agencies | 3 |
| Loans, advances and mortgages receivable |  |
| Other investments | 107 |
| Sinking fund investments |  |
| **Financial assets before accounting adjustments** | **2374** |
| Policy accounting adjustments | 26 |
| **Financial assets** | **2400** |

---

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 115

**SUCH <sup>1</sup> Statement of Financial Position <br>as at March 31, 2025**—Continued <br>**(Unaudited)**

---

| |
|:---|
| **Liabilities** |
| Accounts payable and accrued liabilities |
| Employee future benefits |
| Due to other governments |
| Due to Crown corporations, agencies and trust funds |
| Deferred revenue |
| Taxpayer–supported debt |
| **Liabilities before accounting adjustments** |
| Policy accounting adjustments |
| **Liabilities** |
| Net liabilities |
| **Non–financial Assets** |
| Tangible capital assets |
| Restricted assets |
| Prepaid program costs |
| Other assets |
| **Non–financial assets before accounting adjustments** |
| Policy accounting adjustments |
| **Non–financial assets** |
| **Accumulated surplus (deficit)** |

---

<sup>1</sup>School districts, universities, colleges, institutes, and health organizations.

<sup>2</sup>These numbers include inter–entity eliminations between Health Authorities and Hospital Societies.

116 PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

**SUCH <sup>1</sup> Statement of Operations**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | Health<br> Authorities &<br> Hospital<br> Societies<sup>2</sup> | Universities | Colleges and<br> Institutes | School<br> Districts | 2025<br> Total | 2024<br> Total |
|  | $ | $ | $ | $ | $ | $ |
| **Revenue** |  |  |  |  |  |  |
| Contributions from the federal government |  | 662 | 30 | 29 | 766 | 731 |
| Fees and licences |  | 2207 | 708 | 261 | 3807 | 3683 |
| Contributions from the provincial government/Crown corporations and agencies |  | 2838 | 999 | 8658 | 39892 | 36190 |
| Miscellaneous |  | 1285 | 149 | 440 | 2748 | 2728 |
| Investment income |  | 264 | 44 | 69 | 478 | 452 |
| **Total revenue** |  | **7256** | **1930** | **9457** | **47691** | **43784** |
| **Expense** |  |  |  |  |  |  |
| Salaries and benefits |  | 4633 | 1357 | 7689 | 29835 | 27307 |
| Government transfers |  | 407 | 33 |  | 440 | 372 |
| Operating costs |  | 1277 | 352 | 1124 | 14355 | 13127 |
| Interest |  | 43 | 4 | 1 | 166 | 167 |
| Amortization |  | 477 | 126 | 448 | 1885 | 1744 |
| Other |  | 140 | 39 | 7 | 599 | 635 |
| **Total operating expense** |  | **6977** | **1911** | **9269** | **47280** | **43352** |
| **Surplus (deficit) for the year before accounting adjustments)** |  | **279** | **19** | **188** | **411** | **432** |
| Policy accounting adjustments |  | 363 | 200 | 535 | 3037 | 2584 |
| **Surplus (deficit) for the year** |  | **642** | **219** | **723** | **3448** | **3016** |

---

<sup>1</sup>School districts, universities, colleges, institutes, and health organizations.

<sup>2</sup>These numbers include inter–entity eliminations between Health Authorities and Hospital Societies.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 117

**Summary Financial Statements**

**Consolidated Staff Utilization<sup>1</sup>**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Variance | Variance |
|  |<br>2024/25<br>Budget |<br>2024/25<br>Actual |<br>2023/24<br>Actual | 2024/25<br>Actual<br>To Budget | 2024/25<br>vs<br>2023/24 |
| Consolidated Revenue Fund<sup>2</sup> | 37300 | 39036 | 37008 | 1736 | 2028 |
| Taxpayer–supported Crown corporations and agencies<sup>3</sup> | 9172 | 9575 | 8666 | 403 | 909 |
| **Total staff utilization** | **46472** | **48611** | **45674** | **2139** | **2937** |

---

The table above provides a summary of full–time equivalent (FTE) employment.

<sup>1</sup>Staff utilization is the full–time equivalent of the number of persons employed in the fiscal year whose salaries are paid by taxpayer–supported entities within the Summary Financial Statements. The figures do not include the SUCH entities or the self–supported Crown corporations and agencies.

<sup>2</sup>See the unaudited Consolidated Revenue Fund schedules at <u>http://gov.bc.ca/publicaccounts</u> for details outside these financial statements.

<sup>3</sup>See Financial Statements of Government Organizations and Enterprises at <u>http://gov.bc.ca/financepublications</u> for details outside these financial statements.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

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![](tm2523015d1_ex99-12img008.jpg)

Consolidated Revenue Fund Extracts (Unaudited) The following unaudited Consolidated Revenue Fund Extracts are intended to provide additional information to financial statement readers and includes details of the Consolidated Revenue Fund. The purpose of this information is to reflect management accountability including appropriation control. The accounting policies applied for this unaudited information are different in some cases from the generally accepted accounting principles followed for the audited Summary Financial Statements. For example, in order to reflect different management accountabilities, the Consolidated Revenue Fund nets recoveries against expenses, nets sinking funds against debt and nets sinking fund earnings against interest expense.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25 121

**Consolidated Revenue Fund<sup>1</sup> <br>Statement of Financial Position <br>as at March 31, 2025 <br>(Unaudited)**

---

| |
|:---|
| **Financial Assets** |
| Cash and cash equivalents |
| Accounts receivable |
| Inventories for resale |
| Due from other governments |
| Due from Crown corporations and agencies |
| Investments in Crown corporations and agencies |
| Loans, advances and mortgages receivable |
| Other investments |
| Derivative financial instruments |
| Loans for purchase of assets, recoverable from agencies |
| **Liabilities** |
| Accounts payable and accrued liabilities |
| Employee future benefits |
| Due to other governments |
| Due to Crown corporations, agencies and trust funds |
| Deferred revenue |
| Taxpayer–supported debt |
| Self–supported debt |
| Derivative financial instruments |
| Net assets (liabilities) |
| **Non**–**financial Assets** |
| Tangible capital assets |
| Prepaid program costs |
| **Accumulated operating result** |

---

<sup>1</sup>The Consolidated Revenue Fund includes the General Fund and the BC Prosperity Fund.

122 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Consolidated Revenue Fund<sup>1</sup> <br>Statement of Operations <br>for the Fiscal Year Ended March 31, 2025 <br>(Unaudited)**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Estimates<sup>2</sup> |
|  | $ |
| **Revenue** |  |
| Taxation |  |
| Contributions from the federal government |  |
| Other revenue |  |
| Dividends |  |
| Natural resources |  |
| **Expense** |  |
| Health |  |
| Education |  |
| Social services |  |
| Other |  |
| Natural resources and economic development |  |
| Interest<sup>3</sup> |  |
| Transportation |  |
| Protection of persons and property |  |
| General government |  |
| **Operating result for the year** | **)))** |
| Accumulated operating result—beginning of year |  |
| Net remeasurement gains (losses) |  |
| **Accumulated operating result—end of year** |  |

---

<sup>1</sup>The Consolidated Revenue Fund includes the General Fund and the BC Prosperity Fund.

<sup>2</sup> The estimated amount consists of the Main Estimates presented to the Legislative Assembly on February 22, 2024. It does not include other authorizations granted under statutory authority of $2,343 million (2024: $3,344 million).

<sup>3</sup> Interest expense does not include the following: interest of $1,912 million (2024: $1,694 million) on cost of borrowing for relending to government bodies; and interest of $3 million (2024: $6 million) funded by sinking fund earnings. These amounts are not included because the interest expense and recovery are offsetting.

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25 123

**Consolidated Revenue Fund<sup>1</sup> <br>Statement of Remeasurement Gains and Losses <br>for the Fiscal Year Ended March 31, 2025 <br>(Unaudited)**

---

| |
|:---|
| Accumulated remeasurement gains (losses)—beginning of year: |
| &nbsp;&nbsp;&nbsp;Foreign exchange) |
| &nbsp;&nbsp;&nbsp;Derivatives) |
| &nbsp;&nbsp;&nbsp;Portfolio investments |
| Total accumulated remeasurement gains (losses)—beginning of year |
| Changes in unrealized gains (losses) attributable to: |
| &nbsp;&nbsp;&nbsp;Foreign exchange) |
| &nbsp;&nbsp;&nbsp;Derivatives) |
| &nbsp;&nbsp;&nbsp;Portfolio investments |
| Total changes in unrealized gains (losses) |
| Amounts reclassified to the statement of operations: |
| &nbsp;&nbsp;&nbsp;Foreign exchange) |
| &nbsp;&nbsp;&nbsp;Derivatives |
| Total reclassified to the statement of operations |
| Total remeasurement gains (losses) attributable to: |
| &nbsp;&nbsp;&nbsp;Foreign exchange) |
| &nbsp;&nbsp;&nbsp;Derivatives) |
| &nbsp;&nbsp;&nbsp;Portfolio investments |
| **Accumulated remeasurement gains (losses)—end of year** |

---

<sup>1</sup>The Consolidated Revenue Fund includes the General Fund and the BC Prosperity Fund.

124 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**General Fund <br>Statement of Financial Position <br>as at March 31, 2025 <br>(Unaudited)**

---

| |
|:---|
| **Financial Assets** |
| Cash and cash equivalents |
| Accounts receivable |
| Inventories for resale |
| Due from other governments |
| Due from Crown corporations and agencies |
| Investments in Crown corporations and agencies |
| Loans, advances and mortgages receivable |
| Other investments |
| Derivative financial instruments |
| Loans for purchase of assets, recoverable from agencies |
| **Liabilities** |
| Accounts payable and accrued liabilities |
| Employee future benefits |
| Due to other governments |
| Due to Crown corporations, agencies and trust funds |
| Deferred revenue |
| Taxpayer–supported debt |
| Self–supported debt |
| Derivative financial instruments |
| Net assets (liabilities) |
| **Non–financial Assets** |
| Tangible capital assets |
| Prepaid program costs |
| **Accumulated operating result** |

---

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25 125

**General Fund <br>Statement of Operations <br>for the Fiscal Year Ended March 31, 2025 <br>(Unaudited)**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Estimates |
|  | $ |
| **Revenue** |  |
| Taxation |  |
| Contributions from the federal government |  |
| Other revenue |  |
| Dividends |  |
| Natural resources |  |
| **Expense** |  |
| Health |  |
| Education |  |
| Social services |  |
| Other |  |
| Natural resources and economic development |  |
| Interest |  |
| Transportation |  |
| Protection of persons and property |  |
| General government |  |
| **Operating result for the year** | **)))** |
| Accumulated operating result—beginning of year |  |
| Net remeasurement gains (losses) |  |
| **Accumulated operating result—end of year** |  |

---

126 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**BC Prosperity Fund <br>Statement of Financial Position <br>as at March 31, 2025 <br>(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| **Financial Assets** |  |  |
| Cash and cash equivalents | 621 | 591 |
|  | 621 | 591 |
| **Accumulated operating result** | **621** | **591** |

---

**BC Prosperity Fund <br>Statement of Operations <br>for the Fiscal Year Ended March 31, 2025 <br>(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2025 | 2024 |
|  | Estimates | Actual | Actual |
|  | $ | $ | $ |
| **Revenue** |  |  |  |
| Other revenue | 31 | 30 | 31 |
|  | 31 | 30 | 31 |
| **Operating result for the year** | **31** | **30** | **31** |
| Accumulated operating result—beginning of year |  | 591 | 560 |
| **Accumulated operating result—end of year** |  | **621** | **591** |

---

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25 127

**Consolidated Revenue Fund <br>Statement of Cash Flow <br>for the Fiscal Year Ended March 31, 2025 <br>(Unaudited)**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Receipts |
|  | $ |
| **Operating Transactions** |  |
| Operating result for the year) |  |
| Non–cash items included in surplus (deficit): |  |
| &nbsp;&nbsp;&nbsp;Amortization of tangible capital assets |  |
| &nbsp;&nbsp;&nbsp;Amortization of public debt deferred revenue and deferred charges |  |
| &nbsp;&nbsp;&nbsp;Concessionary loan adjustments increase) |  |
| &nbsp;&nbsp;&nbsp;(Gain) on sale of tangible capital assets |  |
| &nbsp;&nbsp;&nbsp;Valuation adjustments) |  |
| Accounts receivable (increase) |  |
| Due from other governments (increase) |  |
| Due from self–supported Crown corporations and agencies (increase) |  |
| Accounts payable increase (decrease) |  |
| Employee future benefits (decrease) increase |  |
| Due to other governments (decrease) |  |
| Due to Crown corporations, agencies and funds (decrease) increase |  |
| Deferred revenue and items applicable to future operations (decrease) |  |
| Cash (used for) operations |  |
| **Capital Transactions** |  |
| Tangible capital assets dispositions (acquisitions) | 3 |
| Cash (used for) capital | 3 |
| **Investment Transactions** |  |
| Loans, advances and mortgages receivable issues | 372) |
| Other investments—net increase | 4 |
| Cash (used for) investments | 376 |
| Total cash (requirement) |  |

---

128 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Consolidated Revenue Fund <br>Statement of Cash Flow <br>for the Fiscal Year Ended March 31, 2025**—Continued <br>**(Unaudited)**

---

| | |
|:---|:---|
|  | In Millions |
|  | 2025 |
|  | Receipts |
|  | $ |
| Total cash (requirement) carried forward from previous page |  |
| **Financing Transactions<sup>1</sup>** |  |
| Public debt increase | 61255) |
| (Used for) purchase of assets, recoverable from agencies | 18444 |
| Cash derived from financing | 79699 |
| Increase (decrease) in cash and cash equivalents |  |
| Cash and cash equivalents—beginning of year |  |
| **Cash and cash equivalents—end of year** |  |
| Cash and cash equivalents are made up of: |  |
| &nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents |  |

---

<sup>1</sup> Financing transaction receipts are from debt issues and disbursements are for debt repayments.

PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25 129

**Consolidated Revenue Fund <br>Schedule of Net Revenue by Source <br>for the Fiscal Year Ended March 31, 2025 <br>(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | 2025 | 2025 | 2024 |
|  | Estimates | Actual | Actual |
| **Taxation Revenue<sup>1</sup>** |  |  |  |
| Personal income |  |  |  |
| Provincial sales |  |  |  |
| Corporate income |  |  |  |
| Property |  |  |  |
| Employer health |  |  |  |
| Carbon |  |  |  |
| Property transfer |  |  |  |
| Fuel |  |  |  |
| Tobacco |  |  |  |
| Other |  |  |  |
| Tax Targeting Home Flipping Activity |  |  |  |
| Commissions on collection of public funds) |  |  |  |
| Valuation adjustments) |  |  |  |
| Total taxation revenue |  |  |  |
| **Contributions from the Federal Government** |  |  |  |
| Canada health and social transfers |  |  |  |
| Other contributions |  |  |  |
| Total contributions from the federal government |  |  |  |
| **Other Revenue** |  |  |  |
| Motor vehicle licences and permits |  |  |  |
| Other fees and licences |  |  |  |
| Investment earnings |  |  |  |
| Miscellaneous |  |  |  |
| Asset dispositions |  |  |  |
| Commissions on collection of public funds) |  |  |  |
| Valuation adjustments) |  |  |  |
| Total other revenue |  |  |  |

---

130 PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25

**Consolidated Revenue Fund**

**Schedule of Net Revenue by Source**

**for the Fiscal Year Ended March 31, 2025**—Continued

**(Unaudited)**

---

| |
|:---|
| **Dividends** |
| Self–supported Crown corporations |
| &nbsp;&nbsp;&nbsp;British Columbia Lottery Corporation |
| &nbsp;&nbsp;&nbsp;British Columbia Liquor Distribution Branch |
| &nbsp;&nbsp;&nbsp;Columbia Power Corporation |
| Total dividends |
| **Natural Resource Revenue<sup>2</sup>** |
| Petroleum, natural gas and minerals |
| Forests |
| Water and other |
| Commissions on collection of public funds) |
| Valuation adjustments |
| Total natural resource revenue |
| **Net Consolidated Revenue Fund Revenue** |
| **Revenue Collected for and Transferred to Crown Corporations, Agencies and Other Entities<sup>3</sup>** |
| Ministry of Energy and Climate Solutions |
| &nbsp;&nbsp;&nbsp;British Columbia Energy Regulator) |
| Ministry of Finance |
| &nbsp;&nbsp;&nbsp;British Columbia Transit) |
| &nbsp;&nbsp;&nbsp;BC Transportation Financing Authority) |
| &nbsp;&nbsp;&nbsp;Cowichan Tribes) |
| &nbsp;&nbsp;&nbsp;Municipalities or Eligible Entities) |
| &nbsp;&nbsp;&nbsp;Rural Areas) |
| &nbsp;&nbsp;&nbsp;South Coast British Columbia Transportation Authority) |
| Ministry of Indigenous Relations and Reconciliation |
| &nbsp;&nbsp;&nbsp;British Columbia First Nations Gaming Revenue Sharing Limited Partnership) |
| Ministry of Water, Land and Resource Stewardship |
| &nbsp;&nbsp;&nbsp;Habitat Conservation Trust |
| **Total** |

---

<sup>1</sup>Personal income tax and corporate income tax revenues are recorded after deductions for non–refundable tax credits. Deductions allowable in the calculation of personal income tax revenue were $160 million (2024: $176 million) and corporate income tax were $221 million (2024: $174 million). The types of tax credits adjusting personal income tax and corporation income tax revenues are for foreign taxes, logging taxes, venture capital, scientific and experimental development tax, and mining flow–through share.

Personal income tax revenue was also reduced by $190 million (2024: $191 million) for the BC Tax Reduction.

Property tax revenue was recorded net of home owner grants of $914 million (2024: $903 million)

<sup>2</sup>Oil and gas royalty revenues are reported after adjustments for various royalty deduction programs such as producer cost of service allowances, deep well, marginal, ultra marginal, low production, net profit, new pool discovery and road construction. Deductions allowable in the calculation of royalty revenue were $278 million (2024: $429 million). Natural resource revenue includes mining taxes of $256 million (2024: $497 million) and logging taxes of nil (2024: $12 million).

The province offers credits for certain costs incurred by producers including the deep well, road and summer drilling programs. Deep well credits of $1,914 million (2024: $2,029 million), road credits of $13 million (2024: $11 million) and summer drilling credits of $3 million (2024: $3 million) have been incurred by producers and will reduce future natural gas royalties payable when wells go into production.

<sup>3</sup>The revenue collected for and transferred to Crown corporations, agencies and other entities has not been included in the Consolidated Revenue Fund.

PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25 131

**Consolidated Revenue Fund**

**Schedule of Comparison of Estimated Expenses to Actual Expenses**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Thousands | In Thousands | In Thousands | In Thousands | In Thousands |
|  |<br>Estimates | Other<br>Authorizations |<br>Total | Actual | Actual |
|  |  | $— |  | $— | $|
| **Special Offices, Ministries and Other Appropriations** |  |  |  |  |  |
| Legislative Assembly |  |  |  |  | 121982 |
| Officers of the Legislature |  |  |  |  | 173722 |
| Office of the Premier |  |  |  |  | 16089 |
| Agriculture and Food |  |  |  |  | 327802 |
| Attorney General |  |  |  |  | 874201 |
| Children and Family Development |  |  |  |  | 2429733 |
| Citizens' Services |  |  |  |  | 758067 |
| Education and Child Care |  |  |  |  | 9792827 |
| Emergency Management and Climate Readiness |  |  |  |  | 435148 |
| Energy and Climate Solutions |  |  |  |  | 557723 |
| Environment and Parks |  |  |  |  | 269797 |
| Finance |  |  |  |  | 2656294 |
| Forests |  |  |  |  | 1400110 |
| Health |  |  |  |  | 33430103 |
| Housing and Municipal Affairs |  |  |  |  | 1741843 |
| Indigenous Relations and Reconciliation |  |  |  |  | 297800 |
| Infrastructure |  |  |  |  | 45467 |
| Jobs, Economic Development and Innovation |  |  |  |  | 219245 |
| Labour |  |  |  |  | 41257 |
| Mental Health and Addictions) |  |  |  |  |  |
| Mining and Critical Minerals |  |  |  |  | 70022 |
| Municipal Affairs) |  |  |  |  |  |
| Post–Secondary Education and Future Skills |  |  |  |  | 3518773 |
| Public Safety and Solicitor General |  |  |  |  | 1172739 |
| Social Development and Poverty Reduction |  |  |  |  | 5175744 |
| Tourism, Arts, Culture and Sport |  |  |  |  | 230815 |
| Transportation and Transit |  |  |  |  | 1458854 |
| Water, Land and Resource Stewardship |  |  |  |  | 347621 |
| Management of Public Funds and Debt |  |  |  |  | 2313905 |
| Contingencies (All Ministries) and New Programs<sup>1</sup> |  |  |  |  | 1495 |
| Capital Funding |  |  |  |  | 4438464 |
| Commissions on Collection of Public Funds |  |  |  |  |  |
| Allowances for Doubtful Revenue Accounts |  |  |  |  |  |
| Tax Transfers |  |  |  |  | 3047134 |
| Forest Practices Board |  |  |  |  | 4149 |
| **Total expense** |  |  |  |  | **77368925** |

---

132 PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25

**Consolidated Revenue Fund**

**Schedule of Comparison of Estimated Expenses to Actual Expenses**

**for the Fiscal Year Ended March 31, 2025**—Continued

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Thousands | In Thousands | In Thousands | In Thousands |
|  |<br>Estimated | Other<br>Authorizations |<br>Total |<br>Actual |
| **Summary of Appropriations** |  |  |  |  |
| Voted expense |  |  |  |  |
| Statutory |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Various Acts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Special Accounts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Inter–account transfers) |  |  |  |  |
| **Total expense by appropriation 2024/25** |  |  |  |  |
| **Total expense by appropriation 2023/24** |  |  |  |  |

---

<sup>1</sup>The budget for contingencies has been reallocated to ministries with approved access.

PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25 133

**Consolidated Revenue Fund**

**Schedule of Financing Transaction Disbursements**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | In Thousands | In Thousands | In Thousands | In Thousands |
|  | Estimated | Total | Actual | Actual |
|  |  |  | $— | $|
| **Special Offices, Ministries and Other Appropriations** |  |  |  |  |
| All Ministries |  |  |  | 328049 |
| Legislative Assembly |  |  |  | 11758 |
| Officers of the Legislature |  |  |  | 688 |
| Office of the Premier |  |  |  | 1 |
| Agriculture and Food |  |  |  | 2387 |
| Attorney General |  |  |  | 8786 |
| Children and Family Development |  |  |  | 2305 |
| Citizens' Services) |  |  |  | 268095 |
| Education and Child Care |  |  |  |  |
| Emergency Management and Climate Readiness |  |  |  | 371 |
| Energy and Climate Solutions) |  |  |  | 58253 |
| Environment and Parks |  |  |  | 49031 |
| Finance |  |  |  | 2423769 |
| Forests |  |  |  | 160725 |
| Health |  |  |  | 11006 |
| Housing and Municipal Affairs |  |  |  | 3884 |
| Indigenous Relations and Reconciliation |  |  |  | 127817 |
| Infrastructure |  |  |  |  |
| Jobs, Economic Development and Innovation |  |  |  |  |
| Labour |  |  |  | 1 |
| Mental Health and Addictions) |  |  |  |  |
| Mining and Critical Minerals |  |  |  | 190 |
| Municipal Affairs) |  |  |  |  |
| Post–Secondary Education and Future Skills |  |  |  |  |
| Public Safety and Solicitor General |  |  |  | 3581 |
| Social Development and Poverty Reduction |  |  |  | 1549 |
| Tourism, Arts, Culture and Sport |  |  |  | 479 |
| Transportation and Transit |  |  |  | 5629 |
| Water, Land and Resource Stewardship |  |  |  | 7087 |
| Contingencies (All Ministries) and New Programs |  |  |  |  |
| **Total financing transaction disbursements** |  |  |  | **3475441** |
| **Summary of Appropriations** |  |  |  |  |
| Loans, investments and other requirements |  |  |  | 1297414 |
| Revenue collected for, and transferred to, other entities |  |  |  | 1710469 |
| Capital expenditures |  |  |  | 467558 |
| **Total financing transactions by appropriation** |  |  |  | **3475441** |

---

134 PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25

**Consolidated Revenue Fund**

**Schedule of Write–offs, Extinguishments and Remissions**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions |
|  | Assets,<br>Debts and<br>Obligations<br>Written Off |<br>Debts and<br>Obligations<br>Extinguished |<br>Remissions<br>Made |
|  | $ | $ | $ |
| **Ministry** |  |  |  |
| Legislative Assembly | 1 |  |  |
| Ministry of Citizens' Services | 5 |  |  |
| Ministry of Finance | 83 | 13 | 3 |
| Ministry of Forests |  | 22 |  |
| Ministry of Health | 4 |  |  |
| Ministry of Post–Secondary Education and Future Skills |  | 5 |  |
| Ministry of Social Development and Poverty Reduction | 3 | 5 |  |
| **Total 2024/25** | **96** | **45** | **3** |
| **Total 2023/24** | **86** | **23** | **2** |

---

This statement includes amounts authorized by sections 17, 18 and 19 of the *Financial Administration Act.* Amounts authorized for write–off, forgiveness or remission by other statutes are not shown separately in these financial statements.

This schedule is produced as required under Section 9(2)(d)(ii),(iii) and (iv) of the *Budget Transparency and Accountability Act.*

 

 

 

***Provincial Debt Summary (Unaudited) The following unaudited Provincial Debt Summary information is intended to provide additional information to financial statement readers. The accounting policies applied to this unaudited information are different, in some cases, from the Budget Transparency and Accountability Act (BTAA); which requires generally accepted accounting principles (GAAP) for senior governments in Canada, supported by regulations of Treasury Board under the BTAA, and that are followed for the audited Summary Financial Statements. The Provincial Debt Summary figures include guaranteed debt in the calculation of total debt; calculate debt, interest costs and revenue as if the modified equity enterprises were consolidated on a line–by–line basis; and do not include adjustments made to convert debt denominated in foreign currency to the exchange rate as at the fiscal year–end.***

PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25

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PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25 137

**Overview of Provincial Debt**

**(Unaudited)**

The provincial government, its Crown corporations, agencies and government organizations incur debt to fund operations and finance capital projects.

Provincial debt is reported using two basic classifications: (1) taxpayer–supported debt; and (2) self–supported debt.

*Taxpayer–supported Debt*—includes government direct debt, which is incurred for government operating and capital purposes, the debt of Crown corporations and agencies, school districts, universities, colleges, institutes and health organizations that require operating or debt service subsidies from the provincial government and are fully consolidated in the Summary Financial Statements. The BC Transportation Financing Authority is an example of a taxpayer*–*supported Crown corporation.

*Self–supported Debt*—includes the debt of commercial Crown corporations and agencies as well as the Warehouse Program. Commercial Crown corporations and agencies generate sufficient revenues to cover interest costs and repay principal and may pay dividends to the province. The British Columbia Hydro and Power Authority is an example of a commercial Crown corporation. The Warehouse Program takes advantage of borrowing opportunities in advance of requirements. Eventually, this debt is allocated to the province or Crown corporations and agencies. In the interim, the funds are invested at market rates.

The *Finance Statutes (Deficit Authorization and Debt Elimination) Amendment Act, 2009* requires that effective April 1, 2013, any increase in cash and cash equivalents in the Consolidated Revenue Fund must be applied to reduce or eliminate any provincial government direct operating debt. Supplementary estimates may not be presented to the Legislative Assembly if the most recent quarterly report includes a forecast that there will be provincial government direct operating debt at the end of the fiscal year to which the quarterly report applies.

The following provincial debt summary provides additional detailed information and related key indicators and benchmarks to allow a more informed assessment of the debt totals. A reconciliation is also provided to explain the differences between the Summary of Provincial Debt and the Summary Financial Statements.

The total provincial net debt as at March 31, 2025 was $133,877 million, which consists of $135,234 million in the Summary Financial Statements and excludes the unrealized foreign exchange loss of $2,434 million of hedged foreign denominated debt translated to the March 31, 2025 exchange rates, in addition to $1,633 million of debt included as part of equity in self–supported Crown corporations and agencies and $6 million of guaranteed debt less $562 million of sinking fund investments.

138 PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25

**Provincial Debt**

**as at March 31, 2025**

**(Unaudited)**

The accumulated provincial net debt of $133,877 million has been incurred for various purposes as shown in Chart 1 below. Over the years, the proceeds from borrowings have contributed to economic development in the province and have provided resources to deliver health, education and social programs, and transportation infrastructure.

At March 31, 2025, taxpayer–supported net debt totalled $99,089 million including government capital ($45,539 million), BC Transportation Financing Authority ($24,078 million), government operating ($24,516 million), health authorities and hospital societies ($2,333 million), social housing ($1,237 million), post–secondary institutions ($976 million) and other debt ($410 million). Other debt is comprised mainly of debt related to BC Pavilion Corporation, British Columbia Transit, InBC Investment Corp., and school districts.

At March 31, 2025, self–supported debt totalled $34,788 million including debt of commercial Crown corporations and agencies: British Columbia Hydro and Power Authority ($31,890 million), Columbia Basin power projects ($1,227 million), commercial subsidiaries of certain post–secondary institutions ($896 million), Columbia Power Corporation ($259 million), British Columbia Liquor Distribution Branch ($233 million), British Columbia Lottery Corporation ($189 million), and debt of other government business enterprises ($94 million). Debt of other government business enterprises is debt related to Columbia Basin Trust's share of real estate investment joint ventures, and the Insurance Corporation of British Columbia.

**Chart 1 – Provincial debt as at March 31, 2025**

In Millions/Percent of Total

![](tm2523015d1_ex99-12sp14img1.jpg)

PROVINCE OF BRITISH COLUMBIA PUBLIC ACCOUNTS 2024/25 139

**Change in Provincial Debt<sup>1</sup>**

**(Unaudited)**

Provincial debt increased by $26,415 million in 2024/25 when compared to the prior year. This includes an increase in taxpayer–supported debt of $23,687 million and an increase in self–supported debt of $2,728 million. There was no Warehouse Program debt at fiscal year–end. Chart 2 below shows the change in provincial debt for the year ended March 31, 2025.

*Taxpayer–supported Debt*—Increased by $23,687 million due to $15,787 million for government operating requirements, $4,957 million to fund government capital requirements, $2,792 million for BC Transportation Financing Authority, $57 million for InBC Investment Corporation, $55 million for social housing, $79 million for post–secondary institutions, $14 million net increase for other entities, partially offset by a $54 million decrease for health authorities and hospital societies.

*Self–supported Debt*—Increased by $2,728 million due to new capital financing requirements of $2,539 million for British Columbia Hydro and Power Authority, and $214 million for post–secondary institutions' subsidiaries, offset by a $25 million decrease for other commercial crown corporations.

**Chart 2 – Change in provincial debt for the year ended March 31, 2025**

![](tm2523015d1_ex99-12s15img08.jpg)

<sup>1</sup>Includes gross new borrowings plus changes in sinking fund balances less debt maturities.

140 PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

**Reconciliation of Summary Financial Statements' Deficit (Surplus)**

**to Change in Taxpayer–supported Debt and Total Debt**

**for the Fiscal Year Ended March 31, 2025**

**(Unaudited)**

---

| |
|:---|
| Deficit (surplus) for the year |
| Taxpayer–supported debt decreased by: |
| &nbsp;&nbsp;&nbsp;Non–cash expenses included in deficit (surplus) |
| &nbsp;&nbsp;&nbsp;Foreign exchange adjustments |
| Taxpayer–supported debt increased by: |
| &nbsp;&nbsp;&nbsp;Tangible capital asset net acquisitions |
| &nbsp;&nbsp;&nbsp;Accounts receivable, accounts payable and other working capital net changes |
| &nbsp;&nbsp;&nbsp;Self–supported Crown corporation and agency earnings in excess of contributions to the Consolidated Revenue Fund |
| &nbsp;&nbsp;&nbsp;Net increases in loans, advances and investments |
| Net increase in taxpayer–supported debt |
| Taxpayer–supported debt—beginning of year |
| Taxpayer–supported debt—end of year |
| Self–supported debt |
| **Total debt<sup>1</sup>** |

---

**Reconciliation of Total Debt to Summary Financial Statements' Debt**

**as at March 31, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | In Millions | In Millions |
|  | 2025 | 2024 |
|  | $ | $ |
| Total debt |  |  |
| Debt included as part of equity in self–supported Crown corporations and agencies) |  |  |
| Contingent liabilities for debt of individuals and organizations that have been guaranteed by the province) |  |  |
| Sinking fund investments |  |  |
| Foreign exchange adjustments |  |  |
| **Summary Financial Statements' debt** |  |  |
| Comprised of: |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported debt |  |  |
| &nbsp;&nbsp;&nbsp;Self–supported debt |  |  |
| **Summary Financial Statements' debt** |  |  |

---

<sup>1</sup>*See* Summary of Provincial Debt, page 147.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 141

**Change in Provincial Debt, Comparison to Budget**

**(Unaudited)**

Provincial debt increased by $26,415 million compared to a budgeted increase of $15,805 million resulting in a $10,610 million increase from the budget. Chart 3 below shows the difference between the actual change in provincial debt and the budgeted change by major category.

Taxpayer–supported debt increased by $23,687 million compared to a budgeted increase of $13,237 million. The $10,450 million increase from budget reflects the lower than forecasted borrowing for BC Transportation Financing Authority ($1,988 million), government capital ($900 million), social housing ($635 million), and other taxpayer–supported entities ($268 million) such as post–secondary institutions, school districts, and British Columbia Transit. These decreases were offset by higher than forecasted borrowing for government operating requirements ($14,241 million).

Self–supported debt increased by $2,728 million compared to a budgeted increase of $2,568 million. The $160 million increase from budget is due to higher than forecasted borrowing for commercial subsidiaries of certain post–secondary institutions ($179 million), British Columbia Lottery Corporation ($43 million) and British Columbia Hydro and Power Authority ($10 million). These increases were partially offset by lower than forecasted borrowing for other self–supporting entities, primarily the British Columbia Liquor Distribution Branch ($54 million), Columbia Basin Power Projects ($14 million), and the Insurance Corporation of British Columbia ($4 million).

**Chart 3 – Change in provincial debt, comparison to budget for the year ended March 31, 2025**

![](tm2523015d1_ex99-12s15img01.jpg)

142 PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

**Interprovincial Comparison of Taxpayer–supported Debt**

**as a Percentage of Gross Domestic Product**

**(Unaudited)**

Chart 4 below shows the ratio of each province's taxpayer–supported debt as a percentage of their gross domestic product (GDP). The ratio of a province's taxpayer–supported debt relative to its GDP highlights the ability of a province to service its debt load. This ratio is often used by investors and credit rating agencies when assessing a province's investment quality. According to the most recent data published by Moody's Investors Service Inc., British Columbia's taxpayer–supported debt ratio is one of the lowest in Canada and this translates into a strong credit rating and relatively low debt servicing costs.

**Chart 4 – Interprovincial comparison of taxpayer–supported debt as a percentage of GDP**

Percent of GDP at March 31

![](tm2523015d1_ex99-12s15img02.jpg)

Source: Moody's Investors Service Inc. as at May 28, 2025

British Columbia's result as per Ministry of Finance's actuals; Moody's Investors Service Inc. result for British Columbia as at March 31, 2024 was 25.2%.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 143

**Interprovincial Comparison of Taxpayer–supported Debt**

**Service Costs as a Percentage of Revenue**

**(Unaudited)**

Chart 5 shows the ratio (interest bite) of each province's taxpayer–supported debt servicing costs as a percentage of revenue. The interest bite indicates how much of each dollar of provincial revenue is used to pay for taxpayer–supported debt service costs. According to the most recent data published by Moody's Investors Service Inc., British Columbia has one of the lowest taxpayer–supported debt service costs as a percentage of revenue of all provinces.

**Chart 5 – Interprovincial comparison of taxpayer–supported debt service costs as a percentage of revenue**

Percent of revenue at March 31

![](tm2523015d1_ex99-12s15img03.jpg)

Source: Moody's Investors Service Inc. as at May 28, 2025

British Columbia's result as per Ministry of Finance's actuals; Moody's Investors Service Inc. result for British Columbia as at March 31, 2024 was 3.1%.

Moody's Investors Service Inc. definition of taxpayer–supported debt is modestly different from the definition used by the Ministry of Finance. The financial community has not agreed upon a definition for taxpayer–supported debt. The definition used by Moody's is the closest to that employed by the ministry, however there are small differences. The value of presenting Moody's debt indicators is that it provides an interprovincial comparison from a third party source, which is helpful for readers to understand the province's relative performance and ranking.

More comprehensive information on the debt of the province and its Crown corporations and agencies is provided on the Debt Management Branch website. This detailed information can assist readers in assessing the province's debt position. The website is available online at: <u>www.fin.gov.bc.ca/PT/dmb/index.shtml</u>.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

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**Independent Auditor's Report**

*To the Minister of Finance, Province of British Columbia*

***Opinion***

I have audited the accompanying debt-related statements of the Government of the Province of British Columbia ("government"), which comprise the summary of provincial debt as at March 31, 2025, the key indicators of provincial debt and the summary of performance measures for the year then ended, and a summary of significant accounting policies and other explanatory information.

In my opinion, the summary of provincial debt as at March 31, 2025, the key indicators of provincial debt and the summary of performance measures for the year then ended are prepared, in all material respects, in accordance with the basis of accounting as described in the notes to the debt-related statements.

***Basis for Opinion***

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Debt-Related Statements* section of my report. I am independent of government in accordance with the ethical requirements that are relevant to my audit of the debt-related statements in Canada, and I have fulfilled my other ethical responsibilities in accordance with these requirements.

***Emphasis of Matter – Basis of Accounting***

I draw attention to the notes to the debt-related statements, which describe the basis of accounting. Through the debt-related statements, government reports to the Legislative Assembly on its debt management by presenting five years of information on provincial debt and debt indicators, and compares its actual results of performance measures to its target measures for the fiscal year ended March 31, 2025. As a result, the debt-related statements may not be suitable for another purpose. My opinion is not modified in respect of this matter.

***Other Accompanying Information***

Government is responsible for the other information in the annual Public Accounts. My opinion on the debt-related statements does not cover other information in the Public Accounts that accompanies the debt-related statements and, except for my independent auditor's report on the Summary Financial Statements, I do not express any form of assurance conclusion thereon.

In connection with my audit of the debt-related statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the debt-related statements or my knowledge obtained during the audit or otherwise appears to be materially misstated.

Prior to the date of my auditor's report, I obtained a copy of the Public Accounts. If, based on the work I have performed on the other information, I conclude that there is a material misstatement therein, I am required to report that fact in this auditor's report. Other than the material misstatements described in the other accompanying information of my independent auditor's report on the Summary Financial Statements, I have nothing to report in this regard.

MINISTER OF FINANCE

Independent Auditor's Report

***Government's Responsibilities for the Debt-Related Statements***

Government is responsible for determining the appropriateness of the stated basis of accounting as described in the notes to the debt-related statements and for the preparation of the debt-related statements in accordance with the stated basis of accounting. Government is also responsible for such internal control as government determines is necessary to enable the preparation of the debt-related statements that are free from material misstatement, whether due to fraud or error.

***Auditor's Responsibilities for the Audit of the Debt-Related Statements***

My objectives are to obtain reasonable assurance about whether the debt-related statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the debt-related statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, I exercise professional judgment and maintain professional skepticism throughout the audit. I also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the debt-related statements, whether due to fraud or error; design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall presentation, structure and content of the debt-related statements, and whether it represents the underlying transactions and events in a manner that complies with the basis of accounting described in the notes to the debt-related statements.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

/s/ Sheila Dodds

Sheila Dodds, CPA, CA, CIA

Acting Auditor General of British Columbia

Victoria, British Columbia, Canada

August 1, 2025

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PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 147

**Summary of Provincial Debt<sup>1</sup>**

**as at March 31**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | In Millions | In Millions | In Millions | In Millions | In Millions |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  | $ | $ | $ | $ | $ |
| **Taxpayer–supported Debt** |  |  |  |  |  |
| Provincial government direct operating |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provincial government operating | 24516 | 8729 |  | 7233 | 8746 |
| &nbsp;&nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;K–12 education<sup>2</sup> | 12563 | 11643 | 10893 | 11342 | 10529 |
| &nbsp;&nbsp;&nbsp;Post–secondary institutions<sup>2</sup> | 6663 | 5979 | 5502 | 5732 | 5426 |
| &nbsp;&nbsp;&nbsp;Health facilities<sup>2</sup> | 12559 | 10109 | 8286 | 8223 | 7484 |
| &nbsp;&nbsp;&nbsp;Ministries general capital | 5552 | 5084 | 4549 | 4087 | 3702 |
| &nbsp;&nbsp;&nbsp;Transportation<sup>2</sup> | 5330 | 5391 | 5391 | 5401 | 5401 |
| &nbsp;&nbsp;&nbsp;Social housing<sup>3</sup> | 2386 | 2024 | 1648 | 1424 | 1062 |
| &nbsp;&nbsp;&nbsp;Other<sup>4</sup> | 486 | 352 | 269 | 278 | 268 |
| &nbsp;&nbsp;&nbsp;Total capital | 45539 | 40582 | 36538 | 36487 | 33872 |
| Total provincial government | 70055 | 49311 | 36538 | 43720 | 42618 |
| Taxpayer–supported entities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Columbia Pavilion Corporation | 119 | 123 | 126 | 129 | 132 |
| &nbsp;&nbsp;&nbsp;British Columbia Transit | 119 | 109 | 53 | 56 | 60 |
| &nbsp;&nbsp;&nbsp;BC Transportation Financing Authority | 24078 | 21286 | 18946 | 14615 | 13321 |
| &nbsp;&nbsp;&nbsp;Health authorities and hospital societies | 2333 | 2387 | 1983 | 1839 | 1875 |
| &nbsp;&nbsp;&nbsp;InBC Investment Corp. | 117 | 60 | 21 | 19 | 37 |
| &nbsp;&nbsp;&nbsp;Post–secondary institutions | 976 | 897 | 910 | 922 | 882 |
| &nbsp;&nbsp;&nbsp;School districts | 20 | 19 | 21 | 25 | 24 |
| &nbsp;&nbsp;&nbsp;Social housing<sup>3</sup> | 1237 | 1182 | 1241 | 974 | 770 |
| &nbsp;&nbsp;&nbsp;Other<sup>4</sup> | 35 | 28 | 49 | 42 | 31 |
| Total taxpayer–supported entities | 29034 | 26091 | 23350 | 18621 | 17132 |
| Total taxpayer–supported debt | 99089 | 75402 | 59888 | 62341 | 59750 |
| **Self–supported Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Crown corporations and agencies |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Columbia Hydro and Power Authority | 31890 | 29351 | 26707 | 25611 | 24650 |
| &nbsp;&nbsp;&nbsp;British Columbia Lottery Corporation | 189 | 169 | 201 | 195 | 228 |
| &nbsp;&nbsp;&nbsp;Columbia Basin Trust joint ventures<sup>5</sup> | 1227 | 1265 | 1298 | 1319 | 1349 |
| &nbsp;&nbsp;&nbsp;Columbia Power Corporation | 259 | 266 | 270 | 266 | 271 |
| &nbsp;&nbsp;&nbsp;British Columbia Liquor Distribution Branch | 233 | 233 | 242 | 230 | 233 |
| &nbsp;&nbsp;&nbsp;Post–secondary institutions' subsidiaries<sup>6</sup> | 896 | 682 | 685 | 615 | 520 |
| &nbsp;&nbsp;&nbsp;Other<sup>7</sup> | 94 | 94 | 89 | 89 | 99 |
| Total self–supported debt | 34788 | 32060 | 29492 | 28325 | 27350 |
| **Total provincial debt** | **133877** | **107462** | **89380** | **90666** | **87100** |

---

<sup>1</sup>Debt is after deductions of sinking funds and unamortized discounts, and excludes accrued interest.

<sup>2</sup>Represents government direct debt incurred for capital financing of education and health facilities and public transit infrastructure.

<sup>3</sup>Includes the debt of the British Columbia Housing Management Commission.

<sup>4</sup>Includes debt of other taxpayer–supported Crown corporations and agencies and the fiscal agency loans to local governments. Also includes reconstruction loan program guarantees, student loan guarantees, loan guarantees to agricultural producers, and guarantees under economic development.

<sup>5</sup>Debt related to Columbia Basin Trust joint ventures with Columbia Power Corporation (Brilliant Power Corporation, Brilliant Expansion Power Corporation, Arrow Lakes Power Corporation, and Waneta Expansion Power Corporation).

<sup>6</sup>Includes debt of Heritage Realty Properties Ltd., SFU Community Trust, UBC Property Investments Ltd, and Vancouver Island Technology Park.

<sup>7</sup>Includes Columbia Basin Trust's share of real estate investment joint ventures' debt and Insurance Corporation of British Columbia.

148 PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25

**Summary of Provincial Debt**

The debt–related statements are prepared using financial information that supports the government's Summary Financial Statements, which are prepared in accordance with the *Budget Transparency and Accountability Act*, which requires generally accepted accounting principles for senior governments in Canada, supported by regulations of Treasury Board. However, in the debt–related statements, there are some differences in the methods of compilation and presentation compared to generally accepted accounting principles. In the debt–related statements, debt is calculated net of sinking fund assets, includes debt directly incurred by modified equity enterprises and other commercial subsidiaries of taxpayer–supported entities, includes debt incurred by others outside the government reporting entity where there is provincial guarantee as to the payment of principal and interest, and does not include adjustments made to convert debt denominated in foreign currency to the exchange rate as at the fiscal year–end. Also, total provincial revenue and interest costs include the gross revenue and interest costs of modified equity enterprises, and total provincial interest costs are net of sinking fund earnings.

PROVINCE OF BRITISH COLUMBIA<br> PUBLIC ACCOUNTS 2024/25 149

**Key Indicators of Provincial Debt<sup>1</sup> <br>for the Fiscal Years Ended March 31**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
|  | Budget<br>Estimate |<br>Actual |<br>Actual |<br>Actual |<br>Actual |<br>Actual |
| **Debt to Revenue (percent)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial | 125.6 | 134.8 | 113.4 | 90.7 | 104.4 | 115.2 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 111.8 | 122.7 | 97.9 | 74.3 | 90.9 | 101.4 |
| **Debt per Capita ($)<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial | 21725 | 23495 | 19471 | 16804 | 17386 | 16919 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 15622 | 17390 | 13662 | 11259 | 11954 | 11606 |
| **Debt to GDP (percent)<sup>3</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial | 29.2 | 31.4 | 26.3 | 23.0 | 26.1 | 29.5 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 21.0 | 23.2 | 18.5 | 15.4 | 17.9 | 20.2 |
| **Interest Bite (cents per dollar of revenue)<sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial | 4.3 | 4.6 | 3.8 | 3.2 | 3.3 | 3.7 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 3.8 | 4.1 | 3.2 | 2.5 | 2.8 | 3.1 |
| **Interest Costs ($ millions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial | 4264 | 4600 | 3647 | 3116 | 2848 | 2817 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 3000 | 3278 | 2444 | 2032 | 1896 | 1832 |
| **Interest Rate (percent)<sup>5</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported | 3.7 | 3.8 | 3.6 | 3.3 | 3.1 | 3.5 |
| **Revenue Factor for Key Indicators ($ millions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial**<sup>6</sup>** | 98110 | 99315 | 94769 | 98583 | 86832 | 75583 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported<sup>7</sup> | 79253 | 80729 | 77043 | 80575 | 68587 | 58925 |

---

150 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Key Indicators of Provincial Debt<sup>1</sup> <br>for the Fiscal Years Ended March 31**—Continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
|  | Budget<br>Estimate |<br>Actual |<br>Actual |<br>Actual |<br>Actual |<br>Actual |
| **Total Debt ($ millions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total provincial | 123267 | 133877 | 107462 | 89380 | 90666 | 87100 |
| &nbsp;&nbsp;&nbsp;Taxpayer–supported<sup>8</sup> | 88639 | 99089 | 75402 | 59888 | 62341 | 59750 |
| **Provincial GDP ($ millions)<sup>9</sup>** | 421449 | 426791 | 408058 | 389129 | 347653 | 295282 |
| **Population (thousands at July 1)<sup>10</sup>** | 5674 | 5698 | 5519 | 5319 | 5215 | 5148 |

---

<sup>1</sup>Figures for prior years have been restated to conform with the presentation used for 2024/25 and to include the effects of changes in underlying data.

<sup>2</sup>The ratio of debt to population (e.g., debt at March 31, 2025 divided by population at July 1, 2024).

<sup>3</sup>The ratio of debt outstanding at fiscal year–end to provincial nominal gross domestic product (GDP) for the calendar year ending in the fiscal year (e.g., debt at March 31, 2025 divided by 2024 GDP).

<sup>4</sup>The ratio of interest costs (less sinking fund interest) to revenue. Figures include capitalized interest expense in order to provide a more comparable measure to outstanding debt.

<sup>5</sup>Weighted average of all outstanding debt issues.

<sup>6</sup>Includes revenue less earnings related to enterprises (sinking fund earnings, loan interest and net earnings), plus revenue of all enterprises.

<sup>7</sup>Excludes revenue of government enterprises, but includes dividends from enterprises paid to the Consolidated Revenue Fund.

<sup>8</sup>Excludes debt of commercial Crown corporations and agencies, and funds held under the province's Warehouse Program.

<sup>9</sup>Nominal GDP for the calendar year ending in the fiscal year (e.g., GDP for 2024 is used for the fiscal year ended March 31, 2025). As nominal GDP for the calendar year ending 2024 is not available, the 2024 GDP projected in the March 2025 Budget and Fiscal Plan 2025/26 – 2027/28 has been used for the fiscal year ended March 31, 2025 for demonstration purposes. Preliminary GDP figures are presented as published for the year noted.

<sup>10</sup>Population at July 1st within the fiscal year (e.g., population at July 1, 2024 is used for the fiscal year ended March 31, 2025). Preliminary population figures are presented as published for the year noted per the March 2025 Budget and Fiscal Plan 2025/26 – 2027/28.

**Summary of Performance Measures <br>for the Fiscal Year Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 |
|  | Target<sup>2</sup> | Actual | Actual |
| Taxpayer–supported debt to GDP ratio<sup>1</sup> | 21.0% | 23.2% | 18.5% |
| Taxpayer–supported debt service costs as a percentage of revenue | 3.8% | 4.1% | 3.2% |

---

<sup>1</sup>These performance measures, among others, are key indicators on which credit rating agencies rely to determine the province's credit rating.

<sup>2</sup>The target amounts are from page 158 of the Budget and Fiscal Plan 2024/25 – 2026/27.

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25 151

**Definitions<br>(Unaudited)**

*Consolidated Revenue Fund*—includes the taxpayer–supported activities of the General Fund and special funds of the government through which the government delivers central government programs. It does not include the activities of government operated through Crown corporations and agencies or the school districts, universities, colleges, institutes and health organizations (SUCH) sector.

*Consolidation*—the methods used to combine the results of Crown corporations and agencies and the SUCH sector entities with the Consolidated Revenue Fund. The two methods used are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Full* or *Proportional Consolidation*—the accounts of the Crown corporation, agency or SUCH sector entity are adjusted to a basis consistent with the accounting policies of the government. The operating result and financial position of the Crown and SUCH entities are combined with those of the Consolidated Revenue Fund on a line–by–line basis. Inter–entity accounts and transactions are eliminated upon consolidation. Proportional consolidation differs from full consolidation in that only the government's portion of operating and financial results of a joint venture is combined with those of the Consolidated Revenue Fund on a line–by–line basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Modified Equity Consolidation*—the original investment of the government in the Crown corporation, agency or SUCH sector entity is initially recorded at cost and adjusted annually to include the net earnings/losses and other net equity changes of the entity. There is no adjustment to conform to government accounting policies. Since the government ensures the ongoing activities of self–supported Crown corporations and agencies, full account is taken of losses in these entities, even when cumulative losses exceed the original investment. Accounts and transactions between self–supported entities are not eliminated; however, profit elements included in such transactions, including certain increases in contributed surplus, are eliminated.

*Debt* has a variety of meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Gross debt*—the par value of the debt, unamortized discount and premiums, and unrealized foreign exchange gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Net debt*—gross debt less sinking fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Provincial debt*—net debt plus guaranteed debt and debt directly incurred by modified equity entities.

*Deficit*—the meaning is dependent upon the statement to which it applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Statement of Financial Position: *Accumulated Deficit*—the amount by which the total liabilities of the government exceeds its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consolidated Statement of Operations: *Annual Deficit*—the amount by which the total annual expenses for the operating year exceed total annual revenues (*see* "Surplus" definition).

*Entitlement*—a government transfer that must be made if the recipient meets specified eligibility criteria. Entitlements are non–discretionary in the sense that both eligibility criteria and the amount of the payment are prescribed in a statute or regulation.

*Financial assets*—assets on hand at the end of the accounting period, including cash and assets that are readily convertible into cash and are not intended for consumption in the normal course of activities. These assets could be liquidated to discharge existing liabilities or finance future operations. Financial assets could include sinking fund investments held to pay debt at maturity.

*Government business enterprise*—a government organization that has all the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a separate legal entity with the power to contract in its own name and that can sue or be sued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has been delegated the financial and operational authority to carry on a business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sells goods and/or services to individuals and organizations outside the government reporting entity as its principal activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) can, in the normal course of its operation, maintain its operations and meet its liabilities from revenue received from sources outside the government reporting entity.

152 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Definitions**—Continued

**(Unaudited)**

*Government partnership*—a contractual arrangement between the government and a party or parties outside the government reporting entity that has all the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the partners cooperate toward achieving significant, clearly defined common goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the partners make a financial investment in the government partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the partners share control of decisions related to the financial and operating policies of the government partnership on an ongoing basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the partners share, on an equitable basis, significant risks and benefits associated with the operation.

*Government transfers*—transfer of money from government to an individual, organization or another government from which the government making the transfer does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receive any goods or services directly in return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) expect to be repaid in the future; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) expect a financial return.

*Grants*—a government transfer made at the sole discretion of the government. The government has the discretion to decide whether or not to make the grant, any conditions to be complied with, the amount of the grant and the recipient of the grant.

*Net liabilities*—the amount by which the total liabilities of the government exceed its total financial assets. The separate calculation of this number on the Consolidated Statement of Financial Position is unique to financial statements for Canadian senior governments. This calculation excludes non–financial assets such as buildings and prepaid expenses.

*Other comprehensive income (OCI)*—is made up of certain unrealized gains and losses of self–supported Crown corporations that are not reported in their statement of operations, but are reported in their statement of financial position. These unrealized gains and losses will be recognized in the statement of operations when they become realized gains and losses.

*Provincial government direct debt*—combines the government direct operating debt and the debt incurred to finance education, health facilities and public transit. This combined portfolio represents the debt for which the government has direct responsibility for the associated debt service costs.

*Self–supported Crown corporations and agencies*—all Crown corporations and agencies that are accountable for the administration of their financial affairs and resources either to a minister of the government or directly to the legislature and are owned or controlled by the government. In addition, they must also carry on a business that sells goods and/or services to persons outside the government reporting entity as their principal activity and maintain operations and meet liabilities from revenue received outside the government reporting entity in the normal course of operations. This also includes the government's interest in government business enterprises.

*Sinking funds*—a pool of cash and investments earmarked to provide resources for the redemption of debt.

*Summary accounts*—the financial position and operating result of the government reporting entity including the Consolidated Revenue Fund, Crown corporations, agencies and SUCH sector entities; the amounts represented by the Summary Financial Statements of the government.

*Surplus*—meaning is dependent upon the statement to which it applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Statement of Financial Position: the accumulated surplus is the amount by which the total assets of the government exceeds its total liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consolidated Statement of Operations: the annual surplus is the amount by which the total annual revenues for the operating year exceed total annual expenses (*see* "Deficit" definition).

PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25 153

**Definitions**—Continued <br>**(Unaudited)**

*Taxpayer–supported Crown corporations and agencies and SUCH sector entities*—all Crown corporations and agencies and entities outside the Consolidated Revenue Fund that meet the criteria of control (by the province) as established by generally accepted accounting principles. In addition, they must not meet the criteria for being self–supported. This also includes the government's interest in government partnerships that are not government business enterprises.

*Transfers under agreements (including shared cost)*—a government transfer that is a reimbursement of eligible expenditures pursuant to an agreement between the government and the recipient. The recipient usually spends the money first; however, the government has some input into how the money is spent.

154 PROVINCE OF BRITISH COLUMBIA <br> PUBLIC ACCOUNTS 2024/25

**Acronyms <br>(Unaudited)**

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| | |
|:---|:---|
| BTAA | Budget Transparency and Accountability Act |
| CRF | Consolidated Revenue Fund |
| GAAP | Generally accepted accounting principles (for senior governments as recommended by the Canadian Public Sector Accounting Board) |
| GDP | Gross domestic product |
| SUCH | School districts, universities, colleges, institutes and health organizations |

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## Exhibit 99.13

**Exhibit 99.13**

![](tm2523015d1_ex99-13sp1img01.jpg)

2025 BRITISH COLUMBIAFINANCIAL AND ECONOMIC REVIEW 85TH EDITIONAPRIL 2024 – MARCH 2025

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2025 British Columbia Financial and Economic Review 85th Edition (August 2025)

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**Table of Contents** 2025 Financial and Economic Review

2025 Financial and Economic Review

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Table of contents

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| | |
|:---|:---|
| **Part 1 — Economic Review** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Overview | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Economy | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External Trade and Commodity Prices | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Population | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labour Market | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Spending, Inflation and Wages | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Economy | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Markets | 16 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Charts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Provincial Economic Growth | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | British Columbia Real GDP Growth by Industry | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Composition of British Columbia GDP by Industry | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | International Export Shares by Market | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Lumber and Natural Gas Prices | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Housing Starts | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Home Sales and Price | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Visitor Entries to British Columbia | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Global Economic Growth | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Canadian Dollar | 17.0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Map** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Net Interprovincial and International Migration in B.C., 2024 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | British Columbia Population and Labour Market Statistics | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | British Columbia Price and Earnings Indicators | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Topic Box** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Data Volatility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Data Volatility | 18.0 |

---

---

| | |
|:---|:---|
| **Part 2 — Financial Review** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024/25 Overview | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial Capital Spending | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial Debt | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension Plans | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual Rights | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual Obligations | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024/25 *Public Accounts* Audit Qualification | 57 |

---

2025 Financial and Economic Review \| i

Table of contents

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Charts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | 2024/25 Deficit – Major Changes from *Budget 2024* | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Revenue Changes from *Budget 2024* | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Expense Changes from *Budget 2024* | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Total Capital Spending by Sector | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Capital Spending Changes from *Budget 2024* | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Financing Taxpayer-Supported Capital Spending | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Total Provincial Debt by Sector | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Change in Ending Debt Level from *Budget 2024* | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Reconciliation of Surplus/Deficit to Change in Debt | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | 2024/25 Fiscal Summary | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 | Personal Income Tax Revenue Changes from *Budget 2024* | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 | Corporate Income Tax Revenue Changes from *Budget 2024* | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 | Consumption Tax Revenue Changes from *Budget 2024* | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 | Property Tax Revenue Changes from *Budget 2024* | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 | Other Tax Revenue Changes from *Budget 2024* | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 | Energy and Mineral Revenue Changes from *Budget 2024* | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 | Forest Revenue Changes from *Budget 2024* | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 | Other Revenue Changes from *Budget 2024* | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 | Federal Government Transfer Changes from *Budget 2024* | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Revenue by Source | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Expense by Ministry, Program and Agency | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | 2024/25 Operating Results by Quarter | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Capital Spending | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Capital Expenditure Projects Greater Than $50 Million | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Provincial Debt Summary | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Key Debt Indicators | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Interprovincial Comparison of Credit Ratings, July 2025 | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Pension Plan Balances | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Taxpayer-Supported Contractual Obligations | 57.0 |

---

---

| | |
|:---|:---|
| **Part 3 — Supplementary Information** | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Description of the Province | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constitutional Framework | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial Government | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Cycle | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government's Financial Statements | 66 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Charts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Financial Planning and Reporting Cycle Overview | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Provincial Taxes (as of July 2025) | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Interprovincial Comparisons of Tax Rates – 2025 | 74.0 |

---

ii \| 2025 Financial and Economic Review

Table of contents

---

| | |
|:---|:---|
| **Appendix 1 — Economic Review Supplementary Tables** | 75 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.1A | Aggregate and Labour Market Indicators | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.1B | Prices, Earnings and Financial Indicators | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.1C | Other Indicators | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.1D | Commodity Production Indicators | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.2 | British Columbia Real GDP at Market Prices, Expenditure Based | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.3 | British Columbia GDP at Basic Prices, by Industry | 86.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.4 | British Columbia GDP, Income Based | 88.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.5 | Employment by Industry in British Columbia | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.6 | Capital Investment by Industry | 91.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.7 | British Columbia International Goods Exports by Major Market and Selected Commodities, 2024 | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.8 | British Columbia International Goods Exports by Market Area | 93.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.9 | Historical Commodity Prices (in US Dollars) | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.10 | British Columbia Forest Sector Economic Activity Indicators | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.11 | Historical Value of Mineral, Petroleum and Natural Gas Shipments | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.12 | Petroleum and Natural Gas Activity Indicators | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.13 | Supply and Consumption of Electrical Energy in British Columbia | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A1.14 | Components of British Columbia Population Change | 99.0 |
| **Appendix 2 — Financial Review Supplementary Tables** | **Appendix 2 — Financial Review Supplementary Tables** | 101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.1 | Operating Statement – 2013/14 to 2024/25 | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.2 | Statement of Financial Position – 2013/14 to 2024/25 | 104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.3 | Changes in Financial Position – 2013/14 to 2024/25 | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.4 | Revenue by Source – 2013/14 to 2024/25 | 106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.5 | Revenue by Source Supplementary Information – 2013/14 to 2024/25 | 107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.6 | Expense by Function – 2013/14 to 2024/25 | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.7 | Expense by Function Supplementary Information – 2013/14 to 2024/25 | 109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.8 | Full-Time Equivalents (FTEs) – 2013/14 to 2024/25 | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.9 | Capital Spending – 2013/14 to 2024/25 | 111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.10 | Provincial Debt – 2013/14 to 2024/25 | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.11 | Provincial Debt Supplementary Information – 2013/14 to 2024/25 | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.12 | Key Provincial Debt Indicators – 2013/14 to 2024/25 | 114.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.13 | Historical Operating Statement Surplus (Deficit) | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2.14 | Historical Provincial Debt Summary | 116.0 |

---

2025 Financial and Economic Review \| iii

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![](tm2523015d1_ex99-13sp1img05.jpg)

Part 1 Economic Review1 <sup>1</sup> Reflects information available as of June 26, 2025.

2025 Financial and Economic Review

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Part 1 – Economic Review

**2024 Overview**

After several years of strong growth that outpaced most other provinces, including a robust post-pandemic rebound, economic activity in British Columbia expanded at a more moderate pace in 2024. Last year, the B.C. economy faced relatively high interest rates, persistent price pressures, and ongoing global economic uncertainty, which weighed on growth.

Statistics Canada published 2024 real dollar GDP by industry at basic prices in the preliminary release of its Provincial Economic Accounts in May 2025. The following analysis refers to these real GDP figures, as opposed to the commonly reported income and expenditure market prices data released late in the year.<sup>2</sup>

In 2024, B.C.'s real GDP growth of 1.2 per cent ranked eighth (tied with Ontario) among the provinces and below the national average. The province's economy expanded at a slower pace last year than the 2.4 per cent increase in 2023, which ranked first in Canada.

**Chart 1.1 Provincial Economic Growth**

Per cent change,

real GDP at basic prices

![](tm2523015d1_ex99-13sp2img03.jpg)

Sources: Statistics Canada (Tables 36-10-0402-01 and 36-10-0434-03 – May 2025 Preliminary Industry Accounts)

Employment in B.C. rose by 2.3 per cent in 2024, and wages and salaries increased by 6.3 per cent. While home construction activity in 2024 was lower than the record levels in 2023, it remained above the ten-year historical average. Elevated interest rates, rising construction costs, and ongoing labour shortages weighed on the homebuilding sector. Meanwhile, home sales increased by 2.1 per cent, and the average home sale price rose by 1.0 per cent, despite ongoing affordability challenges and elevated interest rates.

<sup>2</sup> Provincial and national real GDP by industry estimates are based on Statistics Canada's preliminary industry accounts, released in May 2025. Further information on British Columbia's economic performance is expected to be available in November 2025, when Statistics Canada releases revised GDP by industry data for 2024 and previous years, together with the full income and expenditure accounts for 2024.

2025 Financial and Economic Review \| 3

Part 1 – Economic Review

Consumer spending on goods increased by just 0.6 per cent in 2024 amid elevated interest rates. Meanwhile, inflation in B.C. continued to broadly moderate, though shelter price growth remained elevated. Overall, B.C.'s inflation rate averaged 2.6 per cent last year, down from 3.9 per cent in 2023. At the same time, weaker global demand and lower commodity prices contributed to a 2.7 per cent decline in B.C.'s goods exports relative to 2023.

**British Columbia Economy**

B.C.'s real GDP grew by 1.2 per cent in 2024 following growth of 2.4 per cent in 2023. The growth in 2024 was driven by B.C.'s service-producing industries while activity in goods-producing industries decreased compared to the previous year.

Service-producing industries grew by 2.5 per cent in 2024, supported by strong population growth. The service sector saw broad-based annual gains, led by real estate, rental and leasing (+3.0 per cent) and health care and social assistance services (+4.3 per cent). Transportation and warehousing (+4.1 per cent), public administration (+3.4 per cent), and educational services (+3.3 per cent) sectors also contributed to overall growth. In contrast, accommodation and food services declined slightly (-0.3 per cent), reflecting ongoing pressures from subdued consumer demand and elevated costs.

B.C.'s goods-producing industries declined by 2.9 per cent in 2024, following a modest 0.4 per cent increase in 2023. In 2024, activity declined in B.C.'s construction industry (-5.7 per cent), while manufacturing output contracted (-6.2 per cent) for the third consecutive year. Meanwhile, mining, quarrying and oil and gas extraction (+3.9 per cent); utilities (+3.9 per cent); and agriculture, forestry, fishing and hunting (+0.3 per cent) sectors contributed to annual economic growth.

**Chart 1.2 British Columbia Real GDP Growth by Industry**

Per cent change,

real GDP at basic prices

![](tm2523015d1_ex99-13sp2img04.jpg)

Source: Statistics Canada (Table 36-10-0402-01 – May 2025 Preliminary Industry Accounts)

Note: Other includes industries such as transportation and warehousing, educational services, and professional, scientific and technical services

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Part 1 – Economic Review

In 2024, service-producing industries accounted for 77.7 per cent of B.C.'s economy, while goods-producing industries represented 22.3 per cent. Within the service-producing industries, the real estate and rental and leasing sector remained the largest contributor, followed by wholesale and retail trade. In the goods-producing industries, the construction industry continued to make up the largest share, followed by the manufacturing sector.

**Chart 1.3 Composition of British Columbia GDP by Industry**

Shares of B.C. GDP at basic prices by

major industry, 2024

![](tm2523015d1_ex99-13sp2img05.jpg)

Source: Statistics Canada (Table 36-10-0400-01 – May 2025 Preliminary Industry Accounts)<br> (numbers may not add to 100 per cent due to rounding)

***External Trade and Commodity Prices***

*Exports by destination:*

Subdued global demand and lower energy prices in 2024 contributed to a decline in the value of B.C.'s merchandise exports. B.C. merchandise exports to the U.S. (B.C.'s largest international trading partner) continued to decline, while exports to China, South Korea, and Australia saw increases. Overall, B.C. goods exports declined by 2.7 per cent last year compared to 2023.

B.C.'s merchandise exports to the U.S. fell by 5.0 per cent in 2024 compared to 2023, marking the second consecutive decline. The annual decline largely reflected a 30.2 per cent decrease in energy products, mainly from natural gas. Meanwhile, exports of machinery and equipment to the U.S. increased for a fourth consecutive year, up 11.8 per cent in 2024 compared to 2023.

2025 Financial and Economic Review \| 5

Part 1 – Economic Review

B.C.'s goods exports to China increased by 7.4 per cent in 2024, largely due to a rise in exports of energy products (+12.6 per cent) and metallic mineral products (+13.4 per cent). Meanwhile, B.C.'s goods exports to Japan decreased by 9.4 per cent following three years of consecutive growth. The decline in goods exports to Japan was concentrated in energy products (-15.4 per cent), while exports of machinery and equipment increased by 26.5 per cent. Exports to South Korea rose by 8.8 per cent in 2024, driven by a surge in copper exports (+67.7 per cent).

Appendix Tables A1.7 and A1.8 provide further detail on exports by major market and commodity groups.

In 2024, the share of B.C.'s international merchandise exports destined to the U.S. averaged 52.9 per cent, down from 54.1 per cent in 2023. Exports to China accounted for 15.6 per cent in 2024, up from 14.1 per cent in 2023, while exports to Japan represented 10.3 per cent, down from 11.1 per cent in 2023.

**Chart 1.4 International Export Shares by Market**

![](tm2523015d1_ex99-13sp2img09.jpg)

Source: BC Stats – accessed June 2025

Note: Other Asia includes Hong Kong, Taiwan, South Korea and India<br> (numbers may not add to 100 per cent due to rounding)

*Exports by commodity and prices:*

In 2024, the decline in B.C. merchandise exports largely reflected a 17.0 per cent decrease in exports of energy products, primarily natural gas and coal, which experienced substantial declines of 48.1 per cent and 16.5 per cent, respectively. Exports of wood products saw a small decline of 0.9 per cent, following a 30.9 per cent drop in 2023. Meanwhile, increases in exports of metallic mineral products (+11.2 per cent), machinery and equipment (+8.2 per cent) and pulp and paper products (+9.2 per cent) partly offset the decline in B.C. merchandise exports.

6 \| 2025 Financial and Economic Review

Part 1 – Economic Review

Oil prices declined in 2024 for the second consecutive year as subdued domestic and global demand combined with rising global supplies, particularly from North American production, continued to put downward pressure on prices. The West Texas Intermediate (WTI) price averaged $76.55 US per barrel in 2024, down 1.4 per cent from 2023. Meanwhile, the plant inlet price of natural gas averaged $0.74 C/GJ in 2024, down 58.4 per cent from 2023, reflecting excess supply from lower domestic demand and increased drilling activity in anticipation of LNG Canada coming online.

The price of Western spruce-pine-fir (SPF) 2x4 lumber continued to trend near its historical average in 2024, increasing 3.7 per cent compared to 2023 and averaging $412 US/000 board feet.

**Chart 1.5 Lumber and Natural Gas Prices**

![](tm2523015d1_ex99-13sp2img07.jpg)

Sources: Ministry of Forests; Ministry of Energy and Climate Solutions.

The effects of slower global economic activity on industrial metal and mineral prices were mixed. In 2024, the annual average price for metallurgical coal declined compared to 2023, along with prices for molybdenum and lead. Meanwhile, prices rose for gold, silver, copper, and zinc.

*Manufacturing shipments:*

Like merchandise exports, B.C.'s manufacturing sector was affected by lower commodity prices and weaker global demand. Overall in 2024, the nominal value of B.C.'s manufacturing shipments fell by 1.3 per cent compared to 2023, largely due to declines in fabricated metal products (-10.7 per cent) and shipments of computer and electronic products (-19.4 per cent), which outweighed relatively broad-based gains across other industries.

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Part 1 – Economic Review

***Population***

Despite slowing international migration over the course of the year, B.C. saw strong population growth in 2024. The population reached 5.698 million people on July 1, 2024, an increase of 3.0 per cent from the same date in 2023. This was the province's second-fastest population increase since 1994, supported by still-elevated levels of international migration. In 2024, net international migration rose by 100,303 persons, down 47.1 per cent from 2023, reflecting the phasing out of federal policies implemented during the COVID-19 pandemic, more restrictions on work permits for non-permanent residents and caps on international students. Meanwhile, net interprovincial migration to B.C. was negative (-5,912 persons) for the second consecutive year. Overall, B.C. welcomed a total of 94,391 net migrants in 2024, down from a record-high in 2023. Population growth was entirely due to international migration, as B.C. saw a slight natural decline (where total deaths outnumbered total births), consistent with an aging population.

**Map 1.1 Net Interprovincial and International Migration in B.C., 2024**

**Net Population Movement For British Columbia**

**Jan 2024 to Dec 2024**

**Net Inflow :** **94,391** **Persons**

![](tm2523015d1_ex99-13sp2img08.jpg)

Source: BC Stats

***Labour Market***

B.C.'s labour market continued to experience gains in 2024, supported by strong population growth. Employment grew by 66,100 jobs (+2.3 per cent) in 2024, following growth of 2.6 per cent in 2023. Employment gains consisted of 55,200 full-time jobs and 11,000 part-time jobs. The number of jobs created was concentrated in the private sector (+35,800 jobs), along with gains in the public sector (+24,900 jobs) and self-employment (+5,300 jobs).

Employment gains in 2024 were mainly driven by growth in the services-producing sector (+59,500 jobs), led by health care and social assistance (+27,000 jobs); professional, scientific and technical services (+11,000 jobs); as well as public administration (+10,300 jobs). Wholesale and retail trade (-12,900 jobs) and accommodation and food services (-10,800 jobs) partly offset employment gains. Meanwhile, employment in the goods-producing sector increased by 6,600 jobs compared to 2023, primarily driven by an increase in construction (+9,300 jobs), while a decline in agriculture (-7,300 jobs) offset some of the gains.

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Part 1 – Economic Review

B.C.'s labour force expanded by 2.7 per cent in 2024, down from 3.2 per cent growth in 2023. Labour force expansion was driven by more landed immigrants looking for jobs last year (+4.8 per cent), while the number of those born in Canada declined (-0.5 per cent). B.C.'s labour force participation rate averaged 65.2 per cent in 2024, declining from 65.8 per cent in 2023. The overall decline in the labour force participation rate in 2024 was driven by lower participation among both prime-age workers and youth aged 15 to 24. The participation rate for the prime-age group declined to 87.7 per cent in 2024 from 88.4 per cent in 2023, while participation among youth fell to 62.6 per cent from 65.6 per cent over the same period. In contrast, the rate among those aged 55 and over held steady at around 36.4 per cent for the third consecutive year.

B.C.'s unemployment rate rose in 2024 as strong population and labour force growth outpaced job gains. B.C.'s unemployment rate averaged 5.6 per cent in 2024, up from 5.2 per cent in 2023. Nationally, the unemployment rate was higher, averaging 6.3 per cent in 2024. Meanwhile, job vacancies in the province have continued to ease. The province's job vacancy rate reached 3.5 per cent in December 2024, lower than recent years, but still above the national average of 3.0 per cent.

Appendix Table A1.5 provides more details on employment by sector and subsectors.

**Table 1.1 British Columbia Population and Labour Market Statistics**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Units | 2020 | 2021 | 2022 | 2023 | 2024 |
| Population (as of July 1) | (thousands) | 5176 | 5227 | 5357 | 5532 | 5698 |
|  | (% change) | 1.3 | 1 | 2.5 | 3.2 | 3 |
| Net Migration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;International | (persons) | (3155) | 74807 | 148341 | 189768 | 100303 |
| &nbsp;&nbsp;&nbsp;Interprovincial | (persons) | 19310 | 31047 | 11325 | (1203) | (5912) |
| Labour Force | (thousands) | 2781 | 2872 | 2911 | 3004 | 3086 |
|  | (% change) | (1.3) | 3.3 | 1.3 | 3.2 | 2.7 |
| Employment | (thousands) | 2527 | 2684 | 2776 | 2848 | 2914 |
|  | (% change) | (5.7) | 6.2 | 3.4 | 2.6 | 2.3 |
| Unemployment Rate | (%) | 9.1 | 6.6 | 4.6 | 5.2 | 5.6 |

---

Sources: Statistics Canada (Tables 17-10-0005-01, 17-10-0040-01, 17-10-0020-01, 14-10-0023-01 – accessed June 2025)

***Consumer Spending, Inflation and Wages***

Despite strong population growth, consumer spending on goods increased by just 0.6 per cent in 2024, following a 0.1 per cent decline in 2023. Retail sales were higher in six of nine subsectors driven by purchases at health and personal care retailers (+8.4 per cent), building material and garden supply stores (+9.3 per cent) and motor vehicles and parts dealers (+1.9 per cent). Gains were partly offset by lower sales at gasoline stations and fuel vendors (-7.8 per cent) and furniture, home furnishings, electronics and appliances retailers (-8.4 per cent). Elevated interest rates continued to hold back spending and reduce purchasing power for B.C. consumers in 2024. Subdued growth in nominal sales, combined with elevated prices, suggests an even lower volume of sales.

2025 Financial and Economic Review \| 9

Part 1 – Economic Review

While retail trade data offers detailed information on consumer spending on goods, there is a lack of timely comprehensive data for consumer spending on services at the provincial level. National data shows that household spending on services grew by 3.2 per cent on a real basis and by 7.2 per cent on a nominal basis in 2024. In B.C., nominal sales at food services and drinking places, a component of the service sector, continued to increase in 2024, up 4.0 per cent compared to 2023, supported by higher prices.

In 2024, inflation in B.C. continued to moderate as the price growth of goods eased, while inflation for services remained elevated. B.C.'s Consumer Price Index (CPI) inflation rate averaged 2.6 per cent in 2024, down from 3.9 per cent in 2023. The slower rate of inflation was mainly due to lower price growth for food (+3.0 per cent) and recreation, education and reading (+0.6 per cent). Meanwhile, health and personal care (+2.6 per cent) and shelter (+6.1 per cent) contributed the most to annual price growth. Despite some easing in recent quarters, elevated mortgage costs continued to contribute to shelter inflation in 2024. The annual CPI inflation rate excluding shelter was 1.1 per cent in 2024. Food price inflation eased in 2024 compared to the previous year, with grocery prices rising by 2.9 per cent (down from 7.5 per cent in 2023) and prices for food purchased from restaurants increasing by 3.4 per cent (down from 6.0 per cent in 2023).

In 2024, wage growth in B.C. moderated compared to the previous year, which

reflected a lower job vacancy rate and softened labour demand. Employee compensation (aggregate wages, salaries, and employers' social contributions) still increased by 6.3 per cent in 2024 following 7.5 per cent growth in 2023, reflecting gains in both jobs and wages. The average weekly wage rate increased by 5.2 per cent in 2024 compared to 2023, rising faster than the consumer price index for B.C.

**Table 1.2 British Columbia Price and Earnings Indicators**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Units | 2020 | 2021 | 2022 | 2023 | 2024 |
| Consumer Price Index | (2002=100) | 132.4 | 136.1 | 145.5 | 151.2 | 155.2 |
|  | (% change) | 0.8 | 2.8 | 6.9 | 3.9 | 2.6 |
| Average Weekly Wage Rate | ($) | 1093 | 1139 | 1194 | 1270 | 1337 |
|  | (% change) | 7.1 | 4.2 | 4.9 | 6.4 | 5.2 |
| Compensation of Employees <sup>1, 2</sup> | ($ millions) | 152704 | 172036 | 189272 | 203540 | 216273 |
|  | (% change) | 0.1 | 12.7 | 10.0 | 7.5 | 6.3 |
| Primary Household Income <sup>1</sup> | ($ millions) | 218224 | 240288 | 260770 | 279663 | n/a |
|  | (% change) | (0.1) | 10.1 | 8.5 | 7.2 | n/a |
| Net Operating Surplus (Corporations) <sup>1</sup> | ($ millions) | 36139 | 49835 | 53710 | 41160 | n/a |
|  | (% change) | 22.1 | 37.9 | 7.8 | (23.4) | n/a |

---

<sup>1</sup> As of November 2024 Provincial Economic Accounts

<sup>2</sup> Component of income-based GDP, including wages, salaries and employers' social contributions earned in B.C. by residents and non-residents of the province. 2024 value for compensation of employees is from Statistics Canada Table 36-10-0205-01.

Sources: Statistics Canada (Tables 18-10-0005-01, 14-10-0064-01, 36-10-0221-01, 36-10-0205-01, 36-10-0224-01 – accessed June 2025)

***Housing***

In 2024, B.C. home construction activity remained resilient but saw decreases in housing starts from the record high in 2023 due to elevated interest rates, skilled-labour shortages, and increasing construction costs. Housing starts totaled 45,828 units in 2024, a 9.2 per cent decrease compared to 2023, but remained above the ten-year historical average of 41,431 units. Among segments, multi-family housing starts declined by 7.5 per cent, while single-family housing starts fell by 20.3 per cent.

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**Chart 1.6 Housing Starts**

![](tm2523015d1_ex99-13sp3img001.jpg)

Sources: Canada Mortgage and Housing Corporation; Haver Analytics

Most major Census Metropolitan Areas (CMA) in B.C. saw growth in the number of homes under construction in 2024, with the exception of Victoria, which experienced a decline. However, home completions were mixed, with annual gains reported in Vancouver and Victoria while declines occurred in the Abbotsford and Kelowna CMAs compared to 2023. Meanwhile, the value of B.C. residential building permits (a leading indicator of potential new housing activity) fell by 4.2 per cent compared to 2023, extending a decline from the previous year.

In 2024, MLS home sales increased by 2.1 per cent compared to 2023, following a 9.3 per cent decline the year prior, which marked the lowest level in a decade. The increase was primarily driven by key markets such as Victoria (+10.9 per cent) and Greater Vancouver (+1.2 per cent). Meanwhile, declines in Okanagan-Mainline (-2.4 per cent) and the Fraser Valley (-1.0 per cent) provided some offset to the rise in sales. Despite muted demand throughout most of 2024, paired with affordability challenges, the MLS average home sale price in B.C. increased by 1.0 per cent compared to 2023.

In 2024, MLS composite benchmark house prices (which incorporates benchmark attributes by dwelling type in each region) increased in Vancouver Island (+2.5 per cent) and Greater Vancouver (+1.2 per cent), while prices decreased in the Okanagan Valley (-2.1 per cent), the Fraser Valley (-0.4 per cent) and Victoria (-0.1 per cent).

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Part 1 – Economic Review

**Chart 1.7 Home Sales and Price**

![](tm2523015d1_ex99-13sp3img002.jpg)

Sources: Canadian Real Estate Association; Haver Analytics

***Tourism***

While B.C.'s tourism sector moderated through the spring and summer of 2024, activity increased sharply at the end of the year, supported by a weaker Canadian dollar and a likely short-term boost from Taylor Swift's concerts in December. Overall, the number of international travellers to B.C. rose by 8.2 per cent compared to 2023. In 2024, the number of U.S. travellers increased by 8.6 per cent and the number of non-U.S. travellers increased by 6.7 per cent compared to the previous year. The ongoing recovery in visitor numbers has brought the level of international travellers entering B.C. close to pre-pandemic levels.

**Chart 1.8 Visitor Entries to British Columbia**

![](tm2523015d1_ex99-13sp3img003.jpg)

Sources: Statistics Canada; Haver Analytics

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Part 1 – Economic Review

**Global Economy**

Global economic growth was relatively steady in 2024, but slightly slower than in 2023. The International Monetary Fund estimates that global real GDP advanced by 3.3 per cent in 2024, down from 3.5 per cent growth in the previous year. While inflation came down from prior years, interest rates remained elevated for much of 2024. Some central banks, including the Bank of Canada, the U.S. Federal Reserve, and the European Central Bank began to ease interest rates at different trajectories. Meanwhile, the Bank of Japan increased interest rates due to a weak yen and inflation concerns. Despite a recovery in trade and easing inflation, the global economy faced challenges from geopolitical tensions and weaker than expected growth in some emerging market and developing economies.

In 2024, the U.S. economy was strong despite an elevated interest rate environment, driven by robust consumer and government spending. U.S. real GDP grew by 2.8 per cent last year, a slight decrease from 2.9 per cent growth in 2023. Meanwhile, Canadian economic growth was steady at 1.6 per cent in 2024, a small increase from 2023.

Overseas, China's economic growth moderated to 5.0 per cent last year, below the 5.4 per cent recorded in 2023 and the slowest rate in over 30 years, outside of pandemic years. Japan's economy slowed to 0.2 per cent growth last year, down from 1.4 per cent in 2023. Meanwhile, euro zone real GDP growth increased to 0.8 per cent in 2024 from 0.6 per cent growth in 2023.

**Chart 1.9 Global Economic Growth**

![](tm2523015d1_ex99-13sp3img004.jpg)

Sources: International Monetary Fund (May 2025); Haver Analytics

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Part 1 – Economic Review

***United States***

The U.S. economy steadily expanded throughout 2024, with real GDP growing by 2.8 per cent, down slightly from 2.9 per cent in 2023, despite an elevated interest rate environment. Growth was driven by strong consumer spending, particularly for services, and government spending. Business investment also contributed positively, while the only decline came from lower net exports. However, some signs of moderation emerged late in the year as labour market conditions began to ease, contributing to a decline in consumer sentiment.

The U.S. labour market continued to grow in 2024, but at a slower pace than prior years. U.S. employment was 1.3 per cent higher in 2024 compared to 2023 and the unemployment rate averaged 4.0 per cent, in line with pre-pandemic historical averages but higher than the prior year rate of 3.6 per cent. Meanwhile, the annual labour force participation rate was unchanged in 2024, with 62.6 per cent of Americans participating in the labour market last year.

High interest rates continued to weigh on U.S. housing market activity in 2024. New housing construction fell for a third consecutive year, down 3.7 per cent compared to 2023, and totalled 1.37 million units for the year. Sales of existing homes declined by 0.6 per cent in 2024 compared to 2023, while sales of new single-family homes were 3.0 per cent higher. The median price for existing homes rose 4.5 per cent over the year, but declined 1.9 per cent for new single-family homes.

***Canada***

On a GDP by expenditure basis, the Canadian economy expanded by 1.6 per cent in 2024, slightly higher than the growth rate recorded in 2023. The increase in Canadian real GDP was led by gains in household consumption (primarily services) and government spending, while exports of goods and services grew moderately. Gains were partly offset by a decline in inventory investment, continued weakness in business investment (mostly from lower investment in machinery and equipment), and higher imports of services.

Canada's labour market continued to grow throughout 2024, driven by strong population growth. Employment increased by 1.9 per cent last year, adding 395,700 jobs compared to 2023. Employment gains in 2024 were mainly driven by health care and social assistance (+122,800 jobs); professional, scientific and technical services (+81,100 jobs); as well as educational services (+53,900 jobs), while a decline in wholesale and retail trade (-49,100 jobs); agriculture (-26,300 jobs); and utilities (-6,200 jobs) offset some of the gains. Meanwhile, the national unemployment rate averaged 6.3 per cent in 2024, rising by 0.9 percentage points from the previous year, reflecting the labour force growing faster than employment, due to high levels of international migration.

In 2024, total MLS home sales in Canada rose 7.1 per cent, rebounding from a decline of 11.2 per cent in 2023. Despite the annual increase, home sales were subdued for most of the year compared to historical averages. Soft demand and an increase in listings have limited price growth, resulting in the national average home sale price rising just 0.9 per cent in 2024. Meanwhile, Canadian housing starts increased modestly in 2024, rising 2.1 per cent following a decline of 8.2 per cent in 2023. Among housing categories, multi-family starts increased by 2.8 per cent, while single-family starts were down 0.2 per cent. In addition, the value of residential building permits was up 9.9 per cent in 2024, following an annual decline of 7.9 per cent in 2023.

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Part 1 – Economic Review

Consumer price inflation in Canada continued to ease in 2024, reflecting a slow but steady return to historical norms. On an annual basis, Canadian consumer prices rose by 2.4 per cent in 2024, down from 3.9 per cent growth in 2023. Despite easing price growth, persistent price pressures remained in 2024, particularly for shelter prices (+5.7 per cent). Meanwhile, nominal retail sales grew 1.6 per cent in 2024 following 1.9 per cent annual sales growth in 2023. Sales at motor vehicles and parts dealers (+3.3 per cent) and general merchandise retailers (+3.9 per cent) were the primary contributors to annual growth in 2024. The largest decline occurred in sales at gas stations (-2.9 per cent), partly reflecting lower prices compared to 2023. In real terms (which exclude price effects), retail sales were up 0.9 per cent.

Canadian nominal goods exports saw a small increase in 2024, following a decline in 2023, with performance mixed among product categories. Overall, nominal goods exports increased by 1.3 per cent compared to 2023, mainly due to growth in exports of metal and non-metallic minerals exports, followed by energy products and consumer goods exports. Meanwhile, a decline in motor vehicle and parts exports was the biggest drag on growth, and metal ores and non-metallic minerals exports also fell. In contrast, service exports growth was solid in 2024, growing by 4.5 per cent compared to 2023, primarily due to a rise in travel and commercial services.

***Asia***

China's economy expanded by 5.0 per cent in 2024, meeting the government's official target, ending the year with a strong fourth quarter. Growth was supported by fiscal stimulus measures introduced in the fall and front-loaded exports ahead of anticipated U.S. tariff hikes. However, despite achieving its growth target, underlying momentum remained weak for most of the year. Retail sales were subdued, weighed down by persistent weak consumer confidence, a soft labour market, and a prolonged housing downturn. While strength in exports and industrial production (driven by manufacturing) helped boost economic growth, structural imbalances (such as weak domestic demand and high local government debt) continued to weigh on the economy.

Japan's GDP growth was relatively at flat 0.2 per cent in 2024, a sharp slowdown from 1.4 per cent growth in 2023. Economic growth was dampened by temporary supply disruptions in the auto sector, weak industrial output, and limited recovery in consumption despite rising wages. Meanwhile, net trade contributed positively, boosted by frontloading of exports ahead of U.S. tariffs. In response to sustained inflation and rising wages, the Bank of Japan raised its policy interest rate twice in 2024, reaching 0.25 per cent by July 2024. This move continued the gradual tightening that began in March 2024 amid a weak yen and mounting price pressures.

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Part 1 – Economic Review

***Europe***

In 2024, economic growth in the euro zone remained subdued, with geopolitical tensions and heightened policy uncertainty continuing to weigh on business sentiment. A recovery in real incomes supported consumption, but persistent weakness in manufacturing and exports, particularly in Germany, kept overall momentum weak. Overall, the euro zone economy grew by 0.8 per cent in 2024, improving from the 0.6 per cent expansion recorded in 2023. Performance across major economies was mixed. Spain was the euro zone's strongest performing major economy with 3.2 per cent real GDP growth in 2024, supported by strong consumption and tourism. Meanwhile, Germany (the euro zone's largest economy) experienced a contraction for the second year in a row, with real GDP declining by 0.2 per cent, due to weak exports and consumer spending, as well as low investment in housing construction.

***Financial Markets***

The U.S. Federal Reserve (the Fed) and the Bank of Canada (BoC) along with other central banks, began cutting interest rates in 2024 in response to declining inflation. The BoC started cutting rates earlier in the year than the Fed, reflecting lower inflation levels and weaker relative economic conditions.

On December 18, 2024, the Fed reduced the federal funds rate by 25 basis points to a target range of 4.25 to 4.50 per cent. This was the third interest rate cut of 2024, primarily reflecting the Fed's view that U.S. inflation has moved substantially toward its 2 per cent target. The Fed began lowering interest rates in the second half of last year, cutting the federal funds rate by a total of 100 basis points (bp). The Fed emphasized its commitment to support maximum employment and a 2 per cent inflation rate over the long-term. It also stated that it would adjust its policy stance if risks emerge that could interfere with achieving its goals.

In comparison, the BoC ended the year by reducing its overnight rate by 50 bp to 3.25 per cent in its December 11, 2024 interest rate announcement. This marked the fifth consecutive reduction since June 2024, cumulatively reducing the overnight rate by 175 bp, from 5.00 per cent to 3.25 per cent. According to the BoC, the earlier interest rate cuts were substantial and had started to support the Canadian economy. At the time, the BoC noted that further rate cuts could be considered if the Canadian economy evolves in line with their expectations. However, in their December rate announcement, the BoC noted increased uncertainty in Canada's economic outlook due to possible U.S. tariffs.

In 2024, the Canadian dollar edged lower against the US dollar, averaging 73.0 US cents compared with an average of 74.1 US cents in 2023. The Canadian dollar experienced a modest decline during the first seven months of last year, followed by some moderate appreciation in late summer. However, later in the year, the Canadian dollar saw a notable depreciation, falling from 73.8 US cents in September 2024 to 70.2 US cents in December 2024, the lowest monthly exchange rate since January 2016. This decline reflected growing uncertainty facing the Canadian economy, particularly due to U.S. tariffs, as well as interest rate differentials.

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Part 1 – Economic Review

**Chart 1.10 Canadian Dollar**

![](tm2523015d1_ex99-13sp3img005.jpg)

Source: Bank of Canada – accessed April 2025.

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Part 1 – Economic Review

**Historical Data Volatility**

Individual economic variables have unique characteristics. An important characteristic from a budgeting and planning perspective is the historical data volatility of a variable. Typically, variables that are more volatile over history are more difficult to forecast than variables that are more stable. This topic box summarizes the volatility of historical data from 1981 to 2023. Economic variables were relatively more volatile in 2020 and 2021, reflecting the impact of the COVID-19 pandemic.

One of the most common measurements of data volatility is the standard deviation, which is frequently reported by agencies such as Statistics Canada and the Bank of Canada. Generally, the standard deviation of a variable measures how far the individual data points are from the average (mean) of all the data points in the series on an absolute basis (that is, without regard to whether each data point is above or below the average).

If a variable's data points are generally close to the average, then the standard deviation will be relatively low (meaning that the variable is relatively stable). An example of a relatively stable variable is presented in Chart 1, which displays the annual growth rate of B.C.'s population.

**Chart** **1 – An Example of Historical Data Stability**

**Annual growth rate of B.C.'s population**

**(per cent change)**

![](tm2523015d1_ex99-13sp3img006.jpg)

\*Percentage points

Sources: Statistics Canada; Haver Analytics; Ministry of Finance calculations

Conversely, if a variable's data points are generally spread out from the average, then the variable will have a relatively high standard deviation (meaning that the variable is relatively volatile). The annual growth rate of the natural gas price in Chart 2 is an example of a relatively volatile variable.

**Chart** **2 – An Example of Historical Data Volatility**

**Annual growth rate of the natural gas price**

**(per cent change)**

![](tm2523015d1_ex99-13sp3img007.jpg)

\*Percentage points

Sources: Ministry of Energy and Climate Solutions; Ministry of Finance calculations

The standard deviations and averages of selected key economic variables' growth rates over different time periods are presented in Table 1. For instance, B.C. real GDP growth had a standard deviation of 2.6 percentage points and an average of 2.9 per cent from 2014 to 2023. This means that growth rates between 0.3 and 5.5 per cent are within one standard deviation of the average annual real GDP growth rate of 2.9 per cent over this period.

Standard deviations can vary widely across indicators and time. Variables such as the natural gas price and net operating surplus of corporations were relatively volatile from 2014 to 2023, while variables such as population and the consumer price index were relatively stable (see Chart 3). Meanwhile, some variables like the price of natural gas have become more volatile over time, whereas other variables like population have become more stable (see Table 1).

**Chart** **3 – Recent Data Volatility**

**Standard deviations of selected B.C. economic variables and prices\***

**(percentage points)**

![](tm2523015d1_ex99-13sp3img008.jpg)

\*Based on the annual per cent change of calendar year data from 2014 to 2023

Sources: Statistics Canada; Haver Analytics; Ministry of Energy and Climate Solutions; Canada Mortgage and Housing Corporation; Ministry of Finance calculations

The Ministry of Finance manages the uncertainty associated with data volatility by incorporating prudence in the Province's budget and fiscal plan.

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**Table 1** **– Data Volatility**

**Standard deviations and averages of growth rates of selected B.C. economic variables and prices**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1982-2023** | **1982-2023** | **2004-2023** | **2004-2023** | **2014-2023** | **2014-2023** |
|  | | Standard | | Standard | | Standard |
|  | | Deviation | | Deviation | | Deviation |
| All figures are based on the annual per cent | Average<sup>2</sup> | (percentage | Average<sup>2</sup> | (percentage | Average<sup>2</sup> | (percentage |
| change of calendar year data<sup>1</sup> | (%) | points) | (%) | points) | (%) | points) |
| Real GDP | 2.6 | 2.5 | 2.7 | 2.3 | 2.9 | 2.6 |
| Nominal GDP | 5.4 | 3.4 | 5.2 | 4.1 | 6.0 | 4.6 |
| Nominal consumption | 5.5 | 2.4 | 4.9 | 2.8 | 5.3 | 3.5 |
| Nominal business investment | 5.5 | 9.1 | 7.2 | 7.5 | 7.7 | 5.6 |
| Nominal residential home sales | 11.2 | 24.1 | 8.1 | 23.7 | 9.6 | 28.8 |
| Nominal household income | 5.3 | 2.5 | 5.2 | 2.3 | 5.7 | 1.8 |
| Nominal compensation of employees | 5.1 | 3.0 | 5.1 | 3.3 | 6.0 | 3.5 |
| Nominal net operating surplus of corporations | 10.5 | 30.1 | 5.9 | 18.1 | 7.4 | 19.0 |
| Consumer price index | 2.6 | 2.0 | 2.0 | 1.5 | 2.6 | 1.8 |
| Exchange rate | -0.1 | 5.4 | 0.4 | 6.1 | -2.5 | 5.4 |
| Copper price | 6.2 | 24.2 | 11.3 | 29.2 | 3.1 | 20.8 |
| Natural gas price | 8.1 | 41.6 | 5.2 | 50.2 | 13.9 | 63.3 |
| Pulp price | 3.4 | 21.2 | 4.6 | 19.4 | 3.0 | 22.0 |
| SPF 2x4 price | 4.5 | 23.9 | 5.9 | 29.1 | 6.6 | 34.6 |
| Housing starts | 3.3 | 22.9 | 5.9 | 22.6 | 7.3 | 14.4 |
| Population | 1.6 | 0.8 | 1.5 | 0.6 | 1.8 | 0.7 |

---

<sup>1</sup> Calendar and fiscal year data yield similar data volatility results

<sup>2</sup> Measured as the mean

Sources: Statistics Canada; Haver Analytics; Ministry of Energy and Climate Solutions; Ministry of Mining and Critical Minerals; Ministry of Forests;

The Canadian Real Estate Association; Canada Mortgage and Housing Corporation; Ministry of Finance calculations

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Part 2

Financial Review

2025 Financial and Economic Review

Part 2 – Financial Review

**2024/25 Overview**

**Table 2.1 2024/25 Fiscal Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2024/25** | **2024/25** | **2024/25** | |
| <br>**($ millions)** | **Budget** | **Actual** | **Variance** | **Actual**<br>**2023/24 <sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;Revenue | 81523 | 84046 | 2523 | 79623 |
| &nbsp;&nbsp;&nbsp;Expense | (89434) | (91393) | (1959) | (84658) |
| &nbsp;&nbsp;&nbsp;Pandemic Recovery Contingencies |  |  |  | (598) |
| &nbsp;&nbsp;&nbsp;**Deficit** | **(7911)** | **(7347)** | **564** | **(5035)** |
| **Capital spending:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer-supported capital spending | 14104 | 10379 | (3725) | 8772 |
| &nbsp;&nbsp;&nbsp;Self-supported capital spending | 4652 | 4402 | (250) | 4584 |
| &nbsp;&nbsp;&nbsp;**Total capital spending** | **18756** | **14781** | **(3975)** | **13356** |
| **Provincial Debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer-supported debt | 88639 | 99089 | 10450 | 75402 |
| &nbsp;&nbsp;&nbsp;Self-supported debt | 34628 | 34788 | 160 | 32060 |
| &nbsp;&nbsp;&nbsp;**Total debt** | **123267** | **133877** | **10610** | **107462** |
| **Key debt affordability metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Taxpayer-supported debt-to-GDP ratio** | **21.0%** | **23.2%** | **2.2%** | **18.4%** |
| &nbsp;&nbsp;&nbsp;**Taxpayer-supported debt-to-revenue** | **111.8%** | **122.7%** | **10.9%** | **97.9%** |

---

<sup>1</sup> Figures have been restated to reflect government accounting policies in effect at March 31, 2025, and the impact of Statistics Canada's historical data revisions of economic growth.

The provincial government ended the 2024/25 fiscal year with a deficit of $7.3 billion, $564 million lower than *Budget 2024.* (See Table 2.5 for detailed quarterly changes to the forecast.)

Revenue totalled $84.0 billion in 2024/25, $2.5 billion higher than the *Budget 2024* projection. Higher revenues were recorded in taxation, investment earnings, miscellaneous sources and commercial Crown corporations' net incomes, partly offset by lower natural resources revenues and federal government transfers. (See Revenue section for further details.)

Total government expenses of $91.4 billion were $2.0 billion higher than *Budget 2024* due mainly to fire and emergency management costs, funding for various housing and shelter initiatives using statutory spending authorization, and higher spending funded by increased recoveries from third parties. (See Expense section for further details.)

Taxpayer-supported capital spending on hospitals, schools, post-secondary institutions, transportation infrastructure, social housing and other projects totalled $10.4 billion, $3.7 billion less than *Budget 2024* due to changes in the timing of projects across the sectors.

Self-supported capital spending of $4.4 billion was $250 million lower than budget mainly in power generation and transmission projects. (See Capital section for further details.)

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Part 2 – Financial Review

**Chart 2.1** **2024/25 Deficit – Major Changes from *Budget 2024***

**$564 million decrease in deficit**

**$ millions**

![](tm2523015d1_ex99-13img02.jpg)

Taxpayer-supported debt ended the year at $99.1 billion, which is $10.4 billion higher than forecast in *Budget 2024.* This increase was mainly due to impacts of a higher opening balance and pre-funding fiscal 2025/26 requirements to meet liquidity needs. Self-supported debt was $34.8 billion, $160 million higher than budget mainly reflecting higher opening balance from the preceding fiscal year. (See Provincial Debt section for further details.)

Financial information in this publication, including this chapter and Appendix 2, is sourced from the government's 2024/25 *Public Accounts*.

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Part 2 – Financial Review

**Revenue**

Revenue totaled $84 billion in 2024/25, $2.5 billion higher than the *Budget 2024* projection and up 5.6 per cent from 2023/24. Compared to budget, higher revenues were recorded in taxation, investment earnings, miscellaneous sources, and commercial Crown corporations' net incomes, partly offset by lower natural resources revenues and federal government transfers.

Changes of the major revenue components from *Budget 2024* are outlined as follows.

**Chart 2.2** **Revenue Changes from *Budget 2024***

**Total revenue increased by $2.52 billion**

**$ millions**

![](tm2523015d1_ex99-13img03.jpg)

**Income Tax Revenue**

*Personal income tax* revenue was up $388 million from budget. The increase is mainly due to $402 million resulting from higher 2024/25 base revenue, reflecting improved household income, the effects of federal tax measures, and improved financial markets. The improvement was partially offset by a $14 million decrease relating to prior year mainly due to weaker final 2023 tax assessments, reflecting lower earnings from higher income individuals despite improvement in overall taxable income.

**Table 2.2.1 Personal Income Tax Revenue Changes from *Budget 2024***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue** |  |  |  | ***Public*** | ***Public*** |
|  | **changes** | **Indicators** | **Indicators** | ***Budget*** | ***Accounts*** | ***Accounts*** |
|  | **($ millions)** | **(annual percent change)** | **(annual percent change)** | ***2024*** | ***2023/24*** | ***2024/25*** |
| Carry-forward impacts reflecting improved household and taxable income compared to budget assumptions | 402 | Household income | 2023 | 6.9% | 6.9% | 9.5% |
|  |  |  | 2024 | 4.4% | 4.4% | 6.8%<sup>1</sup> |
|  |  |  | 2025 | 4.3% | 4.3% | 4.1%<sup>1</sup> |
| Prior year adjustment - mainly weaker 2023 tax returns compared to what was recorded in *2023/24 Public Accounts* | (14) | B.C. taxable income | 2023 | 6.0% | 6.0% | 8.0% |
|  | 388 |  | 2024 | 4.7% | 4.7% | 7.4% |
|  |  |  | 2025 | 4.5% | 4.5% | 3.2% |
|  |  | <br><sup>1</sup> *Budget 2025* forecast | <br><sup>1</sup> *Budget 2025* forecast | <br><sup>1</sup> *Budget 2025* forecast | <br><sup>1</sup> *Budget 2025* forecast | <br><sup>1</sup> *Budget 2025* forecast |

---

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Part 2 – Financial Review

*Corporate income tax* revenue was up $26 million mainly due to higher final settlement payments relating to prior year partially offset by lower 2024 instalment payments from the federal government. The prior year's final settlement payment relating to 2023 tax year resulted in a $895 million increase. This increase is due to stronger than expected final 2023 taxes assessed in late 2024 resulting in an increase in B.C. taxable income of 1.4 per cent in 2023. This increase was partly offset by a $870 million decrease in 2024 instalments, mainly reflecting lower B.C. payment share of the national corporate taxable income.

**Table 2.2.2 Corporate Income Tax Revenue Changes from *Budget 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue**<br>**Changes**<br>**($ millions)** | <br>**Indicators ($ billions)** | <br>**Budget**<br>**2024** | **Public**<br>**Accounts**<br>**2024/25** |
| Prior years' settlement payment 2023 tax year | 895 | Payment Share | 15.03% | 13.10% |
| Advance instalments (2024/25) | (869) | 2024 national corporate tax base | 520.8 | 553.7 |
|  | 26 | 2023 national corporate tax base | 456.2 | 537.0 |
|  |  | 2023 B.C. corporate tax base | 68.6 | 75.3 |

---

**Other Tax Revenue**

Consumptions taxes were $497 million lower than budget.

*Sales tax* revenues were $399 million lower than budget due to lower retail sales activity as well as nominal expenditure on consumption of semi, non-durable, and durable goods, which accounts for 40 per cent of total taxable expenditure.

**Table 2.2.3 Consumption Tax Revenue Changes from *Budget 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue** |  |  | **Public** |
|  | **changes** | **Indicators** | **Budget** | ***Accounts*** ***<sup>1</sup>*** |
|  | **($ millions)** | **(annual percent change for the 2024 calendar year)** | **2024** | **2024/25** |
|  |  | Nominal consumer expenditures |  |  |
|  |  | &nbsp;&nbsp;&nbsp;on goods and services | 5.2% | 4.4% |
|  |  | &nbsp;&nbsp;&nbsp;on semi-durable goods | 1.9% | -3.2% |
|  |  | &nbsp;&nbsp;&nbsp;on services | 7.1% | 7.5% |
| Provincial sales | (399) | Nominal business investment | 1.2% | 2.7% |
| Tobacco | (98) | Consumer price index | 2.7% | 2.6% |
| Fuel | (41) | Real GDP | 0.8% | 1.2% |
| Carbon | 41 | Nominal GDP | 3.3% | 4.1% |
|  | (497) | Retail sales | 2.3% | 0.6% |
|  |  | <br><sup>1</sup> *Budget 2025* forecast for most variables, except retail sales and consumer price index which are actuals. | <br><sup>1</sup> *Budget 2025* forecast for most variables, except retail sales and consumer price index which are actuals. | <br><sup>1</sup> *Budget 2025* forecast for most variables, except retail sales and consumer price index which are actuals. |

---

*Tobacco tax* revenue was down $98 million from budget reflecting a decline in consumption volumes.

*Fuel tax* revenue was down $41 million from budget mainly due to lower gasoline sales volumes.

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*Carbon tax* revenue was up $41 million from budget mainly due to higher than expected purchased volumes in other liquid fuels. 2024/25 revenue includes the carbon tax rate increase from $65 to $80 per tonne of carbon dioxide equivalent emissions on April 1, 2024 and output base pricing system revenue estimated at $199 million.

*Property tax* revenue was $58 million higher than budget due to higher revenues from business property taxes and BC Transit property levies. The speculation tax revenue at $86 million in 2024/25 was $4 million lower than the budget estimate, based on declarations by property owners for 2024.

**Table 2.2.4 Property Tax Revenue Changes from *Budget 2024***

---

| | |
|:---|:---|
|  | **Revenue**<br>**changes**<br>**($ millions)** |
| Residential tax | (30) |
| Non-residential tax | 59 |
| Speculation and vacancy tax | (4) |
| Other | 33 |
| Total changes | 58 |

---

*Property transfer tax* revenue was $50 million lower than budget due to lower than expected residential sales value, reflecting reduced home sales activity as well as lower net in-migration.

*Employer health tax* revenue was $253 million higher than budget mainly due to increases in employer payrolls, reflecting improved compensation of employee growth as well as increased reassessments relating to prior tax years.

*Insurance premium tax* revenue was $65 million higher than budget mainly due to higher activity and premiums reflecting increased assessments of risks including climate change and inflationary increases, and increased prior year taxable premiums, partially offset by impacts of ICBC rebates.

**Table 2.2.5 Other Tax Revenue Changes from *Budget 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue** |  |  | **2024/25** |
|  | **changes** | **Indicators** | ***Budget*** | ***Public*** |
|  | **($ millions)** | **(annual percent change for the 2024 calendar year)** | **2024** | ***Accounts*** ***<sup>1</sup>*** |
| Employer health | 253 | Compensation of employees | 5.5% | 6.7% |
| Insurance premium | 65 |  |  |  |
|  | 318 |  |  |  |
|  |  | <br><sup>1</sup> *Budget 2025* forecast. |  |  |

---

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**Natural Resources Revenue**

Total natural resource revenues are $734 million below budget.

*Natural gas royalties* were $82 million lower than budget due to lower natural gas liquids royalties reflecting reduced royalty rates applied to new wells. In addition, the revenue was reduced mainly reflecting lower prices for natural gas due to higher than average storage inventories in North America. These revenue was partly offset by a corresponding decrease in utilization of credits under the royalty programs. In 2024/25, natural gas prices averaged $0.74 ($Cdn/gigajoule, plant inlet), a 41.3 per cent decrease from the *Budget 2024* assumption. Payments of $65 million were made through the Ministry of Indigenous Relations and Reconciliation (MIRR) to First Nations in support of natural gas royalties revenue sharing agreements.

**Table 2.2.6 Energy and Mineral Revenue Changes from *Budget 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue**<br>**Changes**<br>**($ millions)** | <br>**Indicators** |<br>**Budget**<br>**2024** |<br>**Actual**<br>**2024/25** |
| Natural gas royalties | (82) | Natural gas price ($Cdn/GJ, plant inlet) | $1.26 | $0.74 |
|  |  | Natural gas production (annual change) | 3.2% | 4.7% |
|  |  | Pentane price ($C/bbl) | $87.50 | $90.81 |
|  |  | Condensates price ($C/bbl) | $79.40 | $86.71 |
| Coal, metals and other minerals | (259) | Metallurgical coal price ($US/tonne) | $243 | $247 |
|  |  | Copper price ($US/lb) | $3.88 | $4.25 |
| Electricity sales under the Columbia River Treaty | (187) | Electricity price ($US/Mwh) | $93.37 | $61.27 |
| Petroleum royalties | 17 | Oil price ($US/bbl) | $77.34 | $75.12 |
| Fees and levies collected by the BC Energy Regulator | 17 |  |  |  |
| Bonus bids and Crown land drilling licences and leases | 2 |  |  |  |
|  | (492) |  |  |  |

---

*Coal, metals and other minerals* revenue was $259 million lower than budget mainly due to labour and shipment disruptions following the summer 2024 rail stoppage and fall 2024 port strike, as well as higher mining costs, partly offset by higher coal and metal prices. Metallurgical coal prices averaged $247 (US/tonne) in 2024/25, up 1.7 per cent from the budget assumption. Copper prices were $4.25 (US/lb) in 2024/25, up 9.5 per cent from the budget assumption. Payments of $81 million were made through MIRR to First Nations in support of coal, metals and other minerals revenue sharing and other agreements.

*Revenue from electricity sales under the Columbia River Treaty* was $187 million lower than budget mainly due to an overall decrease in volume resulting from the new Agreement-in-Principle (AIP) for the Columbia River Treaty and lower Mid-C electricity prices, partly offset by a separate annual cash payment for Flood Risk Management included in the AIP. Mid-C electricity prices averaged $61.27 ($US per mega-watt hour), down 34.4 per cent from the budget assumption ($93.37). Lower average Mid-C electricity prices reflect mild weather, moderate natural gas prices and growth in wind and solar generation. Payments of $39 million were made through MIRR to First Nations in support of electricity sales under the Columbia River Treaty revenue sharing and other agreements.

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*Revenue from other energy sources* was $36 million higher than budget mainly due to higher petroleum production and fees and levies collected by the BC Energy Regulator.

*Forests* revenue was $175 million lower than budget mainly due to lower than expected stumpage and logging tax revenues, reflecting regular updates to the market pricing system, decreased average stumpage rate and lumber prices. Logging tax revenue was $85 million lower than budget due to prior-year losses. The total Crown harvest volumes for 2024/25 were 32.2 million cubic metres, relatively unchanged from budget. Lumber prices for spruce, pine and fir (SPF) 2x4 averaged $412 ($US/1000 bf) in 2024, 3.0 per cent lower than the budget assumption ($425). Payments of $179 million were made through MIRR to First Nations in support of Forest Consultation and Revenue Sharing Agreements.

**Table 2.2.7 Forest Revenue Changes from *Budget 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue**<br>**changes**<br>**($ millions)** | <br>**Indicators** | <br>**Budget**<br>**2024** |<br>**Actual**<br>**2024/25** |
| Stumpage from timber tenures | (126) | SPF 2x4 ($US/1000 bf, calendar year) | $425 | $412 |
| BC Timber Sales | 26 | Total stumpage rate ($/m<sup>3</sup>) | $18.06 | $14.78 |
| Logging Tax | (85) | Harvest volumes (million m<sup>3</sup>) | 32 | 32.2 |
| Recoveries relating to revenue sharing payments to First Nations | (2) |  |  |  |
| Other receipts | 12 |  |  |  |
|  | (175) |  |  |  |

---

*Other natural resource* revenues, comprised of revenue from water rentals and hunting and fishing licenses, were $67 million lower than budget mainly due to lower water rentals revenue reflecting significantly reduced inflows to reservoirs due to near record low snowpack and drought conditions, resulting in reduced power generation by BC Hydro and independent power producers.

**Other Taxpayer-Supported Sources**

*Revenue from fees, investment earnings and other miscellaneous* sources totalled $13.1 billion, up $1.7 billion from budget.

Fee revenues totalled $5.5 billion, unchanged from budget. Higher fees earned by health authorities and other fees were offset by lower revenues from post-secondary institutions, K-12 school districts and recoveries related to nominal rent tenures.

Investment earnings was $2.2 billion, up $735 million from budget due in part to higher cash balances held by government to meet liquidity requirements, as well as higher investment returns from post-secondary institutions and health authorities.

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**Table 2.2.8 Other Revenue Changes from *Budget 2024***

---

| | | |
|:---|:---|:---|
|  | **Revenue**<br>**changes**<br>**($ millions)** |  |
| Fees |  | Mainly higher revenues from health authorities and other fees offset by lower revenues from post-secondary institutions, K-12 school districts and recoveries related to nominal rent tenures |
| Investment earnings | 735 | Mainly higher cash balances and investment returns from post-secondary institutions and health authorities, partly offset by lower recoveries through the fiscal agency loan program |
| Miscellaneous sources | 952 | Higher revenues in taxpayer-supported SUCH sector agencies, higher PharmaCare and other vote recoveries |
|  | 1687 |  |

---

Miscellaneous revenue totalled $5.5 billion, up $952 million from budget mainly due to higher revenue collected by core government and taxpayer-supported crowns and SUCH<sup>1</sup> sector entities ($537 million) and higher external recoveries received to fund ministry programs, mainly in the health sector ($415 million).

**Federal Government Transfers**

Contributions from the federal government totalled $14.3 billion, $139 million below budget.

Canada Health Transfer and Canada Social Transfer entitlements were up $67 million mainly due to higher than assumed B.C. share of the national population (13.80 per cent compared to 13.73 per cent forecast at budget), partly offset by *Canada Health Act* deductions.

**Table 2.2.9 Federal Government Transfer Changes from *Budget 2024***

---

| | | |
|:---|:---|:---|
|  | **Revenue**<br>**changes**<br>**($ millions)** |  |
| B.C. health and social transfers revenue | 67 | Higher than assumed B.C. share of the national population partly offset by *Canada Health Act deductions* |
| Disaster Financial Assistance Arrangements | (541) | Mainly lower funding in support of Disaster Financial Assistance Arrangements (DFAA) reflecting refined costs and DFAA events reprofiled to future years |
| Vote recoveries | 339 | Mainly higher health and natural resource funding partly offset by lower local government transfers and public transit funding |
| SUCH sector | 53 | Higher transfers to taxpayer-supported SUCH sector agencies (mainly post-secondary institutions) |
| Crown corporations and agencies | (69) | Lower transfers to taxpayer-supported Crown entities mainly BC Housing |
| Other receipts | 12 | Mainly higher receipts from B.C.'s share of federal cannabis excise tax entitlement |
|  | (139) |  |

---

<sup>1</sup> SUCH: School districts, universities, colleges and institutes, and health organizations.

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Part 2 – Financial Review

Other federal government contributions were down $206 million from budget. The decrease mainly reflects a $541 million decrease in transfers under the Disaster Financial Assistance Arrangements (DFAA), partly offset by higher vote recoveries. The decrease in DFAA revenue reflects refined costs and delays in timing of eligible expenses to future years. Ministries received $339 million higher vote recovery mainly due to increased funding in support of health programs, partly offset by lower local government transfers and public transit funding. The higher revenues reported as vote recoveries have an equal and offsetting expense increase. Other ministry receipts were $12 million higher than budget mainly due to B.C.'s share of federal cannabis excise tax reflecting increased consumption. SUCH sector entities (mainly post-secondary institutions) received $53 million more in federal contributions. Contributions received by taxpayer supported Crown corporations were down $69 million (mainly BC Housing).

**Commercial Crown Corporations**

The net income of commercial Crown corporations (government business enterprises) totalled $4.8 billion in 2024/25, $1.5 billion higher than *Budget 2024*, and $313 million higher than 2023/24. The variance from budget in overall earnings is mainly due to an improvement in operating results of ICBC.

*British Columbia Hydro and Power Authority*

BC Hydro's net income was $587 million, $125 million lower than the forecast in *Budget 2024* primarily due to higher operating costs as a result of inflation and expanded operational requirements.

Many variances, including those related to revenues, cost of energy, amortization, finance charges and others are deferred to regulatory accounts, as approved by the British Columbia Utilities Commission, and do not impact net income.

*British Columbia Liquor Distribution Branch*

BC Liquor Distribution Branch's net income of $1.1 billion was $4 million higher than the forecast in *Budget 2024* and $54 million lower than 2023/24 due to lower sales volumes over the year.

*British Columbia Lottery Corporation*

BC Lottery Corporation's net income of $1.3 billion<sup>2</sup> was $134 million lower than the prior year and $28 million lower than *Budget 2024*. The decrease in net income was primarily due to lower revenues attributed to reduced discretionary spending by patrons.

<sup>2</sup> Net of payments to the federal government and payments to the BC First Nations Gaming Revenue Sharing Limited Partnership in accordance with section 14.3 of the *Gaming Control Act (B.C.).*

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*Insurance Corporation of British Columbia*

The Insurance Corporation of British Columbia's reported net income was approximately $1.7 billion (net of the $406 million in rebate payments to customers), compared to $nil net income projected in *Budget 2024*, and $254 million higher than the previous year. The improvement over budget was mainly due to unanticipated higher investment earnings and lower claims costs.

More information about commercial Crown corporations' financial results and performance measures is provided in each corporation's Annual Service Plan Report available at its respective website.

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Part 2 – Financial Review

**Table 2.3 Revenue by Source**

---

| | | | |
|:---|:---|:---|:---|
|  | Budget | Actual | Actual |
| ($ millions) | 2024 | 2024/25 | 2023/24 |
| **Taxation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Personal income | 16638 | 17026 | 16443 |
| &nbsp;&nbsp;&nbsp;Corporate income | 8236 | 8262 | 6085 |
| &nbsp;&nbsp;&nbsp;Employer health | 2803 | 3056 | 2886 |
| &nbsp;&nbsp;&nbsp;Sales <sup>1</sup> | 10762 | 10363 | 10330 |
| &nbsp;&nbsp;&nbsp;Fuel | 1020 | 979 | 982 |
| &nbsp;&nbsp;&nbsp;Carbon | 2565 | 2606 | 2642 |
| &nbsp;&nbsp;&nbsp;Tobacco | 510 | 412 | 477 |
| &nbsp;&nbsp;&nbsp;Property | 3779 | 3837 | 3605 |
| &nbsp;&nbsp;&nbsp;Property transfer | 2055 | 2005 | 1993 |
| &nbsp;&nbsp;&nbsp;Insurance premium | 846 | 900 | 853 |
|  | **49214** | **49446** | **46296** |
| **Natural resources** |  |  |  |
| &nbsp;&nbsp;&nbsp;Natural gas royalties | 754 | 672 | 823 |
| &nbsp;&nbsp;&nbsp;Forests | 689 | 514 | 657 |
| &nbsp;&nbsp;&nbsp;Other natural resources <sup>2</sup> | 1707 | 1230 | 1663 |
|  | **3150** | **2416** | **3143** |
| **Other revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;Post-secondary education fees | 2937 | 2911 | 2840 |
| &nbsp;&nbsp;&nbsp;Other fees and licences <sup>3</sup> | 2531 | 2557 | 2427 |
| &nbsp;&nbsp;&nbsp;Investment earnings | 1424 | 2159 | 1718 |
| &nbsp;&nbsp;&nbsp;Miscellaneous <sup>4</sup> | 4508 | 5460 | 4988 |
|  | **11400** | **13087** | **11973** |
| **Contributions from the federal government** |  |  |  |
| &nbsp;&nbsp;&nbsp;Health and social transfers | 9475 | 9542 | 9390 |
| &nbsp;&nbsp;&nbsp;Other federal contributions <sup>5</sup> | 4971 | 4765 | 4344 |
|  | **14446** | **14307** | **13734** |
| **Commercial Crown corporation net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;BC Hydro | 712 | 587 | 323 |
| &nbsp;&nbsp;&nbsp;Liquor Distribution Branch | 1090 | 1094 | 1148 |
| &nbsp;&nbsp;&nbsp;BC Lottery Corporation <sup>6</sup> | 1323 | 1295 | 1429 |
| &nbsp;&nbsp;&nbsp;ICBC <sup>7</sup> |  | 1653 | 1399 |
| &nbsp;&nbsp;&nbsp;Other <sup>8</sup> | 188 | 161 | 178 |
|  | **3313** | **4790** | **4477** |
| **Total revenue** | 81523 | **84046** | **79623** |

---

<sup>1</sup> Includes provincial sales tax and HST/PST housing transition tax related to prior years.

<sup>2</sup> Columbia River Treaty, Crown land tenures, other energy and minerals, water rental and other resources.

<sup>3</sup> Healthcare-related, motor vehicle, and other fees.

<sup>4</sup> Includes reimbursements for health care and other services provided to external agencies, and other recoveries.

<sup>5</sup> Includes contributions for health, education, community development, housing and social service programs, and transportation projects.

<sup>6</sup> Net of payments to the federal government and payments to the BC First Nations Gaming Revenue Sharing Limited Partnership in accordance with section 14.3 of the *Gaming Control Act (B.C.).*

<sup>7</sup> Does not include non-controlling interest.

<sup>8</sup> Includes Columbia Power Corporation, BC Railway Company, Columbia Basin power projects, and post-secondary institutions' self-supported subsidiaries.

32 \| 2025 Financial and Economic Review

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**Table 2.4 Expense by Ministry, Program and Agency**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;($ millions) | *Budget <br> 2024* <sup>1</sup> | Contingencies <br> allocation | Statutory <br> authorization <sup>2</sup> | Total <br> authorizations | Actual <br> 2024/25 | Actual <br> 2023/24 <sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Office of the Premier | 17 |  |  | 17 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;Agriculture and Food | 130 | 106 | 97 | 333 | 333 | 259 |
| &nbsp;&nbsp;&nbsp;Attorney General | 877 | 61 |  | 938 | 913 | 1069 |
| &nbsp;&nbsp;&nbsp;Children and Family Development | 2121 | 309 |  | 2430 | 2430 | 2152 |
| &nbsp;&nbsp;&nbsp;Citizens' Services | 705 | 56 |  | 761 | 761 | 733 |
| &nbsp;&nbsp;&nbsp;Education and Child Care | 9588 | 208 |  | 9796 | 9796 | 9145 |
| &nbsp;&nbsp;&nbsp;Emergency Management and Climate Readiness | 116 | 43 | 278 | 437 | 436 | 593 |
| &nbsp;&nbsp;&nbsp;Energy and Climate Solutions | 110 | 453 |  | 563 | 558 | 812 |
| &nbsp;&nbsp;&nbsp;Environment and Parks | 216 | 46 | 10 | 272 | 272 | 269 |
| &nbsp;&nbsp;&nbsp;Finance | 1671 | 25 | 1052 | 2748 | 2689 | 3154 |
| &nbsp;&nbsp;&nbsp;Forests | 851 | 38 | 545 | 1434 | 1434 | 1750 |
| &nbsp;&nbsp;&nbsp;Health | 32885 | 647 |  | 33532 | 33528 | 30577 |
| &nbsp;&nbsp;&nbsp;Housing and Municipal Affairs | 1292 | 450 |  | 1742 | 1742 | 1191 |
| &nbsp;&nbsp;&nbsp;Indigenous Relations and Reconciliation | 160 | 139 |  | 299 | 298 | 361 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 46 | 1 |  | 47 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;Jobs, Economic Development and Innovation | 116 | 105 |  | 221 | 221 | 209 |
| &nbsp;&nbsp;&nbsp;Labour | 25 | 16 |  | 41 | 41 | 46 |
| &nbsp;&nbsp;&nbsp;Mining and Critical Minerals | 60 | 5 | 6 | 71 | 70 | 63 |
| &nbsp;&nbsp;&nbsp;Post-Secondary Education and Future Skills | 3404 | 116 |  | 3520 | 3520 | 3347 |
| &nbsp;&nbsp;&nbsp;Public Safety and Solicitor General | 1083 | 92 |  | 1175 | 1174 | 1088 |
| &nbsp;&nbsp;&nbsp;Social Development and Poverty Reduction | 5176 |  |  | 5176 | 5176 | 4745 |
| &nbsp;&nbsp;&nbsp;Tourism, Arts, Culture and Sport | 189 | 43 |  | 232 | 230 | 254 |
| &nbsp;&nbsp;&nbsp;Transportation and Transit | 1136 | 330 |  | 1466 | 1465 | 1073 |
| &nbsp;&nbsp;&nbsp;Water, Land and Resource Stewardship | 214 | 134 | - | 348 | 348 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total ministries and Office of the Premier** | **62188** | **3423** | **1988** | **67599** | **67496** | **63394** |
| &nbsp;&nbsp;&nbsp;Management of public funds and debt | 1976 |  | 367 | 2343 | 2343 | 1588 |
| &nbsp;&nbsp;&nbsp;Contingencies Vote <sup>3</sup> | 3885 | (3425) |  | 460 | 1 | 11 |
| &nbsp;&nbsp;&nbsp;Funding for capital expenditures | 6665 |  |  | 6665 | 4438 | 3551 |
| &nbsp;&nbsp;&nbsp;Refundable tax credit transfers | 3492 |  |  | 3492 | 3047 | 2885 |
| &nbsp;&nbsp;&nbsp;Legislative Assembly and other appropriations | 313 | 2 | - | 315 | 299 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total appropriations** | **78519** | **-** | **2355** | **80874** | **77624** | **71644** |
| &nbsp;&nbsp;&nbsp;Elimination of transactions between appropriations <sup>4</sup> | (32) |  | (12) | (44) | (29) | (32) |
| &nbsp;&nbsp;&nbsp;Prior year liability adjustments | - | - | - | - | (226) | (75) |
| **Consolidated revenue fund expense** | **78487** | **-** | **2343** | **80830** | **77369** | **71537** |
| &nbsp;&nbsp;&nbsp;Expenses recovered from external entities | 5841 |  |  | 5841 | 6762 | 5819 |
| &nbsp;&nbsp;&nbsp;Funding provided to service delivery agencies | (48056) | - | - | (48056) | (48523) | (44172) |
| **Total direct program spending** | **36272** | **-** | **2343** | **38615** | **35608** | **33184** |
| **Service delivery agency expense** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;School districts | 9111 |  |  | 9111 | 9269 | 8659 |
| &nbsp;&nbsp;&nbsp;Universities | 6906 |  |  | 6906 | 6978 | 6630 |
| &nbsp;&nbsp;&nbsp;Colleges and institutes | 1816 |  |  | 1816 | 1911 | 1792 |
| &nbsp;&nbsp;&nbsp;Health authorities and hospital societies | 26639 |  |  | 26639 | 29123 | 26272 |
| &nbsp;&nbsp;&nbsp;Other service delivery agencies | 8690 | - | - | 8690 | 8504 | 8121 |
| **Total service delivery agency expense** | **53162** | **-** | **-** | **53162** | **55785** | **51474** |
| **Total expense** | **89434** | **-** | **2343** | **91777** | **91393** | **84658** |

---

<sup>1</sup> Figures have been restated to reflect government's organization and accounting policies in effect at March 31, 2025.

<sup>2</sup> Statutory authorizations are appropriations permitted by an Act other than a *Supply Act.*

<sup>3</sup> *Budget 2024* includes spending allocations of $3.9 billion for General Programs and CleanBC.

<sup>4</sup> Reflects payments made under an agreement where an expense from a voted appropriation is recorded as revenue by a special account (Housing Endowment Fund and British Columbia Training and Education Savings Program).

2025 Financial and Economic Review \| 33

Part 2 – Financial Review

**Table 2.5 2024/25 Operating Results by Quarter**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ($ millions) | ($ millions) | ($ millions) | ($ millions) |
| **2024/25 deficit at *Budget 2024* (February 22, 2024)** | **(7911)** |  |  |  |
| **2024/25 deficit at the *First Quarterly Report* (September 10, 2024)** |  | **(8979)** |  |  |
| **2024/25 deficit at the *Fall 2024 Economic & Fiscal Update* (December 17, 2024)** |  |  | **(9408)** |  |
| **2024/25 deficit at the *Third Quarterly Report* (March 4, 2025)** |  |  |  | **(9135)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q1**<br>**Update** | **Fall 2024**<br>**Update** | **Q3**<br>**Update** | **Q4**<br>**Update** | **Total**<br>**Changes** |
| &nbsp;&nbsp;&nbsp;**Revenue**<sup>1</sup> **changes:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal income tax – reflecting improved household income, weaker 2023 tax assessments, and updates to federal capital gains inclusion rate tax measure | 480 | 33 | (124) | (1) | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate income tax – mainly increased prior-year settlement payment reflecting stronger 2023 tax assessment results and changes in advance instalments reflecting federal government outlook of the national corporate taxable income | (638) | (391) | 1055 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial sales tax – weaker retail sales activity and lower consumption of goods mainly semi, non-durable, and durable goods | (54) | (146) | (150) | (49) | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property transfer tax – reflecting reduced home sales activity | 25 |  | (60) | (15) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel tax – lower sales volume mainly in gasoline | (51) |  | (6) | 16 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco tax – reflecting lower prior year and year-to-date sales results | (40) | (20) |  | (38) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer health tax – higher prior year taxes and changes in wages and salaries growth | 159 |  | 168 | (74) | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other taxation sources – mainly reflecting year-to-date sales results | 96 | (8) | (10) | 75 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas royalties – changes in natural gas liquids royalties, natural gas price and volume, and utilization of royalty and infrastructure programs and credits | (49) | (132) | 3 | 96 | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining – changes in coal and copper prices, US dollar, mine operating and capital costs, changes in coal production volumes | 12 | (20) | (210) | (41) | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity sales under the Columbia River Treaty – changes in anticipated volume resulting from the new Agreement-in-Principle and changes in Mid-C electricity prices, partly offset by a new annual cash payment for Flood Risk Management . | (126) | (28) | (35) | 2 | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forests – lower logging tax and changes in stumpage rates, lumber prices and volumes | (103) | (3) | (82) | 13 | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other natural resources – mainly changes in water rental revenues | (33) | (10) |  | 12 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees, licences, investment earnings and miscellaneous revenue: Investment earnings – mainly reflecting interest income on higher cash balances | 243 | 146 | 61 | 285 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other sources – mainly higher revenue from fees and miscellaneous sources | 243 | 97 | 128 | 484 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada health and social transfers – mainly higher B.C. share of the national population | 23 | 46 |  | (2) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other federal government transfers – mainly lower funding in support of Disaster Financial Assistance Arrangements and reflecting higher recoveries for health initiatives | 92 | (278) | (140) | 120 | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporation net income - mainly improving investment income of ICBC | (32) | 392 | 822 | 295 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue changes** | **247** | **(322)** | **1420** | **1178** | **2523** |
| &nbsp;&nbsp;&nbsp;***Less* : expense**<sup>1</sup> **increases (decreases)*:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Revenue Fund changes: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unused Contingencies spending allocation |  |  |  | (459) | (459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry and Legislative Assembly savings |  |  |  | (119) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory spending: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fire management costs | 653 | (118) | 10 | (8) | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Emergency and Disaster Management Act* - mainly prior year flood related costs |  |  | 351 | (73) | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Administration Act -* RCMP and health sector compensation costs |  |  | 207 | 6 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Housing Priority Initiatives Special Account -* shelter-related costs |  |  | 845 | (26) | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other statutory spending | 61 | 53 | 19 | 1 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refundable tax credits | 9 | 33 | (465) | (22) | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense changes – mainly interest costs and prior year adjustments | 344 | (6) | 9 | (196) | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spending funded by third party recoveries | (19) | 50 | 122 | 768 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in spending profile of service delivery agencies: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School districts | 98 |  | 77 | (17) | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universities | 49 | 86 | 39 | (102) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colleges and institutes | 47 | 26 | 24 | (2) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health authorities and hospital societies | 854 | 608 | 910 | 112 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other service delivery agencies<sup>2</sup> | (70) | (39) | 33 | (110) | (186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in transfers to service delivery agencies - accounting elimination | (711) | (586) | (1034) | (363) | (2694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expense changes** | **1315** | **107** | **1147** | **(610)** | **1959** |
| **Total changes** | **(1068)** | **(429)** | **273** | **1788** | **564** |
| **2024/25 deficit at the *First Quarterly Report*** | **(8979)** |  |  |  |  |
| **2024/25 deficit at the *Fall 2024 Economic & Fiscal Update*** |  | **(9408)** |  |  |  |
| **2024/25 deficit at the *Third Quarterly Report*** |  |  | **(9135)** |  |  |
| **2024/25 deficit at the *Public Accounts*** |  |  |  | **(7347)** | **(7347)** |

---

<sup>1</sup> Detailed descriptions of changes are provided in the revenue and expense sections of this report. <br> <sup>2</sup> Includes BC Transportation Financing Authority, BC Transit, BC Housing Management Commission, Community Living BC, and other entities.

34 \| 2025 Financial and Economic Review

Part 2 – Financial Review

**Expense**

In 2024/25, government expenses totalled $91.4 billion, $2.0 billion higher than *Budget 2024* and $6.7 billion (8.0 per cent) higher than the previous year.

**Chart 2.3 Expense Changes from *Budget 2024***

![](tm2523015d1_99-13sp5img01.jpg)

***Consolidated Revenue Fund Spending***

Statutory spending by the government during the year totalled $2.3 billion in the following areas:

● $537 million in wildfire costs over the voted appropriation, for a total spending of $769 million (Ministry of Forests);

● $819 million to fund various housing and shelter related initiatives, under the *Housing Priority Initiatives Special Account* (Ministry of Finance);

● $213 million for signed agreements under the *Shared Recovery Mandate* (Ministry of Finance);

● $278 million mainly for prior year wildfires and flooding events (Ministry of Emergency Management and Climate Readiness);

● $367 million for increased debt servicing costs; and

● $134 million in other areas.

*Other CRF spending* was $1.23 billion lower than *Budget 2024* due to an unused portion of the Contingencies Vote ($459 million), ministry and other savings ($119 million), lower refundable tax credits ($445 million) and other expense changes ($211 million), mainly prior period adjustments.

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Part 2 – Financial Review

**Contingencies**

Government uses the Contingencies Vote as a prudent budgeting tool to fund priority initiatives and manage budget pressures. *Budget 2024* included a Contingencies Vote of $3.9 billion of which $3.4 billion was spent on a number of priority initiatives and pressures, including:

● $585 million to increase access to healthcare and clinical services as part of the primary care strategy. This funding also supported various mental health and addictions initiatives including treatment and recovery programs and community based supports (Ministry of Health);

● $453 million mainly to support various CleanBC initiatives, transition of carbon pricing to an Output-based Pricing Model, and to fulfil provincial funding commitments to Cedar LNG. (Ministry of Energy and Climate Solutions);

● $422 million for initiatives related to the Investing in Canada Infrastructure Program and Northwest BC Resource Benefits Alliance (Ministry of Housing and Municipal Affairs);

● $329 million mainly for additional funding to TransLink (Ministry of Transportation and Transit);

● $294 million to fund Children in Care and Children and Youth with Support Needs services (Ministry of Children and Family Development);

● $263 million for signed agreements under the *Shared Recovery Mandate* (various ministries);

● $149 million to fund increased enrolment in K-12 schools and various initiatives including the Student and Family Affordability Fund and Classroom Enhancement Fund (Ministry of Education and Child Care);

● $138 million for various treaty and non-treaty agreements with First Nations (Ministry of Indigenous Relations and Reconciliation);

● $134 million to fund various land and natural resource management initiatives including Blueberry River Restoration Society, BC Salmon Restoration and Innovation Fund, and to increase funding for potential future liabilities for contaminated Crown land (Ministry of Water, Land and Resource Stewardship);

● $106 million to fund various initiatives to provide relief to businesses affected by wildfire, drought, and floods (Ministry of Agriculture and Food);

● $104 million to fund various economic development initiatives including the BC Manufacturing Jobs Fund, the Rural Economic Diversification and Infrastructure Program, Stronger BC Investment Framework, and InBC (Ministry of Jobs, Economic Development and Innovation);

● $60 million to fund various public safety costs related to Surrey Police transition, BC Corrections recruitment and retention and other core policing services (Ministry of Public Safety and Solicitor General);

● $52 million for cyber security, IM/IT enterprise services, storage, and enterprise software services (Ministry of Citizens' Services);

● $52 million to fund initiatives related to the Future Ready Action Plan (Ministry of Post-Secondary Education and Future Skills);

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Part 2 – Financial Review

● $51 million to fund digital storage of evidence, additional resources to support court operations and various priorities including repeat offending program implementation and increased access to legal aid for people leaving family violence (Ministry of the Attorney General); and

● $235 million to fund various operating pressures and initiatives such as the replacement of Merritt dikes, Neucel Pulp Mill site stabilization, reforestation, Old Growth support, 2025 Invictus Games and FIFA World Cup 2026.

**Spending Recovered from External Parties**

Spending recovered from external parties relates to program spending funded or co-funded by parties outside of government. Cost-recovered spending was $921 million higher than *Budget 2024* due to:

● $538 million in more recoveries from the federal government to support of health care, highway infrastructure under the Disaster Financial Assistance Arrangements, natural resource sector and other program areas;

● $415 million more in miscellaneous recoverable costs mainly related to PharmaCare; offset by

● $32 million lower recoveries in various other programs.

The recovered spending changes are offset by an equal net increase in revenue and as a result have no net impact on government's financial results.

**Operating Transfers to Service Delivery Agencies**

Operating transfers paid to service delivery agencies may change during the fiscal year as ministries make budget allocations, Contingencies Vote access is approved, and funding is provided under statutory authority provisions. In 2024/25, operating grants to agencies increased by $2.7 billion, compared to *Budget 2024,* primarily due to higher grants to health authorities ($2.0 billion) for increased staffing costs and primary care strategy, the education sector mainly to fund wage mandate increases ($440 million), and higher grants to various other service delivery agencies ($259 million).

Operating transfers provided to service delivery agencies are eliminated on consolidation, for accounting purposes. These funding increases are largely related to spending changes noted below.

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Part 2 – Financial Review

***Service Delivery Agency Spending***

Service delivery agency spending was $2.6 billion higher than *Budget 2024*, made up of the following:

● School districts' spending was $158 million higher than *Budget 2024* due primarily to salary increases under the *Shared Recovery Mandate*, and inflationary pressures on operating costs.

● Post-secondary institutions' spending was $167 million higher than *Budget 2024* mainly due to salary increases under the *Shared Recovery Mandate* and inflationary pressures on operating costs.

● Health authority and hospital society spending was $2.5 billion higher than *Budget 2024* due to increased costs to address health system priorities as well as salaries and operating costs associated with growing demand for healthcare services.

● Spending in other service delivery agencies was $186 million lower than *Budget 2024* reflecting lower spending mainly by the BC Transportation Financing Authority ($458 million) offset by higher spending by Community Living BC ($64 million) and net higher spending by various agencies ($208 million).

Higher service delivery agency spending is funded primarily by increased operating transfers provided by government as noted above.

A detailed review of the above changes by quarter is available in Table 2.5. Further information on 2024/25 spending by function is provided in Appendix Table A2.6.

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Part 2 – Financial Review

**Provincial Capital Spending**

In 2024/25, capital spending totaled $14.8 billion, which was comprised of $10.4 billion for taxpayer-supported infrastructure and $4.4 billion for the self-supported infrastructure of commercial Crown corporations and agencies.

Direct spending on health and education facilities, social housing, and government capital projects (i.e. government ministry infrastructure, including IT systems and correctional institutions) represented 48 per cent of total capital spending in 2024/25.

Spending on highways and public transportation reflects government's transportation and transit investments, comprising approximately 21 per cent of total capital spending in 2024/25. While this spending is predominantly taxpayer financed, a portion is funded from the federal government and other external sources.

Spending on power generation and transmission projects is the largest single category of capital spending and is entirely self-supported. The spending primarily reflects BC Hydro's refurbishment and expansion of its generating and transmission assets.

**Chart 2.4 Total Capital Spending by Sector**

![](tm2523015d1_99-13sp5img02.jpg)

**Taxpayer-Supported Capital Spending**

In 2024/25, government spending on taxpayer-supported infrastructure was $3.7 billion lower than forecast in *Budget 2024.*

*Education facilities* spending, which includes both the K-12 and post-secondary sector, was $657 million lower than budget, primarily due to timing changes of the self-funded projects by post-secondary institutions and projects under construction, including the Centre for Clean Energy & Automotive Innovation.

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Part 2 – Financial Review

*Health facilities* spending was $1.2 billion lower than budget, primarily due to timing of expenditures associated with major projects under construction, including the Royal Columbian Hospital Redevelopment, Burnaby Hospital Redevelopment – Phase 1, and the Cowichan District Hospital Redevelopment.

*Highways and public transit* spending was $1.4 billion lower than budget, primarily due to timing changes for the construction of the Broadway Subway and Pattullo Bridge Replacement projects, as well as project scheduling changes for ongoing highway and side-road upgrade projects.

*Social Housing, Ministry and Other* spending was $485 million lower than budget, primarily due to timing changes for the development of housing projects, construction of the Provincial Archives, Research and Collections Campus (formerly Royal BC Museum Collections and Research Building), and upgrades and maintenance of core government assets.

The above scheduling and cash flow changes do not represent a reduction in capital spending; rather the spending has been shifted to future years within the provincial capital plan.

**Table 2.6 Capital Spending**

---

| | | | |
|:---|:---|:---|:---|
|  | Budget | Actual | Actual |
| ($ millions) | 2024 | 2024/25 | 2023/24 |
| **Taxpayer-supported** |  |  |  |
| &nbsp;&nbsp;&nbsp;Education facilities | 3383 | 2726 | 2101 |
| &nbsp;&nbsp;&nbsp;Health facilities | 4397 | 3226 | 2998 |
| &nbsp;&nbsp;&nbsp;Highways and public transit | 4576 | 3164 | 2421 |
| &nbsp;&nbsp;&nbsp;Social Housing | 811 | 603 | 587 |
| &nbsp;&nbsp;&nbsp;Government direct (ministries) | 707 | 468 | 537 |
| &nbsp;&nbsp;&nbsp;Other | 230 | 192 | 128 |
| &nbsp;&nbsp;&nbsp;**Total taxpayer-supported** | **14104** | **10379** | **8772** |
| **Self-supported commercial** |  |  |  |
| &nbsp;&nbsp;&nbsp;Power generation and transmission | 4444 | 4031 | 4271 |
| &nbsp;&nbsp;&nbsp;Other | 208 | 371 | 313 |
| &nbsp;&nbsp;&nbsp;**Total self-supported** | **4652** | **4402** | **4584** |
| &nbsp;&nbsp;&nbsp;**Total capital spending** | **18756** | **14781** | **13356** |

---

**Self-Supported Capital Spending**

Self-supported commercial Crown corporation and agency spending on capital projects in 2024/25 was $250 million lower than *Budget 2024* primarily due to changes in the timing of BC Hydro capital expenditures.

Further details on capital spending are provided in Appendix Table A2.9.

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Part 2 – Financial Review

**Chart 2.5 Capital Spending Changes from *Budget 2024***

**Total spending lower by $4.0 billion**

![](tm2523015d1_ex99-13img01.jpg)

**Major Capital Projects**

Significant capital projects (those with multi-year budgets totalling $50 million or more) are shown in Table 2.7. Investments in these larger projects will provide long-term social and economic benefits for the province.

As projects are completed, or new ones receive approval, the projects are removed from or added to the $50 million table.

Since the *2024 Fiscal and Economic Review*, the following projects were removed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grandview Heights Secondary School;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Handsworth Secondary School;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pexsisen Elementary and Centre Mountain Lellum Middle School;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Peace Arch Hospital Renewal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Highway 91 Alex Fraser Bridge Capacity Improvements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – 5L063 Telkwa relocation project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – LNG Canada load interconnection project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Street light replacement program.

The following projects were added to the $50 million table since the *2024 Fiscal and Economic Review*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Smith Middle and Secondary Schools ($306 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The University of British Columbia – Canada's Immuno-Engineering and Biomanufacturing Hub:
Advanced Therapeutics Manufacturing Facility ($70 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· East Kootenay Regional Hospital – Oncology and Renal Redevelopment ($59 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fort
St. John Long-Term Care ($155 million);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Highway 1 Corridor – Tank Hill ($293 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quesnel-Hydraulic Road Slide ($80 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FIFA World Cup 2026 - Stadium Capital Improvements ($109 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – 2L143 - cable replacement project ($100 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Comox - Puntledge flow control improvements project ($53 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Fleetwood - Distribution load interconnection (SLS Servicing) project ($158 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Kimberley to Marysville - substation relocation project ($73 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Ladore spillway seismic upgrade project ($373 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Long Lake terminal station - transmission load interconnection project ($80 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Materials classification facility project ($76 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Mica - U1 - U4 circuit breaker and iso-phase bus replacement project ($176 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Northwest - substations outage mitigation project ($89 million); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BC Hydro – Various Sites - EV charging infrastructure implementation program ($73 million).

**Financing Capital Spending**

Provincial capital infrastructure spending is financed through a combination of sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· borrowing (debt financing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operating cash flows (i.e. cash derived from the operating surplus and management of operating accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· partnerships with the private sector (public-private partnerships or P3s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cost-sharing with partners.

Chart 2.6 shows that 76 per cent of 2024/25 taxpayer-supported capital spending was financed from direct net borrowing, 11 per cent from operating cash flows, seven per cent from federal contributions, and six per cent from other contributions.

Self-supported commercial Crown and agency capital spending of $4.4 billion was financed 62 per cent from direct net borrowing ($2.7 billion), and 38 per cent from operating cash flows ($1.7 billion).

42 \| 2025 Financial and Economic Review

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**Chart 2.6 Financing Taxpayer-Supported Capital Spending**

**Total taxpayer-supported capital spending: $10.4 billion**

![](tm2523015d1_ex99-13img06.jpg)

2025 Financial and Economic Review \| 43

Part 2 – Financial Review

**Table 2.7 Capital Expenditure Projects Greater Than $50 million <sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Project | Estimated | Anticipated | Project Financing | Project Financing | Project Financing | Project Financing |
|  | Year of | Cost to | Cost to | Total | Internal/ | P3 | Federal | Other |
| ($ millions) | Completion | Mar 31, 2025 | Complete | Cost | Borrowing | Liability | Gov't | Contrib'ns |
| **Schools** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centennial Secondary <sup>2</sup> | 2017 | 60 | 1 | 61 | 61 |  |  |  |
| &nbsp;&nbsp;&nbsp;New Westminster Secondary <sup>2</sup> | 2021 | 97 | 10 | 107 | 107 |  |  |  |
| &nbsp;&nbsp;&nbsp;Quesnel Junior School <sup>2</sup> | 2022 | 48 | 1 | 49 | 49 |  |  |  |
| &nbsp;&nbsp;&nbsp;Stitó:s Lá:lém totí:lt Elementary Middle School <sup>2</sup> | 2022 | 52 | 2 | 54 | 49 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Coast Salish Elementary <sup>2</sup> | 2023 | 28 | 10 | 38 | 33 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Burnaby North Secondary <sup>2</sup> | 2024 | 117 |  | 117 | 108 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Eric Hamber Secondary <sup>2</sup> | 2024 | 94 | 12 | 106 | 94 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;Victoria High School <sup>2</sup> | 2024 | 99 | 1 | 100 | 97 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Cedar Hill Middle | 2025 | 32 | 22 | 54 | 50 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Cowichan Secondary <sup>2</sup> | 2025 | 85 | 1 | 86 | 84 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Henry Hudson Elementary | 2025 | 32 | 28 | 60 | 49 |  |  | 11 |
| &nbsp;&nbsp;&nbsp;North East Latimer Elementary | 2025 | 23 | 29 | 52 | 52 |  |  |  |
| &nbsp;&nbsp;&nbsp;Burke Mountain Secondary | 2026 | 70 | 90 | 160 | 135 |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Carson Elementary | 2026 | 17 | 44 | 61 | 61 |  |  |  |
| &nbsp;&nbsp;&nbsp;New East Side Elementary | 2026 | 2 | 57 | 59 | 59 |  |  |  |
| &nbsp;&nbsp;&nbsp;New Cloverley Elementary | 2026 | 17 | 47 | 64 | 61 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Sníne Elementary |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– (formerly Pineview Valley Elementary) | 2026 | 18 | 47 | 65 | 65 |  |  |  |
| &nbsp;&nbsp;&nbsp;George Pringle Secondary |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– (formerly Westside Secondary) | 2027 | 37 | 87 | 124 | 121 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;La Vallée (Pemberton) Elementary | 2027 | 3 | 63 | 66 | 66 |  |  |  |
| &nbsp;&nbsp;&nbsp;Prince Rupert Middle | 2027 | 5 | 122 | 127 | 127 |  |  |  |
| &nbsp;&nbsp;&nbsp;Smith Middle and Secondary | 2027 |  | 306 | 306 | 306 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cameron Elementary | 2028 | 1 | 67 | 68 | 68 |  |  |  |
| &nbsp;&nbsp;&nbsp;Guildford Park Secondary | 2028 | 2 | 63 | 65 | 60 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;John Diefenbaker Elementary | 2028 | 1 | 52 | 53 | 53 |  |  |  |
| &nbsp;&nbsp;&nbsp;Mission Secondary | 2028 | 1 | 175 | 176 | 175 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Montgomery Middle | 2028 |  | 87 | 87 | 87 |  |  |  |
| &nbsp;&nbsp;&nbsp;Pitt Meadows Secondary | 2028 |  | 144 | 144 | 144 |  |  |  |
| &nbsp;&nbsp;&nbsp;Tamanawis Secondary | 2028 | 2 | 55 | 57 | 52 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Fleetwood Park Secondary | 2029 |  | 79 | 79 | 79 |  |  |  |
| &nbsp;&nbsp;&nbsp;Olympic Village Elementary | 2029 | 1 | 150 | 151 | 151 |  |  |  |
| &nbsp;&nbsp;&nbsp;Seismic mitigation program <sup>3</sup> | 2030 | 1800 | 226 | 2026 | 2026 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total schools |  | 2744 | 2078 | 4822 | 4729 | - | - | 93 |

---

![](tm2523015d1_ex99-13img05.jpg)

44 \| 2025 Financial and Economic Review

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**Table 2.7 Capital Expenditure Projects Greater Than $50 million <sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Project | Estimated | Anticipated | Project Financing | Project Financing | Project Financing | Project Financing |
|  | Year of | Cost to | Cost to | Total | Internal/ | P3 | Federal | Other |
| ($ millions) | Completion | Mar 31, 2025 | Complete | Cost | Borrowing | Liability | Gov't | Contrib'ns |
| **Post-secondary institutions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Fraser University – Student Housing <sup>2</sup> | 2023 | 114 |  | 114 | 73 |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Victoria – Student Housing <sup>2</sup> | 2023 | 243 |  | 243 | 128 |  |  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Okanagan College – Student Housing <sup>2</sup> | 2024 | 72 | 3 | 75 | 73 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;The University of British Columbia |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Brock Commons Phase 2 - Student Housing <sup>2</sup> | 2024 | 165 |  | 165 | 2 |  |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;British Columbia Institute of Technology |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Student Housing | 2025 | 125 | 19 | 144 | 129 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capilano University – Student Housing | 2025 | 37 | 21 | 58 | 41 |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Island College – Student Housing | 2025 | 55 | 23 | 78 | 76 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Roads University – West Shore Learning Centre | 2025 | 92 | 16 | 108 | 85 |  |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Fraser University |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Digital Research Infrastructure Refresh - CEDAR <sup>2</sup> | 2025 | 81 | 7 | 88 | 25 |  | 41 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;The University of British Columbia |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Recreation Centre North <sup>2</sup> | 2025 | 63 | 10 | 73 |  |  |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;– School of Biomedical Engineering <sup>2</sup> | 2025 | 137 | 2 | 139 | 25 |  |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;– The Gateway Building | 2025 | 157 | 38 | 195 |  |  |  | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;University of the Fraser Valley – Student Housing | 2025 | 64 | 41 | 105 | 88 |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;The University of British Columbia |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– x̌əl sic snpax̌nwixʷtn - UBCO | 2026 | 52 | 67 | 119 |  |  |  | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Victoria |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Engineering and Computer Science Building Expansion | 2026 | 49 | 101 | 150 | 97 |  |  | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;British Columbia Institute of Technology |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Trades and Technology Complex | 2027 | 11 | 207 | 218 | 186 |  | 1 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camosun College - Student Housing | 2027 |  | 155 | 155 | 152 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capilano University – Squamish Student Housing | 2027 | 52 | 3 | 55 | 48 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas College – Academic and Student Housing | 2027 | 57 | 275 | 332 | 232 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Okanagan College – Centre for Food, Wine and Tourism | 2027 | 1 | 56 | 57 | 52 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Fraser University – Student Housing Phase 3 | 2027 | 11 | 186 | 197 | 132 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;The University of British Columbia |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Sauder School of Business Power House Expansion | 2027 | 14 | 137 | 151 |  |  |  | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;– UBCO Downtown Kelowna Project | 2027 |  | 54 | 54 |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vancouver Community College |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Centre for Clean Energy & Automotive Innovation | 2028 | 39 | 276 | 315 | 295 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vancouver Island University – Student Housing and Dining | 2027 | 11 | 96 | 107 | 106 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;The University of British Columbia |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Student Housing - Lower Mall Precinct | 2029 | 3 | 557 | 560 | 300 |  |  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Canada's Immuno-Engineering and Biomanufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hub: Advanced Therapeutics Manufacturing Facility | 2030 | 6 | 64 | 70 | 22 | - | 42 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total post-secondary institutions |  | 1711 | 2414 | 4125 | 2367 | - | 84 | 1674 |
| **Health facilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Columbian Hospital Redevelopment – Phase 1 <sup>2</sup> | 2020 | 246 | 5 | 251 | 242 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Fish Healing Centre for Mental Health and Addiction - θəqiʔ ɫəwʔənəq leləm <sup>2</sup> | 2021 | 129 | 2 | 131 | 131 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Penticton Regional Hospital Patient Care Tower <sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Direct procurement | 2022 | 65 |  | 65 | 14 |  |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;– P3 contract | 2019 | 232 |  | 232 |  | 139 |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dogwood Lodge Long-term Care Home Replacement <sup>2</sup> | 2023 | 63 | 2 | 65 |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical and Systems Transformation | 2025 | 803 |  | 803 | 702 |  |  | 101 |

---

***Health projects are continued on the next page***

![](tm2523015d1_ex99-13img05.jpg)

2025 Financial and Economic Review \| 45

Part 2 – Financial Review

**Table 2.7 Capital Expenditure Projects Greater Than $50 million <sup>1</sup>**

**** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Project | Estimated | Anticipated | Project Financing | Project Financing | Project Financing | Project Financing |
|  | Year of | Cost to | Cost to | Total | Internal/ | P3 | Federal | Other |
| ($ millions) | Completion | Mar 31, 2025 | Complete | Cost | Borrowing | Liability | Gov't | Contrib'ns |
| **Health projects continued** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;iHealth Project – Vancouver Island Health Authority | 2025 | 155 |  | 155 | 55 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lions Gate Hospital – New Acute Care Facility | 2025 | 293 | 33 | 326 | 160 |  |  | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanaimo Regional General Hospital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– ICU/HAU Redevelopment | 2025 | 44 | 16 | 60 | 22 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stuart Lake Hospital Replacement | 2025 | 146 | 12 | 158 | 140 |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrey Memorial Hospital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Interventional Cardiology and Interventional Radiology | 2025 | 7 | 90 | 97 | 97 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Hemodialysis Renal Centre | 2026 | 17 | 68 | 85 | 84 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mills Memorial Hospital Replacement | 2026 | 610 | 23 | 633 | 510 |  |  | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Columbian Hospital Redevelopment Phases 2 & 3 | 2026 | 841 | 403 | 1244 | 1182 |  |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; University Hospital of Northern BC Redevelopment Phase 1 – Site Preparation | 2026 | 27 | 76 | 103 | 62 |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Burnaby Hospital Redevelopment – Phase 1 | 2027 | 340 | 293 | 633 | 599 |  |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Campbell River Long-Term Care | 2027 | 1 | 133 | 134 | 80 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cowichan District Hospital Replacement | 2027 | 608 | 838 | 1446 | 1148 |  |  | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dawson Creek and District Hospital Replacement | 2027 | 279 | 311 | 590 | 413 |  |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunization BC Digital Platform | 2027 | 64 | 11 | 75 | 75 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanaimo Long-Term Care | 2027 | 2 | 284 | 286 | 172 |  |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;New St. Paul's Hospital | 2027 | 1556 | 624 | 2180 | 1327 |  |  | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Richmond Long-Term Care | 2027 | 1 | 177 | 178 | 178 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Inland Hospital Phil and Jennie Gaglardi Tower |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Direct procurement | 2027 | 131 | 71 | 202 | 112 |  |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;– P3 contract | 2022 | 288 |  | 288 |  | 164 |  | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Communities Long-Term Care | 2027 | 2 | 222 | 224 | 157 |  |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbotsford Long-Term Care | 2028 | 25 | 186 | 211 | 157 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centre for Children and Youth Living with Health Complexity | 2028 | 41 | 269 | 310 | 224 |  |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Long-Term Care | 2028 | 3 | 177 | 180 | 162 |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;East Kootenay Regional Hospital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Oncology and Renal Redevelopment | 2028 |  | 59 | 59 |  |  |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fort St. John Long-Term Care | 2028 |  | 155 | 155 | 109 |  |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kamloops Cancer Centre | 2028 | 4 | 355 | 359 | 314 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanaimo Cancer Centre | 2028 | 13 | 276 | 289 | 289 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Vincent's Heather Long-Term Care | 2028 | 10 | 197 | 207 | 207 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cariboo Memorial Hospital Redevelopment | 2029 | 150 | 217 | 367 | 257 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilliwack Long-Term Care | 2029 | 7 | 267 | 274 | 246 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cottonwoods Long-Term Care Replacement | 2029 |  | 187 | 187 | 112 |  |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dr. F.W. Green Memorial Home | 2029 | 2 | 154 | 156 | 94 |  |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Surrey Hospital and BC Cancer Centre | 2029 | 801 | 2080 | 2881 | 2816 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Paul's Hospital Clinical Support and Research Centre | 2029 | 51 | 587 | 638 | 332 |  |  | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vancouver General Hospital – Operating Rooms Renewal - Phase 2 | 2029 | 77 | 346 | 423 | 396 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Burnaby Hospital Redevelopment – Phase 2 and BC Cancer Centre | 2030 | 15 | 1800 | 1815 | 1771 |  |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Squamish (Hilltop) Long-Term Care | 2030 |  | 286 | 286 | 286 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;University Hospital of Northern BC Redevelopment Phase 2 – Acute Care Tower | 2031 | 1 | 1578 | 1579 | 1246 |  |  | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Richmond Hospital Redevelopment | 2033 | 36 | 1923 | 1959 | 1889 | - | - | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total health facilities |  | 8186 | 14793 | 22979 | 18569 | 303 | - | 4107 |

---

![](tm2523015d1_ex99-13img05.jpg)

46 \| 2025 Financial and Economic Review

Part 2 – Financial Review

**Table 2.7 Capital Expenditure Projects Greater Than $50 million <sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Project | Estimated | Anticipated | Project Financing | Project Financing | Project Financing | Project Financing |
|  | Year of | Cost to | Cost to | Total | Internal/ | P3 | Federal | Other |
| ($ millions) | Completion | Mar 31, 2025 | Complete | Cost | Borrowing | Liability | Gov't | Contrib'ns |
| **Transportation** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 99 10-Mile Slide <sup>2</sup> | 2021 | 83 | 5 | 88 | 88 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 4 Kennedy Hill Safety Improvements <sup>2</sup> | 2022 | 57 | 10 | 67 | 53 |  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 14 Corridor improvements <sup>2</sup> | 2023 | 78 |  | 78 | 49 |  | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 91 to Highway 17 and Deltaport Way Corridor improvements <sup>2</sup> | 2023 | 250 | 10 | 260 | 87 |  | 82 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Fraser Road Realignment <sup>2</sup> | 2023 | 79 | 15 | 94 | 82 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Corridor – Falls Creek <sup>2</sup> | 2024 | 86 | 57 | 143 | 59 |  | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Kicking Horse Canyon Phase 4 <sup>2</sup> | 2024 | 593 | 8 | 601 | 386 |  | 215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Quartz Creek Bridge Replacement <sup>2</sup> | 2024 | 102 | 17 | 119 | 69 |  | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 5 Corridor <sup>2</sup> | 2024 | 249 | 101 | 350 | 111 |  | 239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Transit Victoria HandyDART Facility <sup>2</sup> | 2025 | 72 | 12 | 84 | 41 |  | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Chase Four-Laning <sup>4</sup> | 2025 | 145 | 51 | 196 | 184 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Corridor – Nicomen Bridge <sup>2</sup> | 2025 | 82 | 62 | 144 | 64 |  | 80 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 7 Widening – 266th St. to 287th St. | 2025 | 80 | 50 | 130 | 101 |  | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 17 Keating Cross Overpass | 2025 | 50 | 27 | 77 | 58 |  | 17 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 99 / Steveston Interchange, Transit & Cycling Improvements | 2025 | 71 | 66 | 137 | 137 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pattullo Bridge Replacement | 2025 | 1081 | 556 | 1637 | 1637 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackwater North Fraser Slide | 2026 | 13 | 190 | 203 | 192 |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cottonwood Hill at Highway 97 Slide | 2026 | 26 | 309 | 335 | 313 |  | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 216th St. to 264th St. widening | 2026 | 108 | 237 | 345 | 249 |  | 96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Corridor – Tank Hill | 2026 | 75 | 218 | 293 | 218 |  | 75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Ford Road to Tappen Valley Road Four-Laning | 2026 | 139 | 104 | 243 | 161 |  | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Salmon Arm West <sup>5</sup> | 2026 | 93 | 47 | 140 | 109 |  | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Selkirk | 2026 | 9 | 120 | 129 | 97 |  | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 95 Bridge Replacement | 2026 | 24 | 66 | 90 | 61 |  | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kootenay Lake ferry service upgrade | 2026 | 77 | 40 | 117 | 100 |  | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quesnel-Hydraulic Road Slide | 2026 |  | 80 | 80 | 80 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadway Subway <sup>6</sup> | 2027 | 1832 | 1122 | 2954 | 1957 |  | 897 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Bus on Shoulder McKenzie to Colwood Interchange | 2027 | 5 | 90 | 95 | 68 |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Goldstream Safety Improvements | 2027 | 18 | 144 | 162 | 162 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Jumping Creek to MacDonald | 2027 | 49 | 196 | 245 | 199 |  | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 R.W. Bruhn Bridge | 2027 | 83 | 177 | 260 | 169 |  | 91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Belleville Terminal Redevelopment | 2028 | 22 | 309 | 331 | 289 |  | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Fraser Valley Corridor Improvements 264th St. to Mount Lehman Road | 2028 | 269 | 2071 | 2340 | 2340 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrey Langley SkyTrain Project | 2029 | 1099 | 4897 | 5996 | 4441 |  | 1306 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fraser River Tunnel Project <sup>7</sup> | 2030 | 242 | 3906 | 4148 | 4148 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 1 Fraser Valley Corridor Improvements Mount Lehman Road to Highway 11 | 2031 | 67 | 2584 | 2651 | 2651 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total transportation |  | 7408 | 17954 | 25362 | 21210 | - | 3688 | 464 |

---

![](tm2523015d1_ex99-13img05.jpg)

2025 Financial and Economic Review \| 47

Part 2 – Financial Review

**Table 2.7 Capital Expenditure Projects Greater Than $50 million <sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Project | Estimated | Anticipated | Project Financing | Project Financing | Project Financing | Project Financing |
|  | Year of | Cost to | Cost to | Total | Internal/ | P3 | Federal | Other |
| ($ millions) | Completion | Mar 31, 2025 | Complete | Cost | Borrowing | Liability | Gov't | Contrib'ns |
| **Housing** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley New Fountain <sup>2</sup> | 2023 | 77 | 1 | 78 | 9 |  |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;58 W Hastings <sup>2</sup> | 2024 | 154 | 6 | 160 | 67 |  | 21 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crosstown <sup>2</sup> | 2024 | 75 |  | 75 | 53 |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015 Hastings St. Development | 2025 | 104 | 47 | 151 | 95 |  | 37 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;320 Hastings St. E. Redevelopment | 2025 | 47 | 39 | 86 | 49 |  | 5 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;128 to 134 East Cordova St. | 2026 | 30 | 136 | 166 | 36 |  | 27 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;1410 E King Edward Ave | 2026 | 3 | 76 | 79 | 73 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;296 Angela Drive | 2027 | 101 | 120 | 221 | 150 |  | 42 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;2086-2098 W 7th Ave | 2027 | 3 | 105 | 108 | 92 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clark & 1st Ave | 2028 | 11 | 177 | 188 | 32 |  | 121 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;1451 Bertram St | 2029 | 1 | 119 | 120 | 120 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;926 & 930 Pandora Ave | 2029 | 2 | 151 | 153 | 132 | - | 6 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total housing |  | 608 | 977 | 1585 | 908 | - | 270 | 407 |
| **Other taxpayer-supported** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanaimo Correctional Centre Replacement <sup>2</sup> | 2024 | 179 | 2 | 181 | 181 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FIFA World Cup 2026 - Stadium Capital Improvements | 2026 | 41 | 68 | 109 | 109 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial Archives, Research and Collections Campus (formerly RBCM Collections and Research Building) | 2026 | 161 | 109 | 270 | 270 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Connect the Basin – high-speed internet infrastructure | 2027 | 2 | 74 | 76 | 43 | - | 29 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other taxpayer-supported |  | 383 | 253 | 636 | 603 | - | 29 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total taxpayer-supported** |  | **21040** | **38469** | **59509** | **48386** | **303** | **4071** | **6749** |
| **Power generation and transmission** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Hydro |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Mica replace units 1-4 generator transformers project <sup>2</sup> | 2022 | 81 | 8 | 89 | 89 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Various Sites - NERC Critical Infrastructure Protection implementation project for cyber assets <sup>2</sup> | 2023 | 55 | 1 | 56 | 56 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Lake Buntzen 1 Coquitlam tunnel gates refurbishment project <sup>2</sup> | 2023 | 64 | 10 | 74 | 74 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Wahleach refurbish generator project <sup>2</sup> | 2023 | 57 | 4 | 61 | 61 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Bridge River 1 - penstock concrete foundation refurbishment project <sup>2</sup> | 2024 | 60 | 5 | 65 | 65 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Capilano substation upgrade project <sup>2</sup> | 2024 | 74 | 3 | 77 | 77 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– G.M. Shrum G1 to 10 control system upgrade <sup>2</sup> | 2024 | 72 | 4 | 76 | 76 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Mica modernize controls project <sup>2</sup> | 2025 | 56 |  | 56 | 56 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Natal - 60-138 kV switchyard upgrade project | 2025 | 74 | 27 | 101 | 101 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Site C project <sup>8</sup> | 2025 | 14380 | 1620 | 16000 | 16000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Vancouver Island radio system project | 2025 | 52 | 6 | 58 | 57 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Various Sites - EV charging infrastructure implementation program | 2025 | 72 | 1 | 73 | 55 |  | 10 | 8 |

---

***Power generation and transmission projects are continued on the next page***

![](tm2523015d1_ex99-13img05.jpg)

48 \| 2025 Financial and Economic Review

Part 2 – Financial Review

**Table 2.7 Capital Expenditure Projects Greater Than $50 million <sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Project | Estimated | Anticipated | Project Financing | Project Financing | Project Financing | Project Financing |
|  | Year of | Cost to | Cost to | Total | Internal/ | P3 | Federal | Other |
| ($ millions) | Completion | Mar 31, 2025 | Complete | Cost | Borrowing | Liability | Gov't | Contrib'ns |
| **Power generation and transmission projects continued** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– 2L143 - cable replacement project | 2026 | 12 | 88 | 100 | 100 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Comox - Puntledge flow control improvements project | 2026 | 40 | 13 | 53 | 53 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Mainwaring station upgrade project | 2026 | 70 | 84 | 154 | 154 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Ruskin - left abutment slope sinkhole remediation project | 2026 | 52 | 77 | 129 | 129 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Fleetwood - Distribution load interconnection (SLS Servicing) project | 2027 | 3 | 155 | 158 | 77 |  |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Kimberley to Marysville - substation relocation project | 2027 | 5 | 68 | 73 | 73 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Long Lake terminal station - transmission load interconnection project | 2027 | 8 | 72 | 80 | 79 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Materials classification facility project | 2027 | 23 | 53 | 76 | 76 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Minette - transmission load interconnection project | 2027 | 4 | 68 | 72 | 52 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Sperling substation metalclad switchgear replacement project | 2027 | 58 | 18 | 76 | 76 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Ladore spillway seismic upgrade project | 2028 | 58 | 315 | 373 | 373 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Mica - U1 - U4 circuit breaker and iso-phase bus replacement project | 2028 | 22 | 154 | 176 | 176 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Northwest - substations outage mitigation project | 2028 | 22 | 67 | 89 | 87 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Peace to Kelly Lake stations sustainment project | 2028 | 114 | 230 | 344 | 344 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Prince George to Terrace capacitors project | 2028 | 136 | 446 | 582 | 481 |  | 97 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Treaty Creek Terminal - transmission load interconnection (KSM) project | 2028 | 49 | 119 | 168 | 81 |  |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Burrard switchyard - control building upgrade project | 2029 | 5 | 52 | 57 | 57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– John Hart dam seismic upgrade project | 2029 | 355 | 557 | 912 | 912 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Kootenay Canal modernize controls project | 2029 | 22 | 39 | 61 | 61 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Bridge River 1 replace units 1-4 generators/governors project | 2032 | 26 | 285 | 311 | 311 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total power generation and transmission |  | 16181 | 4649 | 20830 | 20519 | - | 107 | 204 |
| **Other self-supported** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICBC Head Office Relocation | 2028 | - | 162 | 162 | 162 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total self-supported** |  | **16181** | **4811** | **20992** | **20681** | - | 107 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total projects over $50 million** |  | **37221** | **43280** | **80501** | **69067** | 303 | 4178 | 6953 |

---

<sup>1</sup> Only projects that receive provincial funding and have been approved by Treasury Board and/or Crown corporation boards are included in this table. Ministry service plans may highlight projects that still require final approval. Capital costs reflect current government accounting policy.

<sup>2</sup> Assets have been put into service and only trailing costs remain.

<sup>3</sup> The Seismic Mitigation Program consists of spending to date on Phase 2 of the program and may include spending on projects greater than $50 million included in the table.

<sup>4</sup> Project is delivered in two segments, the Chase Creek Road to Chase West reached substantial completion in 2023 and the Chase West to Chase Creek Bridge is expected to complete in 2025.

<sup>5</sup> Project is delivered in two segments, the Salmon Arm West 1st Ave to 10th Ave reached substantial completion in 2023 and the Salmon Arm West 10th Ave to 10th St. is expected to complete in 2026.

<sup>6</sup> The Broadway Subway Project forecast and value of costs incurred to date include the City of Vancouver in-kind contribution of land rights, in keeping with the approved project budget. Under current government accounting, purchased intangible assets are given accounting recognition, and contributed intangible assets, such as land use rights or licenses are not.

<sup>7</sup> The Fraser River Tunnel is forecasted to open to the public in 2030 with the removal of the existing tunnel to follow.

<sup>8</sup> The approved project cost estimate (June 2021) is $16 billion, with an approved project in-service date of 2025. The first, second, third, and fourth generating units are in-service, in October 2024, December 2024, February 2025, and March 2025, respectively, with all four units ahead of their approved schedule in-service dates. The anticipated project cost and costs to date include capital costs, charges subject to regulatory deferral and certain operating expenditures.

2025 Financial and Economic Review \| 49

Part 2 – Financial Review

**Provincial Debt**

As at March 31, 2025, total provincial debt was $133.9 billion, an increase of $26.4 billion over the fiscal year, amounting to 31.4 per cent of B.C.'s nominal GDP. Approximately 26 per cent of total debt is self-supported through the activities of commercial Crown corporations.

The taxpayer-supported debt-to-GDP ratio, a measure often used by investors and credit rating agencies to analyze a government's ability to manage its debt load, stood at 23.2 per cent. This is higher by 4.8 percentage points from 2023/24 and is 2.2 percentage points higher than forecast in *Budget 2024*. The taxpayer-supported debt-to-revenue ratio was 122.7 per cent, 10.9 percentage points higher than the *Budget 2024* forecast, and an increase of 24.8 percentage points from 2023/24.

**Table 2.8 Provincial Debt Summary<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Opening | Updated | | |
|  | Budget | Balance | Budget | Actual | Actual |
| ($millions) | 2024 | Adjustment <sup>2</sup> | 2024 | 2024/25 | 2023/24 |
| **Taxpayer-supported debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provincial government |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating | 10275 | 4158 | 14433 | 24516 | 8729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital <sup>3</sup> | 46439 | (96) | 46343 | 45539 | 40582 |
| &nbsp;&nbsp;&nbsp;**Total provincial government** | 56714 | 4062 | 60776 | 70055 | 49311 |
| &nbsp;&nbsp;&nbsp;Taxpayer-supported entities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Transportation Financing Authority | 26066 | (570) | 25496 | 24078 | 21286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Authorities and Hospital Societies | 2332 | 7 | 2339 | 2333 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Secondary institutions | 981 | 2 | 983 | 976 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Housing | 1872 | 56 | 1928 | 1237 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 674 | (18) | 656 | 410 | 339 |
| &nbsp;&nbsp;&nbsp;**Total taxpayer-supported entities** | 31925 | (523) | 31402 | 29034 | 26091 |
| **Total taxpayer-supported debt** | **88639** | **3539** | **92178** | **99089** | **75402** |
| **Self-supported debt** | **34628** | **140** | **34768** | **34788** | **32060** |
| **Total provincial debt** | **123267** | **3679** | **126946** | **133877** | **107462** |
| **Debt to GDP ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer-supported debt | 21.0% |  | 21.9% <sup>4</sup> | 23.2% | 18.4% |
| &nbsp;&nbsp;&nbsp;Total provincial debt | 29.2% |  | 30.1% | 31.4% | 26.2% |

---

<sup>1</sup> Provincial debt is prepared in accordance with Generally Accepted Accounting Principles and presented consistent with the Debt Summary Report included in the Public Accounts. Debt is shown net of sinking funds and unamortized discounts, excludes accrued interest and foreign exchange adjustments, and includes non-guaranteed debt directly incurred by commercial Crown corporations and debt guaranteed by the Province.

<sup>2</sup> The opening balance adjustment reflects actual balances at March 31, 2024 (the *Budget 2024* projection was based on a forecast for 2023/24).

<sup>3</sup> Includes debt incurred by the government to fund the building of capital assets in the education, health, social housing and other sectors.

<sup>4</sup> Revised to reflect Statistics Canada's Provincial Economic Accounts update released on November 7, 2024.

Taxpayer-supported debt includes provincial government borrowings for operating and capital needs, and borrowings by taxpayer-supported entities. The government issues capital grants to organizations for funding their infrastructure, including schools, post-secondary institutions, health facilities, and social housing. Taxpayer-supported entities' debt is mainly the debt of the BC Transportation Financing Authority that was incurred to fund highways and public transit projects.

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Part 2 – Financial Review

**Chart 2.7** **Total Provincial Debt by Sector**

![](tm2523015d1_ex99-13sp7img001.jpg)

Self-supported debt includes power generation and transmission debt which is entirely commercial in nature and is predominantly the debt of BC Hydro. A portion of this debt reflects borrowing for the Columbia Basin power projects managed by Columbia Power Corporation and Columbia Basin Trust. Self-supported borrowing from the BC Lottery Corporation for gaming equipment and gaming management software, the debt of post-secondary institutions' commercial subsidiaries, and lease liabilities related to right-of-use assets are also included in this debt category.

Total provincial debt was higher by $10.6 billion at year-end compared to *Budget 2024* (see Chart 2.8).

**Chart 2.8** **Change in Ending Debt Level from *Budget 2024***

![](tm2523015d1_ex99-13sp7img002.jpg)

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Part 2 – Financial Review

This variance consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $10.4
 billion higher taxpayer-supported debt, primarily due to $3.5 billion higher opening balance
 from 2023/24, changes in other working capital balances and external capital funding of $1.5
 billion, and higher cash balances of $9.7 billion as a result of timing of spending and pre-borrowing
 to meet operating and capital requirements in early 2025/26, offset by $3.7 billion lower
 capital spending and $0.6 billion improved operating deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $160
 million increase in self-supported debt due to changes in opening balance and operating cash
 flows, partly offset by lower capital spending.

**Surplus/Deficit Versus Change In Debt**

For the 2024/25 fiscal year, government posted a deficit of $7.3 billion, which included net non-cash items of $1.3 billion (primarily amortization and an adjustment for commercial Crown corporations net income and dividends). Working capital balances increased by $7.3 billion, including higher cash balances at year end to ensure increased liquidity. Taxpayer-supported capital spending was $10.4 billion. As a result, taxpayer-supported debt increased by $23.7 billion during the fiscal year.

The $2.7 billion increase in self-supported debt primarily reflects $4.4 billion of capital spending mainly by BC Hydro, offset by $1.7 billion in net operating cash flows.

**Chart 2.9** **Reconciliation of Surplus/Deficit to Change In Debt**

![](tm2523015d1_ex99-13sp7img003.jpg)

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Part 2 – Financial Review

**Debt Indicators**

Table 2.9 provides a summary of financial indicators depicting the Province's debt position, recent borrowing trends and related interest cost burden.

Further details on provincial debt are provided in Appendix Tables A2.10 to A2.12.

**Table 2.9 Key Debt Indicators<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | *Budget* | Actual | Actual |
|  | *2024* | 2024/25 | 2023/24 |
| Debt-to-revenue (per cent) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 125.6 | 134.8 | 113.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 111.8 | 122.7 | 97.9 |
| Debt per capita ($) <sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 21725 | 23495 | 19426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 15622 | 17390 | 13630 |
| Debt-to-GDP (per cent) <sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 29.2 | 31.4 | 26.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 21.0 | 23.2 | 18.4 |
| Interest bite (cents per dollar of revenue) <sup>4</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 4.3 | 4.6 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 3.8 | 4.1 | 3.2 |
| Interest costs ($ millions) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 4264 | 4600 | 3647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 3000 | 3278 | 2444 |
| Interest rate (per cent) <sup>5</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 3.7 | 3.8 | 3.6 |
| Revenue Factor for Key Indicators ($ millions) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial <sup>6</sup> | 98110 | 99315 | 94769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported <sup>7</sup> | 79253 | 80729 | 77043 |
| Total debt ($ millions) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 123267 | 133877 | 107462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported <sup>8</sup> | 88639 | 99089 | 75402 |
| Provincial GDP ($ millions) <sup>9</sup> | 421449 | 426791 | 409881 |
| Population (thousands at July 1) <sup>10</sup> | 5674 | 5698 | 5532 |

---

<sup>1</sup> Figures for prior year have been restated to conform with the presentation used for 2024/25 and to include the effects of changes in underlying data and statistics.

<sup>2</sup> The ratio of debt to population (e.g. debt at March 31, 2025 divided by population at July 1, 2024).

<sup>3</sup> The ratio of debt outstanding at fiscal year end to provincial nominal gross domestic product (GDP) for the calendar year ending in the fiscal year (e.g. debt at March 31, 2025 divided by 2024 GDP).

<sup>4</sup> The ratio of interest costs (less sinking fund interest) to revenue. Figures include capitalized interest expense in order to provide a more comparable measure to outstanding debt.

<sup>5</sup> Weighted average of all outstanding debt issues.

<sup>6</sup> Includes revenue less earnings related to enterprises (sinking fund earnings, loan interest and net earnings), plus revenue of all enterprises.

<sup>7</sup> Excludes revenues of commercial Crown corporations, but includes dividends paid to the Consolidated Revenue Fund.

<sup>8</sup> Excludes debt of commercial Crown corporations.

<sup>9</sup> Nominal GDP for the calendar year ending in the fiscal year (e.g. GDP for 2024 is used for the fiscal year ended March 31, 2025). As nominal GDP for the calendar year ending in 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025.

<sup>10</sup> Population at July 1st within the fiscal year (e.g. population at July 1, 2024 is used for the fiscal year ended March 31, 2025).

2025 Financial and Economic Review \| 53

Part 2 – Financial Review

**Credit Rating**

A credit rating is an evaluation of the credit risk of a prospective borrower, predicting their ability to pay interest and to repay the debt principal. It impacts the borrower's debt servicing costs and the investor's rate of return since an investor will demand a higher interest rate on a higher-risk, lower-rated security. Table 2.10 provides an interprovincial comparison of credit ratings.

As of July 2025, B.C. has a Aa1 rating from Moody's, A+ rating from Standard & Poor's, and AA (High) rating from DBRS.

**Table 2.10 Interprovincial Comparison of Credit Ratings, July 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Rating Agency<sup>1</sup> | Rating Agency<sup>1</sup> | Rating Agency<sup>1</sup> |
|  | Moody's Investors | Standard & |  |
| Province | Service | Poor's | DBRS |
| British Columbia | Aa1 | A+ | AA(High) |
| Saskatchewan | Aa1 | AA | AA (Low) |
| Alberta | Aa2 | AA- | AA |
| Manitoba | Aa2 | A+ | A (High) |
| Quebec | Aa2 | A+ | AA (Low) |
| Ontario | Aa3 | AA- | AA |
| Nova Scotia | Aa2 | AA- | A (High) |
| New Brunswick | Aa1 | A+ | A (High) |
| Prince Edward Island | Aa2 | A | A |
| Newfoundland/Labrador | A1 | A | A |

---

<sup>1</sup> The rating agencies assign letter ratings to borrowers. The major categories, in descending order of credit quality are: AAA/Aaa; AA/Aa; A; BBB/Baa; BB/Ba; and B. The "1", "2", "3", "high", "low", "+", and "-" modifiers show relative standing within the major categories. For example, AA+ exceeds AA and Aa2 exceeds Aa3.

**Pension Plans**

The province contributes to four defined benefit pension plans (Public Service, Municipal, Teachers' and College) for many of its employees. These pension plans are managed under joint trusteeship arrangements with the plan members. Under joint trusteeship, the provincial government has no formal claim on plan surpluses or assets; however, government is responsible for 50 per cent of any unfunded liabilities in the Public Service, Teachers' and College plans, and 35 per cent of any unfunded liability in the Municipal plan since the province's interest in that plan is only 70 per cent.

As a result, government's balance sheet will only include its share of any unfunded pension liabilities incurred by the four pension plans, as well as the entire liability for the MLA Superannuation Account, which is not part of a joint trusteeship arrangement, if any. As at March 31, 2025, all pension plans under joint trusteeship were fully funded and, as a result, government does not have any pension liabilities.

In the event that a plan is determined to be in a deficit position, the pension boards, by agreement, are required to address the deficit through contribution adjustments or other measures. As a result, it is expected that any unfunded pension liability in the future would be short-term in nature.

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The pension valuations do not include future indexing of pensions, as this is a non-guaranteed supplemental benefit to the plans that is determined by the amount of available assets in separate inflation accounts. The estimated financial positions of each plan (based on extrapolations of the most recent actuarial valuations) as at March 31, 2025 are shown in Table 2.11.

**Table 2.11 Pension Plan Balances**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Total |  |
| ($ millions) | Public Service | Municipal | Teachers | College | Other <sup>1</sup> | 2024/25 | 2023/24 |
| Accrued benefit obligation | (29268) | (41895) | (27802) | (6020) | (901) | (105886) | (99538) |
| Pension fund assets | 36991 | 49530 | 35202 | 6549 | 1100 | 129372 | 118667 |
| &nbsp;&nbsp;&nbsp;**Subtotal** | **7723** | **7635** | **7400** | **529** | **199** | **23486** | **19129** |
| Unamortized actuarial (gain) loss | (3478) | (2697) | (5213) | (16) | (27) | (11431) | (9386) |
| **Accrued net asset (obligation)** | **4245** | **4938** | **2187** | **513** | **172** | **12055** | **9743** |

---

<sup>1</sup> Represents other defined benefit plans, outside of the four main pension plans, which are funded by entities within the government reporting entity. Includes Simon Fraser University's Academic Pension Plan and Administrative/Union Pension Plan, the University of Victoria's pension plan for employees other than faculty and professional staff, and the province's 14.67% interest in the Canadian Blood Services pension plan.

Actuarial valuations are performed on the pension plans every three years with the resulting reports released nine months after the valuation date. The pension plans and the dates of their last actuarial valuation are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Public
 Service Pension Plan, March 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Municipal
 Pension Plan, December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Teachers'
 Pension Plan, December 31, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· College
 Pension Plan, August 31, 2024.

Key actuarial assumptions used for valuation purposes include a long-term annual rate of return on fund assets (currently 6.00 per cent for the Public Service Pension Plan, College Pension Plan and the Municipal Pension Plan and 5.75 per cent for the Teachers' Pension Plan) and the rate of annual salary increases (currently at 3.25 per cent).

The pension plans are administered by the BC Pension Corporation in accordance with direction received from the various pension boards. The audited financial statements of each pension plan, along with full descriptions, benefit formulas, inflation assumptions and funding policies may be found on the corporation's website at <u>www.pensionsbc.ca.</u>

**Contractual Rights**

Contractual rights represent the annual nominal future cash receipts for multi-year contracts. As at March 31, 2025, taxpayer-supported entities have $8.9 billion in contractual rights, and self-supported Crown corporations and subsidiaries have $5.5 billion in contractual rights, for a total of $14.4 billion in contract receipts over the future years, depending on the terms of the contract. In addition, taxpayer-supported entities have $11.0 billion in multi-year government transfer agreements that may be authorized by the federal government in the future.

Contractual rights represent future receipts where the projected revenue has been quantified in an agreement. They are not off-balance sheet assets, nor are they deferred revenues.

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Part 2 – Financial Review

**Contractual Obligations**

Contractual obligations represent the annual nominal future cash payments for multi-year contracts for the delivery of services and construction of assets — except in the case of P3 contracts, where the obligations related to construction of assets are recognized as liabilities as the assets are constructed.

As at March 31, 2025, taxpayer-supported entities have incurred $46.1 billion in contractual obligations, and self-supported Crown corporations and subsidiaries have incurred $64.6 billion in contractual obligations, for a total of $110.7 billion in contract payments that will be made over the future years, depending on the terms of the contract.

Contractual obligations represent ongoing program costs where the projected expense has been quantified in an agreement. They are not off-balance sheet debt, nor are they unfunded costs. Rather, these annual costs have been incorporated into the overall program budgets of the contracting ministries and other entities similar to other future-oriented government program costs such as legislated entitlements and capital asset amortization. In the case of self-supported Crown corporations and subsidiaries, the payments will be made from future revenue streams.

The 2024/25 *Public Accounts* Contractual Obligations schedule presents a detailed listing of obligations by function. Taxpayer-supported contractual obligations can also be grouped into six categories (see Table 2.12) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Coastal
 ferry services agreement – annual operating subsidy provided by the Ministry of Transportation
 and Transit to BC Ferry Services Inc. in support of its smaller routes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capital
 construction and maintenance P3s – reflect the annual service payments that will be
 made to maintain the asset and retire the liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Program
 delivery agreements – annual operating cost of agreements with third-party entities
 that provide services to the public on behalf of government, such as care homes. Some agreements
 are for one year only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Operating
 and maintenance agreements – annual operating cost of agreements with third-party entities
 that operate and maintain government infrastructure on behalf of government. A majority of
 these agreements relate to health sector facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Service
 delivery agreements – annual operating cost of agreements with third-party entities
 that provide services directly to government, such as the Telecommunications Service Master
 Agreement with Telus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capital
 and economic development agreements – annual cost of agreements to build infrastructure,
 such as health authorities, school districts, universities, and the BC Transportation Financing
 Authority's commitments for future projects.

In addition to the contractual obligations, taxpayer-supported entities have $15.5 billion in multiple-year government transfer agreements that may be authorized by government in the future, although there is no current obligation for these government transfers.

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Part 2 – Financial Review

**Table 2.12 Taxpayer-Supported Contractual Obligations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions) | 2025/26 | 2026/27 | 2027/28 | 2028/29 | 2029/30 | 2030/31+ | Total |
| Coastal ferry services agreement | 253 | 253 | 253 | 253 | 253 | 8341 | 9606 |
| Capital construction and maintenance P3s | 585 | 364 | 275 | 203 | 250 | 2430 | 4107 |
| Program delivery agreements | 2726 | 519 | 452 | 275 | 218 | 2124 | 6314 |
| Operating and maintenance agreements | 1578 | 1127 | 938 | 709 | 664 | 1163 | 6179 |
| Service delivery agreements | 1196 | 1216 | 1180 | 1100 | 518 | 1183 | 6393 |
| Capital and economic development agreements | 6780 | 3704 | 1725 | 673 | 197 | 452 | 13531 |
|  | 13118 | 7183 | 4823 | 3213 | 2100 | 15693 | 46130 |

---

Of the total $64.6 billion contractual obligations for self-supported Crown corporations and subsidiaries, 94.9 per cent or $61.4 billion is for BC Hydro's power purchase agreements with independent power producers (IPPs). This ongoing cost of energy is factored into BC Hydro's financial statement projections in the fiscal plan, although any contractual increases to the tariffs paid to the IPPs will have to be recovered from future electricity rate increases.

The remaining contractual obligations for self-supported Crown corporations and subsidiaries relate to maintenance and service agreements, whose costs also are factored into government fiscal plan projections.

**2024/25 *Public Accounts* Audit Qualification**

The Audit Opinion on the 2024/25 *Public Accounts* includes the following three qualifications.

**Deferral of Revenues**

The Auditor General recommends reporting restricted contributions as revenue in the period the transfers are received, unless the transfer establishes a financial liability on the part of the recipient. In accordance with accounting standards and Treasury Board regulations, the government has maintained its longstanding recognition of deferring restricted contributions and recognizing revenue in the same period that programs and services are provided to the public. The impact of the Auditor General's recommendation in the current year would be to increase revenue by $9.85 billion and decrease the deficit and liabilities by $9.85 billion.

**Incomplete Contractual Obligations Disclosure**

Contractual obligations that commit Government to make certain expenditures, for a considerable period into the future, are required to be disclosed in the financial statements. In the Auditor General's opinion, the summary financial statements do not provide the required disclosures in relation to certain contracts, such as contracts below the $50 million threshold and for payments not under contract for the First Nations Gaming Revenue Sharing Arrangement. The Auditor General's recommendation would increase the disclosure of contractual obligations by $6.733 billion.

2025 Financial and Economic Review \| 57

Part 2 – Financial Review

**Tobacco Settlement Accounting Treatment**

Government has been engaged in litigation against tobacco companies to recover the costs incurred for tobacco-related diseases. In March 2025, Plans of Compromise and Arrangement (the Plans) were agreed to by all parties and approved by the Ontario Superior Court of Justice. The Auditor General recommends recognizing the asset and revenue in 2024/25 because the Plans can no longer be appealed. The auditor has not quantified the amount to be recognized. Government has disclosed the tobacco litigation as a contingent asset because there are outstanding conditions before the Plans can become binding. Once the conditions are satisfied and the Plans have been implemented, the Government will recognize the asset and revenue based on the best information known at that time. The Province's share of the settlement is estimated at $3.578 billion to be paid over approximately 20 years.

The full text of the Auditor General's opinion and the comments of the Comptroller General of British Columbia can be found in the 2024/25 *Public Accounts*.

58 \| 2025 Financial and Economic Review

![](tm2523015d1_ex99-13sp7img004.jpg)

Part 3

Supplementary Information

– General Description of the Province

– Constitutional Framework

– Provincial Government

– Annual Financial Cycle

– Government's Financial Statements

– Provincial Taxes

2025 Financial and Economic Review

Part 3 – Supplementary Information

**General Description of the Province**

British Columbia is located on Canada's Pacific coast, and has a land and freshwater area of 95 million hectares. It is Canada's third largest province and comprises 9.5 per cent of the country's total land area.

**Geography**

The province is nearly four times the size of Great Britain, 2.5 times larger than Japan and larger than any American state except Alaska. B.C.'s 7,022-kilometre coastline supports a large shipping industry through ice-free, deep-water ports. The province has about 8.5 million hectares of grazing land, 1.8 million hectares of lakes and rivers, and 950,000 hectares of agricultural land that is capable of supporting a wide range of crops.

**Physiography**

B.C. is characterized by mountainous topography, but also has substantial areas of lowland and plateau country. The province has four basic regions, a northwesterly trending mountain system on the coast, a similar mountain system on the east, and an extensive area of plateau country between the two. The northeastern corner of the province is lowland, a segment of the continent's Great Plains.

The western system of mountains averages about 300 kilometres in width and extends along the entire B.C. coast and the Alaska panhandle. The Coast Mountains contain some of the tallest peaks in the province. The western system includes the Insular Mountains that form the basis of Vancouver Island and Haida Gwaii (previously known as the Queen Charlotte Islands). These islands help to shelter the waters off the mainland coast of B.C., which form an important transportation route for people and products.

The Interior of the province is a plateau of rolling forest and grassland, 600 to 1,200 metres in average elevation, incised deeply by rivers. North of Prince George the interior becomes mountainous, but plateau terrain returns just south of the Yukon boundary in the area drained by the Liard River. The southern Interior's water system is dominated by the Fraser River, which has a drainage area covering about one-quarter of the province. The Rocky Mountains, in the eastern mountain system, rise abruptly on the southern B.C.-Alberta boundary and are cut by passes that provide dramatic overland transportation routes into the province. The Rocky Mountain Trench lies immediately to the west of the Rockies. This extensive valley, the longest in North America, is a geological fault zone separating different earth plates. It is the source of many of B.C.'s major rivers, including the Peace, Columbia and Fraser.

**Climate and Vegetation**

Coastal B.C. has abundant rainfall and mild temperatures associated with a maritime climate. The Pacific coast has an average annual rainfall of between 155 and 440 centimetres, while the more sheltered coasts of eastern Vancouver Island and the mainland along the Strait of Georgia average between 65 and 150 centimetres. Canada's longest frost-free periods of over 180 days per year are enjoyed along the edges of the coastal zone and inland along the Fraser River valley. Temperatures fall quickly up the steep slopes of the Coast Mountains. The predominant trees in this coastal region are the western hemlock, western red cedar and balsam in the wetter parts, and Douglas fir and grand fir in the drier areas.

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B.C.'s Interior region has a mainly continental type of climate, although not as severe as that of the Canadian Prairies. Considerable variation in climate occurs, especially in winter and across the Coast Mountains, as mild Pacific storms bring relief from cold spells. The southern Interior has the driest and warmest climate of the province. In the valleys, annual precipitation ranges from less than 30 centimetres to 50 centimetres, while daily temperatures can average over 20°C in July and just under freezing in January. The climate becomes more extreme further north and precipitation increases. The frost-free period in the North is short and variable. Spruce and lodgepole pine are the dominant trees of commercial value in the Interior.

The northeast region of the province is an extension of the western prairie region of Alberta. It has a continental climate that is more extreme than that of the northern interior region. However, it does have long hot summers and a frost-free period long enough to grow grain, forage and other crops.

**Population**

B.C. is the third largest province in terms of population, which was estimated at 5.698 million people, accounting for 13.8 per cent of Canada's population on July 1, 2024. B.C.'s population grew at an average annual rate of 1.9 per cent between 2014 and 2024, faster than the growth rate of the overall Canadian population for the same period.

The Vancouver census metropolitan area, a major Canadian shipping, manufacturing and services centre, had the largest urban population in B.C. with nearly 3.109 million people in 2024. Meanwhile, the census metropolitan area for Victoria, the provincial capital, had a population of 441 thousand people in 2024.

**Constitutional Framework**

The structure of the British Columbia government is based on British parliamentary tradition and precedent. Prior to 1866, B.C. was composed of two British-controlled colonies — the Colony of Vancouver Island was established in 1849, and the Colony of British Columbia was established in 1858 on the mainland. In the *Union Proclamation* of 1866, the two colonies were joined to form the single united Crown Colony of British Columbia. On July 20, 1871, B.C. entered into Confederation with Canada. Although the Colony of Vancouver Island had a parliamentary form of government as far back as 1856, the first fully elected government was not instituted in B.C. until the autumn after Confederation with Canada. Responsible government was achieved in late 1872, when the lieutenant governor acquiesced to an executive council that was responsible to the legislative assembly.

Upon entering Confederation, B.C. came under the authority of the *British North America Act, 1867 (BNA Act)*, a statute of the British parliament. Until 1982, the BNA Act defined the major national institutions and established the division of authority between the federal and provincial governments. In 1982, the British Parliament ended its legal right to legislate for Canada with the passage of the *Canada Act, 1982* and its companion legislation, the *Constitution Act, 1982*, which also includes the Canadian Charter of Rights and Freedoms. The *BNA Act* was renamed the *Constitution Act, 1867*, which continues to be the foundation for the division of legislative powers between Canada, as a federal state, and provincial governments.

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**Indigenous Peoples**

British Columbia is home to more than 290,000 Indigenous peoples<sup>1</sup>, representing one in six Indigenous people in Canada. There are more than 200 First Nations in B.C. (of 600 in Canada), and they represent 35 distinct languages. At more than 98,000, the Métis population in B.C. is the third-largest in Canada.

Each Indigenous community has a unique history and experience and different ways of life, social organization, governance systems, and approaches to economic development.

As the original occupants of the land, Indigenous peoples have a special constitutional relationship with the Crown. This relationship, including existing Aboriginal<sup>2</sup> and treaty rights, is recognized and affirmed in section 35 of the *Constitution Act, 1982*, and includes recognizing that Indigenous self-government is part of Canada's evolving system of cooperative federalism and distinct orders of government.

**Provincial Government**

B.C.'s government is modeled after the British system. Functionally there are three main branches: the legislature, the executive and the judiciary.

**Legislature**

Legislative powers in British Columbia are exercised by a single legislative chamber, which is elected for a term of four years. B.C. was the first jurisdiction in Canada to establish set general election dates, in 2001. Provincial general elections are scheduled to take place on the third Saturday in October every four years.

The legislature consists of the lieutenant governor and 93 elected members of the legislative assembly. The legislative assembly represents the people of B.C. in the conduct of the province's affairs. The assembly is required by law to meet at least once a year with a normal session lasting several months. However, special sessions can last just a few days or many months, depending on the nature of the government's business.

The legislature operates on a fixed schedule — the second Tuesday in February each year is usually reserved for the Throne Speech and the fourth Tuesday in February each year is reserved for the Budget Speech. In an election year, the Throne Speech and Budget Speech may occur on or before April 30th of the following year.

**Executive**

The executive is composed of the lieutenant governor and the executive council. The executive council, or cabinet, is headed by the premier and is composed of selected members of the ruling party. The lieutenant governor, the King's representative in British Columbia, holds a largely ceremonial place in the modern provincial government. By constitutional custom, the lieutenant governor is appointed by the Governor General of Canada for a term usually lasting five years.

Following a general election, the lieutenant governor calls upon the leader of the political party with the majority of elected members to serve as premier and to form the provincial government.

<sup>1</sup> The term 'Indigenous' includes all people of Indigenous ancestry, including First Nations (status and non-status), Métis and Inuit.

<sup>2</sup> The federal *Constitution Act, 1982*, and provincial *Declaration on the Rights of Indigenous Peoples Act* define the term 'Indigenous peoples' to include First Nations, Métis and Inuit Peoples in Canada.

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Where the general election does not result in a single political party having the majority of elected members, a minority government may be formed by the party that is able to form a coalition or enter into a confidence and supply agreement with another party, to ensure it has the majority required for all confidence motions and budgetary legislation.

The lieutenant governor, on the advice of the premier, appoints members of the executive council and is guided by the executive council's advice as long as it holds the confidence of the legislative assembly.

The lieutenant governor, on recommendation of the premier, convenes, prorogues and dissolves the legislative assembly and gives Royal Assent to all measures and bills passed by the assembly before they become law.

Ministers are the executives responsible for government ministries, and are usually members of cabinet. Cabinet determines government policy and is held responsible by the legislative assembly for the operation of the provincial government.

Deputy ministers are the senior civil servants in their ministries and have responsibility for all operational matters including budget, human resources and program development. Deputy ministers are required to manage a complex set of multiple accountabilities which arise out of various powers, authorities and responsibilities attached to the position. The deputy minister is the principal source of support for a minister in fulfilling minister's collective and individual responsibilities and accountability. In providing this support, the deputy minister is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sound
 public service advice on policy development and implementation, both within the minister's
 portfolio and with respect to the government's overall policy and legislative agenda;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· effective
 ministry management, as well as advice on management of the minister's entire portfolio;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fulfillment
 of authorities that have been assigned to the deputy minister or other officials either by
 the minister directly or by virtue of legislation.

**Judiciary**

The judiciary performs functions that are central to the orderly operation of society. Judges hear and give judgment in criminal prosecutions and in actions arising from disputes between private citizens or between the government and private citizens. Judges apply both judge-made law, known as ''common law,'' and laws made by the Parliament of Canada and provincial legislatures. The judiciary is sometimes called on to determine whether laws passed by governments conform to the values expressed in the Canadian Charter of Rights and Freedoms.

B.C.'s judicial system is made up of the Provincial Court of British Columbia, the Supreme Court of British Columbia and the Court of Appeal of British Columbia. The Provincial Court hears cases that fall into five main categories: criminal cases, family cases, youth court cases, small claims, and traffic & bylaw cases. The provincial government appoints Provincial Court judges, and the federal government appoints Court of Appeal and Supreme Court judges.

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The federal judicial system includes the Tax Court of Canada, the Federal Court of Canada (Appeals division and Trial division) and the Supreme Court of Canada. The Federal Court of Canada hears cases in limited areas of exclusively federal jurisdiction — for example, reviewing decisions made by federal tribunals such as the Canada Labour Relations Board. The Supreme Court of Canada is the court of final resort and hears selected appeals from the Federal Court of Appeal and provincial Courts of Appeal.

**Provincial Government Jurisdiction**

Under Canada's constitutional framework, B.C. has ownership and jurisdiction over natural resources and is responsible for education, health and social services, municipal institutions, property and civil rights, the administration of justice and other matters of purely provincial or local concern.

**Annual Financial Cycle**

British Columbia's *Budget Transparency and Accountability Act* (BTAA) outlines the Province's reporting requirements during the financial cycle and imposes specific reporting deadlines or release dates for these publications. In particular, fixed dates for presentation of the budget, as well as dates for quarterly and annual reports, are set by law.

Under the BTAA, the provincial government focuses its budgeting and reporting on a summary accounts basis. The BTAA requirements include reporting on the advice of the Economic Forecast Council; presentation of the annual *Estimates, Budget and Fiscal Plan, Quarterly Reports,* and *Public Accounts;* publication of *Quarterly Reports* with revised forecasts; annual three-year service plans and service plan reports for each ministry and government organization; and an annual three-year government strategic plan and report.

Chart 3.1 summarizes the annual financial process of the Province. This process consists of four main stages.

**Planning and Budget Preparation**

Treasury Board, a committee of the executive council, reviews longer-term estimates of revenue, expense, capital and debt, and establishes a preliminary fiscal plan within the framework of the government's overall strategic plan. Ministries, service delivery agencies, and Crown corporations prepare three-year service plans, including performance measures and targets, and operating and capital budgets, for review by government. Treasury Board makes budget allocations for ministries and agencies, and assesses commercial Crown corporation net income benchmarks, within the context of the fiscal plan. Included as inputs into this process are a consultation paper published by September 15<sup>th</sup> that invites public comment on issues for consideration as government develops its fiscal and service plans, and provincewide public hearings held by a committee of the legislature. A report outlining the results of the budget consultation process is made public by November 15<sup>th</sup> of each year.

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**Chart 3.1 Financial Planning and Reporting Cycle Overview**

![](tm2523015d1_ex99-13sp8img001.jpg)

\*In an election year the budget day may be delayed, in accordance with the *Budget Transparency and Accountability Act*.

**Implementation and Reporting**

The government's revenue, expense and capital plans for the next three fiscal years, as well as other information on the government's finances, are presented to the legislative assembly by the Minister of Finance in a budget document called the *Budget and Fiscal Plan*. The financial plan for the next fiscal year is also included in the document called the *Estimates*, which describes the individual appropriations to be voted on by the legislative assembly. Government's strategic plan, service plans, and a report on major capital projects (those where the government contribution exceeds $50 million) must also be tabled in the legislature. Throughout the year, the authorized funding as specified in the *Estimates* and ministry service plans is spent on programs and services. Crown corporations follow approved service plans under the direction of their own boards of directors. *Quarterly Reports*, including full-year forecasts, are published by legislated dates, thereby providing regular updates to the public on the government's finances.

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**Evaluation**

At the end of the fiscal year, the *Public Accounts* are prepared by the Office of the Comptroller General and examined by the Office of the Auditor General to ensure that the financial statements fairly present the government's financial position. The Public Accounts are augmented by the *British Columbia Financial and Economic Review*, which provides an overview of annual and historical financial and economic results. In addition, annual service plan reports are made public that compare actual results with ministry and Crown corporation performance targets.

**Accountability**

The *Public Accounts* are presented to the legislative assembly and are reviewed by two committees of the legislative assembly (the Select Standing Committee on Public Accounts, and the Select Standing Committee on Crown Corporations). At the same time, the *Ministerial Accountability Report* is published detailing the individual financial performance of cabinet ministers, and the performance achieved by the Ministers of State on non-financial targets.

**Government's Financial Statements**

**Government Reporting Entity**

The provincial government conducts its activities through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ministries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 SUCH sector (school districts, universities, colleges, institutes, and health organizations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other
 taxpayer-supported service delivery agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commercial
 Crown corporations.

The accounts relating to the ministries and other direct activities of government are contained in the Consolidated Revenue Fund (CRF), whose financial results are reported as a separate entity in the Public Accounts. The CRF comprises all money over which the legislature has direct power of appropriation. The operations of public sector organizations, including the SUCH sector entities, service delivery agencies, and Crown corporations, are recorded in their own financial statements, which are subject to audit by the Auditor General or by private-sector auditors.

The relationships between the legislature and government's public sector organizations are guided by legislation, governance agreements, and/or mandate letters to ensure effective oversight, alignment with government's priorities, and preservation of public confidence in the management of public-sector programs and services for the citizens of British Columbia.

The Province consolidates the financial results of all these entities into a single set of financial statements, published annually in the *Public Accounts*.

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**Compliance with GAAP**

British Columbia's *Budget Transparency and Accountability Act* (BTAA) requires government's financial statements to conform to generally accepted accounting principles (GAAP) for senior governments in Canada. In practice this means compliance with the Public Sector Accounting Standards (PSAS), which are set by the Canadian Public Sector Accounting Board (PSAB).

Under PSAS, service delivery agencies are consolidated with the CRF on a line-by-line basis. Commercial Crown corporations<sup>3</sup> (government business enterprises) and commercial subsidiaries owned by service delivery agencies are consolidated on a modified equity basis — i.e. their net income is reported as revenue of the Province and their retained earnings as an investment.

Where the accounting policies of service delivery agencies differ from those used by the central government, the service delivery agency financial statements are adjusted to conform to government's accounting policies. No adjustments for accounting differences are made for commercial Crown corporations, which prepare their statements in accordance with International Financial Reporting Standards (IFRS).

The BTAA authorizes Treasury Board to adopt different standards than those promoted by PSAB in order to ensure that British Columbia's financial reporting reflects the policy framework within which the Crown corporations and agencies operate. Any alternative standard adopted by Treasury Board must come from other areas of Canadian GAAP or from a recognized standard setting body in another jurisdiction (e.g. the US Financial Accounting Standards Board). Treasury Board has issued one such regulation, mandating BC Hydro to follow the US FASB standard for rate-regulated accounting.

The full text of government's significant accounting policies can be found in Note 1 to the Consolidated Summary Financial Statements in the 2024/25 *Public Accounts*.

<sup>3</sup> Crown corporations are considered commercial if the majority of their operating revenue comes from non-government sources, and their operating revenue is sufficient to cover operating and debt service costs without the need for government grants or other forms of assistance. Otherwise they are included with the service delivery agencies.

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**Table 3.1 Provincial Taxes (as of July 2025)**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type and<br> Statute Reference | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Rate | &nbsp;&nbsp;Characteristics and Exemptions |
| &nbsp;&nbsp;Income <br> — *Income Tax Act* | &nbsp;&nbsp;Taxable Income:<br> · Corporate<br>· Personal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> General rate: 12%<br> Small business rate: 2%.<br>Tax rates of 5.06%, 7.70%, 10.50%, 12.29%, 14.70%, 16.80% and 20.50% corresponding to the following tax brackets:<br>$0 to $49,279<br> $49,279.01 to $98,560<br> $98,560.01 to $113,158<br> $113,158.01 to $137,407<br> $137,407.01 to $186,306<br> $186,306.01 to $259,829<br> Over $259,829 | &nbsp;&nbsp;The Canada Revenue Agency administers B.C.'s personal and corporate income taxes under the Tax Collection Agreement between the province and the federal government.<br>Corporate tax credits include the BC scientific research and experimental development tax credit, the book publishing tax credit, the interactive digital media tax credit and the film and television tax credits. In addition, the clean buildings tax credit, farmers' food donation tax credit, mining exploration tax credit, logging tax credit, training tax credits and small business venture capital tax credits are available to both individuals and corporations.<br>B.C. provides a set of non-refundable credits similar to most federal non-refundable credits.<br>Refundable personal tax credits include the renter's tax credit, the sales tax credit, the BC Family Benefit (previously known as the BC Child Opportunity Benefit) and other credits available to individuals who meet specific eligibility criteria. |
| &nbsp;&nbsp;Payroll <br> — *Employer Health Tax Act* | &nbsp;&nbsp;B.C. remuneration | &nbsp;&nbsp;1.95%. <br>Rate is phased in if annual B.C. remuneration is between $1 million and $1.5 million. <br>Tax does not apply if B.C. remuneration is less than $1 million. | &nbsp;&nbsp;Employers with annual B.C. remuneration less than $1 million are exempt from the tax. The exemption amount is shared by all associated employers.<br>The tax is phased in for employers with annual B.C. remuneration between $1 million and $1.5 million.<br>Special rules exist for charities and non-profits. Charities and non-profits receive an exemption of $1.5 million per qualifying location. Charities and non-profits with B.C. remuneration between $1.5 million and $4.5 million per qualifying location pay a reduced rate. Employers associated with charities and non-profits do not have to share the exemption with the charity. |
| &nbsp;&nbsp;Real property transfers <br> — *Property Transfer Tax Act* | &nbsp;&nbsp;Fair market value of property based on the percentage of interest in the property. | &nbsp;&nbsp;1% on the first $200,000 of the fair market value transferred, 2% of the fair market value that exceeds $200,000 but does not exceed $2,000,000 and 3% of the fair market value that exceeds $2,000,000. For residential class property and farm land associated with a farmers' dwelling, the 3% rate becomes 5% for the fair market value above $3,000,000.<br>Foreign nationals and foreign corporations purchasing residential class property in certain areas pay an additional 20% of fair market value. These areas are Metro Vancouver Regional District except Tsawwassen Lands, and Capital, Central Okanagan, Fraser Valley and Nanaimo Regional Districts. | &nbsp;&nbsp;Eligible first time home-buyers who purchase a home with a fair market value up to $835,000 are exempt from tax on the first $500,000 of the property's value. Similarly, eligible purchasers of newly constructed homes are fully exempt from tax if the fair market value is $1,100,000 or less.<br>Other exemptions include: qualifying purpose-built rental buildings, some intergenerational transfers or transfers to a spouse of principal residences, recreational residences and family farms; transfers of property between spouses pursuant to written separation agreements or court orders; transfers of property to local governments, registered charities and educational institutions; transfers of property to veterans under the *Veterans' Land Act* (Canada); transfers of land to be protected, preserved, conserved or kept in a natural state; and transfers of leases 30 years or less in duration. A number of technical exemptions are also provided.<br>Foreign nationals who become citizens or permanent residents of Canada within a year of purchase may be eligible for a refund of the additional 20% tax.<br>Foreign nationals who are in the Provincial Nominee Program process for immigration to Canada may be exempt from the additional 20% tax. |

---

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**Table 3.1 Provincial Taxes (as of July 2025) –** *Continued*

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type and<br> Statute Reference | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Rate | &nbsp;&nbsp;Characteristics and Exemptions |
| &nbsp;&nbsp;Retail sales tax<br> — *Provincial Sales Tax Act* | &nbsp;&nbsp;Purchase and lease of tangible personal property.<br>Purchase of software, accommodation, related services, telecommunication services, online marketplace services, and legal services.<br>Gifts of vehicles, boats, and aircraft. | &nbsp;&nbsp;General rate: 7% <br> Liquor: 10% <br> Vapour products: 20%<br> Accommodation: 8% <br> Vehicles: 7% to 20% <br> Boats and aircraft: 7% or 12%<br> Fossil fuel combustion systems: 12%<br> Manufactured buildings:<br> reduced rate of tax. | &nbsp;&nbsp;Paid by purchasers and lessees and primarily collected through businesses required to be registered under the Act. <br>Major consumer exemptions include, but are not limited to:<br>· food for human consumption (including prepared food, but not including soda beverages),<br> · residential energy,<br> · children's clothing and footwear (child-sized clothing and adult-sized clothing for children under 15 years of age),<br> · basic cable and residential land-line telephone services, and<br> · vitamins, drugs, and household medical aids.<br>Major business exemptions include, but are not limited to:<br>· goods acquired solely for re-sale or re-lease,<br> · goods purchased to be incorporated into goods for sale or lease,<br> · certain production machinery and equipment purchased by major industries (manufacturers, logging, mining, oil and gas) for qualifying activities at qualifying locations, and<br> · electricity.  |
| &nbsp;&nbsp;Tobacco<br> — *Tobacco Tax Act* | &nbsp;&nbsp;By cigarette, heated tobacco product, cigar retail price, and weight on other tobacco products. | &nbsp;&nbsp;32.5 cents per cigarette, tobacco stick, or heated tobacco product unit, and 65 cents per gram of loose tobacco; 90.5% of taxable price on cigars to a maximum tax of $7 per cigar. | &nbsp;&nbsp;Tax is payable on tobacco by purchasers at the time of retail purchase. Tobacco is subject to a security scheme. Security is payable by wholesale dealers registered under the Act when tobacco is delivered to them. |

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**Table 3.1 Provincial Taxes (as of July 2025) –** *Continued*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type and<br> Statute Reference | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Rate | &nbsp;&nbsp;Characteristics and Exemptions |
| &nbsp;&nbsp; <br> Motor fuel<br> — *Motor Fuel Tax Act* | &nbsp;&nbsp; <br> Purchase, use, or in certain circumstances, transfer or importation of fuels:<br>· Clear gasoline<br>· Motive fuel<br>· Alternative motor fuels (natural gas, hydrogen, and methanol (M85+)) | &nbsp;&nbsp; <br>General rate: 14.5 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority).<br>South Coast BC Transportation Service Region: 27 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 18.5 cents per litre collected on behalf of TransLink).<br>Victoria Regional Transit Service Area: 20 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 5.5 cents per litre collected on behalf of BC Transit).<br>General rate: 15 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority).<br>South Coast BC Transportation Service Region: 27.5 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 18.5 cents per litre collected on behalf of TransLink).<br>Victoria Regional Transit Service Area: 20.5 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 5.5 cents per litre collected on behalf of BC Transit).<br>Exempt. | &nbsp;&nbsp; <br> Tax generally applies to all fuels purchased for use, or used in, internal combustion engines. Tax is payable on fuels by purchasers at the time of retail purchase. Most fuels are subject to a security scheme . Security is payable by collectors registered under the Act when fuel is sold in British Columbia for the first time after manufacture or importation. The additional tax collected in the South Coast BC Transportation Service Region, on behalf of TransLink*,* helps fund regional transportation costs. The additional tax collected in the Victoria Regional Transit Service Area, on behalf of BC Transit, helps fund the public transit system.<br>Tax applies to diesel fuel but does not include alternative motor fuels or coloured fuels.<br>Natural gas, when used as a motor fuel, is exempt from tax. Certain hydrogen is exempt from tax. Fuels comprised of at least 85% methanol are also exempt from tax. |

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**Table 3.1 Provincial Taxes (as of July 2025) –** *Continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Type and<br> Statute Reference | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Rate | &nbsp;&nbsp;Characteristics and Exemptions |
| &nbsp;&nbsp;Motor fuel<br> — *Motor Fuel Tax Act* (continued) | &nbsp;&nbsp;· | Coloured fuel, marine diesel fuel | &nbsp;&nbsp;3 cents per litre. | &nbsp;&nbsp;Coloured fuel may be used in all vehicles not licensed to operate on a highway and in specific industrial vehicles. Farmers are exempt from paying the tax when fuel is used solely for listed farm purposes. Farm trucks are allowed to use tax-exempt coloured fuel for farming purposes on a highway. Marine diesel fuel used in interjurisdictional cruise ships and ships prohibited from coasting trade under the *Coasting Trade Act* is exempt from tax. |
|  | &nbsp;&nbsp;· | Locomotive fuel | &nbsp;&nbsp;3 cents per litre. | &nbsp;&nbsp;Tax applies to fuel specifically for use in locomotives. |
|  | &nbsp;&nbsp;· | Propane | &nbsp;&nbsp;2.7 cents per litre. | &nbsp;&nbsp;Propane tax applies to all uses of propane. There are exemptions for propane used as residential energy in a residential dwelling, for propane used by qualifying farmers solely for a farm purpose, and for small containers of propane. |
|  | &nbsp;&nbsp;· | Aviation fuel | &nbsp;&nbsp;2 cents per litre. | &nbsp;&nbsp;Aviation fuel tax applies to fuel produced specifically for use in a non-turbine aircraft engine. |
|  | &nbsp;&nbsp;· | Jet fuel | &nbsp;&nbsp;2 cents per litre. | &nbsp;&nbsp;Jet fuel tax applies to fuel produced specifically for use in a turbine aircraft engine. Jet fuel used for international flights is exempt. |
|  | &nbsp;&nbsp;· | Natural gas used in stationary engines, other than listed below. | &nbsp;&nbsp;1.1 cents per 810.32 litres. |  |
|  | &nbsp;&nbsp;· | Natural gas used in pipeline compressors to transmit marketable gas. | &nbsp;&nbsp;1.9 cents per 810.32 litres. |  |
|  | &nbsp;&nbsp;· | Natural gas used in pipeline compressors to extract and transmit raw gas from wells to processing plants. | &nbsp;&nbsp;Exempt. |  |
|  | &nbsp;&nbsp;· | Natural gas used in compressors to re-inject sour gas into depleted wells. | &nbsp;&nbsp;Exempt. |  |
|  | &nbsp;&nbsp;· | Marine bunker fuel | &nbsp;&nbsp;Exempt. | &nbsp;&nbsp;Exemption applies to bunker fuel used as fuel in a ship. |
|  | &nbsp;&nbsp;· | Marine gas oil | &nbsp;&nbsp;Exempt. | &nbsp;&nbsp;Exemption applies to marine gas oil when used in primary gas turbine engines to propel passenger and cargo vessels. |
| &nbsp;&nbsp;Natural resources<br> — *Logging Tax Act* | &nbsp;&nbsp;Net income from logging in B.C. | &nbsp;&nbsp;Net income from logging in B.C. | &nbsp;&nbsp;10% (fully recoverable against federal and provincial corporation and personal income tax). | &nbsp;&nbsp;Tax is calculated as net income from logging after deducting a processing allowance. |
| &nbsp;&nbsp;— *Mineral Land Tax Act* | &nbsp;&nbsp;Assessed value of freehold mineral land and production areas. | &nbsp;&nbsp;Assessed value of freehold mineral land and production areas. | &nbsp;&nbsp;Undesignated mineral land — $1.25 to $4.94 per hectare. Designated production areas — $4.94 per hectare. | &nbsp;&nbsp;Rates of tax set on sliding scale, dependent on size and designation of land. No tax is payable if the mineral land is less than 16.2 hectares, owned by a registered charity or if the administrator has classified the mineral lands as agricultural. |
| &nbsp;&nbsp;*— Mineral Tax Act* | &nbsp;&nbsp;Cash flow from individual metal and coal mines (other than placer gold mines). | &nbsp;&nbsp;Cash flow from individual metal and coal mines (other than placer gold mines). | &nbsp;&nbsp;2% of net current proceeds (NCP). 13% of net revenue (NR). | &nbsp;&nbsp;Tax calculated for each operator on a mine-by-mine basis. NCP tax paid on current operating cash flow until all current and capital costs, plus any investment allowance, are recovered. Then NR tax paid on cumulative cash flow. NCP tax creditable against NR tax. |
|  | &nbsp;&nbsp;Volume of production of limestone, dolomite, marble, shale, clay, volcanic ash, diatomaceous earth, sandstone, quartzite and dimension stone. | &nbsp;&nbsp;Volume of production of limestone, dolomite, marble, shale, clay, volcanic ash, diatomaceous earth, sandstone, quartzite and dimension stone. | &nbsp;&nbsp;$0.15 per tonne removed from all quarries operated. | &nbsp;&nbsp;An operator may deduct 25,000 tonnes from the total number of tonnes removed from all quarries operated by that operator. However, the amount deducted from any one quarry by all operators of that quarry must not exceed 25,000 tonnes. |
|  | &nbsp;&nbsp;Value of minerals sold by placer gold mines. | &nbsp;&nbsp;Value of minerals sold by placer gold mines. | &nbsp;&nbsp;0.5% of value of minerals sold. |  |

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![](tm2523015d1_ex99-13img05.jpg)

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**Table 3.1 Provincial Taxes (as of July 2025) –** *Continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Type and <br> Statute Reference | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Rate |  |  | &nbsp;&nbsp;Characteristics and Exemptions |
| &nbsp;&nbsp;Insurance<br> *— Insurance Premium Tax Act* | &nbsp;&nbsp;B.C. premiums. | &nbsp;&nbsp;4.4% for vehicle and property insurance, 2% for life, sickness, personal accident and loss of salary and wages insurance, 4% for other insurance and 7% for all contracts with unlicensed insurers. | &nbsp;&nbsp;4.4% for vehicle and property insurance, 2% for life, sickness, personal accident and loss of salary and wages insurance, 4% for other insurance and 7% for all contracts with unlicensed insurers. | &nbsp;&nbsp;4.4% for vehicle and property insurance, 2% for life, sickness, personal accident and loss of salary and wages insurance, 4% for other insurance and 7% for all contracts with unlicensed insurers. | &nbsp;&nbsp; Exemptions:<br>Licensed insurers that are fraternal benefit societies and purely mutual corporations that earn 100% of net premium income from the insurance of religious institutions, schools or charitable organizations, or at least 50% of the BC net premium income from insurance of farm property are exempt. Premiums received or receivable as consideration for an annuity contract, for medical services or health care under a plan approved by regulation, from another taxable insurer under a contract of reinsurance, or under a contract of marine insurance that is not a please craft are also exempt from taxation.<br>For unlicensed insurers, the premiums paid to enter into a contract of marine insurance or reciprocal marine insurance that is not a please craft insurance, by licensees under the *Real Estate Services Act* that enter into a contract with the Real Estate Errors and Omissions Insurance Corporation or are levied an assessment for the Real Estate Special Compensation Fund, by members of the Law Society of British Columbia, and by farmers that have insurance under the *Farm Income Insurance Act* or the *Insurance for Crops Act*. |
| &nbsp;&nbsp;Real property<br> — *Taxation (Rural Area) Act* | &nbsp;&nbsp;Assessed value of land and improvements in rural areas (outside municipalities). Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;Rates are set annually expressed as $/$1000 of taxable assessed value. For residential properties the rates are set to increase average residential rural taxes by the rate of inflation. For non-residential property classes, the rates are set so that total non-residential rural tax revenues increase by inflation plus tax on new construction. | &nbsp;&nbsp;Rates are set annually expressed as $/$1000 of taxable assessed value. For residential properties the rates are set to increase average residential rural taxes by the rate of inflation. For non-residential property classes, the rates are set so that total non-residential rural tax revenues increase by inflation plus tax on new construction. | &nbsp;&nbsp;Rates are set annually expressed as $/$1000 of taxable assessed value. For residential properties the rates are set to increase average residential rural taxes by the rate of inflation. For non-residential property classes, the rates are set so that total non-residential rural tax revenues increase by inflation plus tax on new construction. | &nbsp;&nbsp;Some exemptions apply under various statutes. |
|  |  | &nbsp;&nbsp;Class | &nbsp;&nbsp;Rate $/$1000 | &nbsp;&nbsp;Rate $/$1000 |  |
|  |  | &nbsp;&nbsp;1 residential: | &nbsp;&nbsp;1 residential: | 0.37 |  |
|  |  | &nbsp;&nbsp;2 utilities: | &nbsp;&nbsp;2 utilities: | 3.47 |  |
|  |  | &nbsp;&nbsp;3 supportive housing: | &nbsp;&nbsp;3 supportive housing: | 0.10 |  |
|  |  | &nbsp;&nbsp;4 major industry: | &nbsp;&nbsp;4 major industry: | 7.46 |  |
|  |  | &nbsp;&nbsp;5 light industry: | &nbsp;&nbsp;5 light industry: | 2.47 |  |
|  |  | &nbsp;&nbsp;6 business and other: | &nbsp;&nbsp;6 business and other: | 2.47 |  |
|  |  | &nbsp;&nbsp;7 managed forest land: | &nbsp;&nbsp;7 managed forest land: | 0.49 |  |
|  |  | &nbsp;&nbsp;8 recreation/non-profit: | &nbsp;&nbsp;8 recreation/non-profit: | 0.78 |  |
|  |  | &nbsp;&nbsp;9 farm land: | &nbsp;&nbsp;9 farm land: | 0.56 |  |
|  |  | &nbsp;&nbsp;In Peace River Regional District, tax rates are the same as above except | &nbsp;&nbsp;In Peace River Regional District, tax rates are the same as above except | &nbsp;&nbsp;In Peace River Regional District, tax rates are the same as above except |  |
|  |  | &nbsp;&nbsp;2 utilities: | &nbsp;&nbsp;2 utilities: | 3.74 |  |
|  |  | &nbsp;&nbsp;4 major industry: | &nbsp;&nbsp;4 major industry: | 7.73 |  |
|  |  | &nbsp;&nbsp;5 light industry: | &nbsp;&nbsp;5 light industry: | 2.74 |  |
| &nbsp;&nbsp;Basic residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of class 1 residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;Rates are set annually to increase average residential taxes by the rate of inflation. The rates vary by school district. For 2025, rates range from about $0.75/$1000 to $4.16/$1000. | &nbsp;&nbsp;Rates are set annually to increase average residential taxes by the rate of inflation. The rates vary by school district. For 2025, rates range from about $0.75/$1000 to $4.16/$1000. | &nbsp;&nbsp;Rates are set annually to increase average residential taxes by the rate of inflation. The rates vary by school district. For 2025, rates range from about $0.75/$1000 to $4.16/$1000. | &nbsp;&nbsp; Basic rates are calculated using a formula to moderate effects of varying average assessments on school district taxes. Amendments to the *School Act* in 2002 allow the Minister of Finance to apply different tax rates within a school district. Tofino is the only municipality with a rate that differs from the rest of the school district. School districts may levy additional tax on residential class property if authorized by local referendum. None do.<br>The Home Owner Grant Program and the Land Tax Deferment Program can reduce or postpone the tax liability for Canadian citizens and permanent residents of Canada who live in their own home as a principal residence. |
| &nbsp;&nbsp;Additional school tax on homes over $3 million.<br> — *School Act* section 120.1 | &nbsp;&nbsp;Assessed value of "dwelling property". | &nbsp;&nbsp;Tax is 0.2% on the value of the dwelling property between $3,000,000 and $4,000,000 and 0.4% on the value above $4,000,000. | &nbsp;&nbsp;Tax is 0.2% on the value of the dwelling property between $3,000,000 and $4,000,000 and 0.4% on the value above $4,000,000. | &nbsp;&nbsp;Tax is 0.2% on the value of the dwelling property between $3,000,000 and $4,000,000 and 0.4% on the value above $4,000,000. | &nbsp;&nbsp;Dwelling property for the additional school tax is most residential class property where there is between one and three dwelling units. Properties with four or more units, such as apartment buildings, are not taxed. Vacant land in residential class is taxed unless it is in the Agricultural Land Reserve. |

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72 \| 2025 Financial and Economic Review

Part 3 – Supplementary Information

**Table 3.1 Provincial Taxes (as of July 2025) –** *Continued*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Type and<br> Statute Reference | &nbsp;&nbsp;Tax Base | &nbsp;&nbsp;Tax Rate |  | &nbsp;&nbsp;Characteristics and Exemptions |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp; Rates are set annually and expressed as $/$1000 of taxable assessed value.<br>For 2025 the rates are: | &nbsp;&nbsp; Rates are set annually and expressed as $/$1000 of taxable assessed value.<br>For 2025 the rates are: | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;Class | &nbsp;&nbsp; Rate $/$1000 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;2 utilities: | &nbsp;&nbsp; 11.74 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;3 supportive housing: | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp; 4 major industry: | &nbsp;&nbsp; 1.42 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;5 light industry: | &nbsp;&nbsp; 3.56 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;6 business and other: | &nbsp;&nbsp; 3.56 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;7 managed forest land: | &nbsp;&nbsp; 2.04 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;8 recreation/non-profit: | &nbsp;&nbsp;2.13 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Non-residential class school property tax<br> — *School Act* section 119 | &nbsp;&nbsp;Assessed value of non-residential land and improvements. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;9 farm land: | &nbsp;&nbsp; 7.05 | &nbsp;&nbsp; Some exemptions apply under various statutes.<br>Tax rates for 2025 were set according to the usual policy, so that revenues would grow from 2024 by inflation and by the tax on new building since 2024.<br>Starting in 2023, the 60% credit on major industrial (class 4) properties is eliminated. The class 4 property tax rate is reduced by an equivalent amount, resulting in no effective change from the removal of the credit.<br>A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9). |
| &nbsp;&nbsp; Police tax<br> — *Police Act* | &nbsp;&nbsp;Assessed value of land and improvements in municipalities under 5,000 population and in rural areas. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp;Rates are set annually to raise up to 50% of the provincial cost of rural and small community policing. Rates are set for each of the nine property classes in each municipality under 5,000 population, in each electoral area of the province, in Treaty Settlement Lands subject to the tax, and in the area of the province outside a regional district. | &nbsp;&nbsp;Rates are set annually to raise up to 50% of the provincial cost of rural and small community policing. Rates are set for each of the nine property classes in each municipality under 5,000 population, in each electoral area of the province, in Treaty Settlement Lands subject to the tax, and in the area of the province outside a regional district. | &nbsp;&nbsp; As announced in the *Budget* 2024, police tax revenue is set to target 33% of the cost estimate after all the tax reduction.<br>Basic rates are calculated using a formula that includes assessed value and population. Tax rate reductions are embedded in the rates to reflect the contribution taxpayers in the rural areas make to policing costs through the provincial rural area property tax and payments of grants in lieu of police tax by exempt taxpayers. Rates are further reduced to deliver traffic fine revenue sharing amounts to taxpayers: in municipalities over 5,000 where police tax does not apply the traffic fine revenue sharing amounts are paid to municipalities. |
| &nbsp;&nbsp; Speculation and vacancy tax<br> — *Speculation and Vacancy Tax Act* | &nbsp;&nbsp;Tax is based on the assessed value of the residential property. Assessment determined under the *Assessment Act*. | &nbsp;&nbsp; The tax rate is 2% for foreign owners and untaxed worldwide earners (satellite families). The tax rate for other owners is 0.5%.<br>Budget 2025 includes amendments to increase SVT rates from two per cent to three per cent for foreign owners and untaxed worldwide earners and from 0.5 per cent to one per cent for Canadian citizens and permanent residents to help ensure residential properties are used as homes rather than investments. The new rates take effect on January 1, 2026, and will apply to the SVT payable by property owners based on the use of their residential properties during the 2026 calendar year and onward.<br>In conjunction with these tax rate increases, Budget 2025 increases the tax credit for BC residents from $2,000 to $4,000 to reflect the higher tax rate, effective for calendar year 2026 and subsequent years. The increase to the tax credit ensures it will continue to offset the SVT liability on the first $400,000 in assessed value for properties owned by BC residents who are not otherwise exempt. The tax credit for non-BC residents is based on formulas in the legislation that automatically reflect the rate changes. | &nbsp;&nbsp; The tax rate is 2% for foreign owners and untaxed worldwide earners (satellite families). The tax rate for other owners is 0.5%.<br>Budget 2025 includes amendments to increase SVT rates from two per cent to three per cent for foreign owners and untaxed worldwide earners and from 0.5 per cent to one per cent for Canadian citizens and permanent residents to help ensure residential properties are used as homes rather than investments. The new rates take effect on January 1, 2026, and will apply to the SVT payable by property owners based on the use of their residential properties during the 2026 calendar year and onward.<br>In conjunction with these tax rate increases, Budget 2025 increases the tax credit for BC residents from $2,000 to $4,000 to reflect the higher tax rate, effective for calendar year 2026 and subsequent years. The increase to the tax credit ensures it will continue to offset the SVT liability on the first $400,000 in assessed value for properties owned by BC residents who are not otherwise exempt. The tax credit for non-BC residents is based on formulas in the legislation that automatically reflect the rate changes. | &nbsp;&nbsp; The tax is intended to capture foreign and domestic speculators who own residential property in designated taxable areas.<br>Different exemptions and credits are available depending on owner type.<br>The principal residence of a resident of British Columbia is exempt from tax. Residential property that is rented out is exempt. Property that is under construction or development is exempt. There are also a variety of hardship exemptions available.<br>Residents of B.C. are entitled to an up to $2,000 tax credit. Other categories of owners are entitled to a tax credit based on reported B.C. income and the use of the property. |

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2025 Financial and Economic Review \| 73

Part 3 – Supplementary Information

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| | |
|:---|:---|
| **Table 3.2** | **Interprovincial Comparisons of Tax Rates – 2025** |
| | **(Rates known and in effect as of July 1, 2025)** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tax | British<br> Columbia | Alberta | Saskat-<br> chewan | Manitoba | Ontario | Quebec | New<br> Brunswick | Nova<br> Scotia | Prince<br> Edward<br> Island | Newfound-<br> land and<br> Labrador |
| Corporate income tax (per cent of taxable income) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General rate | 12 | 8 | 12 | 12 | 11.5 | 11.5 | 14 | 14 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing rate <sup>1</sup> | 12 | 8 | 10 | 12 | 10 | 11.5 | 14 | 14 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business rate <sup>2</sup> | 2 | 2 | 1 | 0 | 3.2 | 3.2 | 2.5 | 1.5 | 1 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business threshold ($000s) | 500 | 500 | 600 | 500 | 500 | 500 | 500 | 700 | 600 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporation capital tax (per cent) Financial <sup>3</sup> | *Nil* | *Nil* | 0.7/4 | 6 | 1.25 | 1.25 | 4/5 | 4 | 5 | 6 |
| Payroll tax (per cent) <sup>4</sup> | 1.95 | *Nil* | *Nil* | 2.15 | 1.95 | 4.26 | *Nil* | *Nil* | *Nil* | 2 |
| Insurance premium tax (per cent) <sup>5</sup> | 2/7 | 3/4 | 3/4 | 2/4 | 2/3.5 | 3.3 | 2/3 | 3/4 | 3.75/4 | 5 |
| Fuel tax (cents per litre) <sup>6</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline | 14.5 | 13 | 15 | 12.5 | 18.60 | 32.71 | 23.19 | 26.79 | 21.49 | 20.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diesel | 15 | 13 | 15 | 12.5 | 18.92 | 35.09 | 28.47 | 27.57 | 28.27 | 23.47 |
| Sales tax (per cent) <sup>7</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General rate | 7 | *Nil* | 6 | 7 | 8 | 9.975 | 10 | 9 | 10 | 10 |
| Tobacco tax ($ per carton of 200 cigarettes) <sup>8</sup> | 77.37 | 60.00 | 68.18 | 72.02 | 48.84 | 41.80 | 67.31 | 76.411 | 76.11 | 82.67 |

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<sup>1</sup> In British Columbia (and some other provinces), the general rate applies to income from manufacturing and processing. Prince Edward Island reduced its general rate to 15% effective July 1, 2025.

<sup>2</sup> Saskatchewan canceled its previously announced increase to its small business rate from 1% to 2%. Nova Scotia's small business rate was decreased from 2.5% to 1.5% effective April 1, 2025 and the business limit was increased to $700,000 on the same day. Prince Edward Island increased its business limit to $600,000 effective July 1, 2025.

<sup>3</sup> Saskatchewan provides a lower rate for small financial corporations, while Manitoba exempts small financial corporations from taxation. The tax in Ontario and Quebec tax only applies to life insurance companies. New Brunswick generally applies a 4 per cent tax on financial institutions with a 5 per cent tax on banks specifically. Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador each provide capital tax deductions.

<sup>4</sup> Provinces with payroll taxes provide payroll tax relief for small businesses. Quebec levies a compensation tax of up to 2.8 per cent on salaries and wages paid by financial institutions other than insurance corporations which are taxed at a rate of 0.3 per cent.

<sup>5</sup> Lower rates apply to premiums for life, sickness, and accident insurance; higher rates apply to premiums for property insurance including automobile insurance. In British Columbia, the highest rate applies to unlicensed insurance. Quebec's rate includes the 0.3 per cent rate of compensation tax levied on insurance corporations. In Saskatchewan, Manitoba, Ontario, Quebec, and Newfoundland and Labrador, sales taxes also apply to certain insurance premiums except, generally, those related to individual life and health.

<sup>6</sup> Tax rates are for regular fuel used on highways and include all provincial taxes payable by consumers at the pump. The British Columbia rates include 6.75 cents per litre dedicated to the BC Transportation Financing Authority. The British Columbia rates do not include regional taxes that increase the gasoline and diesel rates by 18.5 cents per litre in the South Coast British Columbia Transportation Authority service region and by 5.5 cents per litre in the Capital Regional District. The rates for Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador include provincial sales tax based on average pump prices as of July 2025. In Alberta, fuel tax rates, including gas and diesel, are adjusted quarterly based on an average West Texas Intermediate price within a given period. Quebec's rates do not include increased or reduced regional tax rates, such as an additional 3 cents per litre on gasoline in the Montreal area.

<sup>7</sup> Tax rates shown are statutory rates. Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador have harmonized their sales taxes with the federal GST. Alberta imposes a 4 per cent tax on short-term rental accommodation.

<sup>8</sup> Includes estimated provincial sales tax / provincial portion of the harmonized sales tax in all provinces except Alberta and Quebec.

74 \| 2025 Financial and Economic Review

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Appendix 1 Economic Review Supplementary Tables

2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1A Aggregate and Labour Market Indicators**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Population <sup>1</sup><br>(thousands) |<br>Nominal GDP<br>($millions) | Real GDP<br>(chained)<br>($2017 millions) | Primary<br>household income<br>($millions) | Gross fixed<br>capital formation<br>($millions) | Business<br>incorporations<br>(number) |<br>Labour force<br>(thousands) |<br>Employment<br>(thousands) | Unemployment<br>rate<br>(per cent) |
| 1981.0 | 2827 | 46596 | 114605 | 33035 | 13256 |  | 1416 | 1320 | 6.8 |
| 1982.0 | 2877 | 46600 | 107268 | 34966 | 11061 |  | 1427 | 1253 | 12.1 |
| 1983.0 | 2908 | 49329 | 108055 | 35263 | 10903 |  | 1446 | 1245 | 13.9 |
| 1984.0 | 2947 | 51788 | 109036 | 36944 | 10722 |  | 1465 | 1245 | 15.0 |
| 1985.0 | 2975 | 55788 | 116722 | 39668 | 11573 |  | 1493 | 1280 | 14.3 |
| 1986.0 | 3004 | 58954 | 117808 | 41991 | 11012 |  | 1526 | 1332 | 12.7 |
| 1987.0 | 3049 | 65147 | 125019 | 45787 | 12607 |  | 1567 | 1378 | 12.1 |
| 1988.0 | 3115 | 72095 | 131926 | 50643 | 15210 |  | 1599 | 1435 | 10.3 |
| 1989.0 | 3197 | 78443 | 136097 | 56796 | 18748 |  | 1659 | 1508 | 9.1 |
| 1990.0 | 3292 | 82374 | 138149 | 62770 | 19391 | 19550 | 1703 | 1560 | 8.4 |
| 1991.0 | 3374 | 84975 | 138594 | 65226 | 19283 | 18528 | 1751 | 1578 | 9.9 |
| 1992.0 | 3469 | 90515 | 142442 | 68047 | 20546 | 20406 | 1800 | 1617 | 10.1 |
| 1993.0 | 3568 | 97221 | 149130 | 70589 | 21435 | 22955 | 1848 | 1668 | 9.7 |
| 1994.0 | 3676 | 103598 | 153049 | 74124 | 24400 | 25774 | 1918 | 1743 | 9.1 |
| 1995.0 | 3777 | 109203 | 157068 | 78040 | 23076 | 23846 | 1951 | 1786 | 8.5 |
| 1996.0 | 3874 | 112540 | 161066 | 80322 | 22787 | 23237 | 1986 | 1813 | 8.7 |
| 1997.0 | 3949 | 118585 | 166449 | 83387 | 24819 | 22958 | 2032 | 1860 | 8.5 |
| 1998.0 | 3983 | 119775 | 168469 | 85832 | 23173 | 20759 | 2038 | 1858 | 8.8 |
| 1999.0 | 4011 | 125658 | 174330 | 89551 | 23281 | 21009 | 2064 | 1894 | 8.3 |
| 2000.0 | 4039 | 136411 | 182264 | 94462 | 24152 | 21388 | 2080 | 1931 | 7.2 |
| 2001.0 | 4077 | 138815 | 183508 | 97235 | 26197 | 19474 | 2082 | 1921 | 7.7 |
| 2002.0 | 4101 | 143993 | 190817 | 101152 | 26819 | 20987 | 2135 | 1952 | 8.5 |
| 2003.0 | 4124 | 151958 | 195226 | 104469 | 29096 | 22531 | 2172 | 1998 | 8.0 |
| 2004.0 | 4156 | 164600 | 202904 | 111064 | 34336 | 24703 | 2186 | 2028 | 7.2 |
| 2005.0 | 4196 | 177197 | 212991 | 118263 | 39429 | 30937 | 2220 | 2090 | 5.9 |
| 2006.0 | 4242 | 190479 | 222403 | 128744 | 45658 | 33273 | 2264 | 2153 | 4.9 |
| 2007.0 | 4291 | 200440 | 229376 | 137373 | 49568 | 34036 | 2312 | 2211 | 4.4 |
| 2008.0 | 4349 | 206427 | 231000 | 142034 | 52692 | 30085 | 2357 | 2244 | 4.8 |
| 2009.0 | 4411 | 198179 | 225497 | 140482 | 46303 | 26431 | 2389 | 2202 | 7.8 |
| 2010.0 | 4466 | 206990 | 231927 | 144734 | 49423 | 30305 | 2410 | 2222 | 7.8 |
| 2011.0 | 4504 | 218771 | 238996 | 152291 | 50911 | 30853 | 2414 | 2230 | 7.6 |
| 2012.0 | 4571 | 223328 | 244610 | 158221 | 54486 | 31068 | 2453 | 2284 | 6.9 |
| 2013.0 | 4635 | 230981 | 250066 | 166281 | 53814 | 32224 | 2470 | 2305 | 6.7 |
| 2014.0 | 4713 | 243872 | 259251 | 172841 | 59031 | 34951 | 2485 | 2330 | 6.2 |
| 2015.0 | 4765 | 250784 | 264523 | 181683 | 59392 | 37936 | 2531 | 2375 | 6.2 |
| 2016.0 | 4861 | 263912 | 271919 | 187000 | 64897 | 43557 | 2625 | 2465 | 6.1 |
| 2017.0 | 4934 | 282283 | 282283 | 198265 | 69871 | 46249 | 2706 | 2563 | 5.3 |
| 2018.0 | 5021 | 297392 | 292182 | 204273 | 73768 | 46245 | 2737 | 2610 | 4.6 |
| 2019.0 | 5111 | 308993 | 299857 | 218490 | 82248 | 44724 | 2817 | 2681 | 4.8 |
| 2020.0 | 5176 | 307412 | 290575 | 218224 | 83558 | 47788 | 2781 | 2527 | 9.1 |
| 2021.0 | 5227 | 357002 | 312961 | 240288 | 97589 | 60813 | 2872 | 2684 | 6.6 |
| 2022.0 | 5357 | 395629 | 325364 | 260770 | 107863 | 51969 | 2911 | 2776 | 4.6 |
| 2023.0 | 5532 | 409881 | 333100 | 279663 | 114662 | 54054 | 3004 | 2848 | 5.2 |
| 2024.0 | 5698 |  |  |  |  | 53800 | 3086 | 2914 | 5.6 |

---

<sup>1</sup> As at July 1. Data take into account adjustments made for net census undercount in 1996, 2001, 2006, 2011, 2016, 2021, non-permanent residents and incompletely enumerated Indian reserves.

![](tm2523015d1_ex99-13img05.jpg)

76 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1A Aggregate and Labour Market Indicators (*continued*)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Population <sup>1</sup> |<br>Nominal GDP | Real GDP<br>(chained) | Primary<br>household income | Gross fixed<br>capital formation | Business<br>incorporations |<br>Labour force |<br>Employment | Unemployment<br>rate |
| (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> | (annual percentage change)<sup>2</sup> |
| 1982 | 1.8 | 0 | (6.4) | 5.8 | (16.6) |  | 0.8 | (5.0) | 5.3 |
| 1983 | 1.1 | 5.9 | 0.7 | 0.8 | (1.4) |  | 1.3 | (0.7) | 1.8 |
| 1984 | 1.4 | 5 | 0.9 | 4.8 | (1.7) |  | 1.3 | 0 | 1.1 |
| 1985 | 0.9 | 7.7 | 7 | 7.4 | 7.9 |  | 1.9 | 2.8 | (0.7) |
| 1986 | 1 | 5.7 | 0.9 | 5.9 | (4.8) |  | 2.2 | 4.1 | (1.6) |
| 1987 | 1.5 | 10.5 | 6.1 | 9 | 14.5 |  | 2.7 | 3.4 | (0.6) |
| 1988 | 2.2 | 10.7 | 5.5 | 10.6 | 20.6 |  | 2 | 4.1 | (1.8) |
| 1989 | 2.6 | 8.8 | 3.2 | 12.1 | 23.3 |  | 3.8 | 5.1 | (1.2) |
| 1990 | 3 | 5 | 1.5 | 10.5 | 3.4 |  | 2.6 | 3.4 | (0.7) |
| 1991 | 2.5 | 3.2 | 0.3 | 3.9 | (0.6) | (5.2) | 2.8 | 1.1 | 1.5 |
| 1992 | 2.8 | 6.5 | 2.8 | 4.3 | 6.5 | 10.1 | 2.8 | 2.5 | 0.2 |
| 1993 | 2.9 | 7.4 | 4.7 | 3.7 | 4.3 | 12.5 | 2.7 | 3.1 | (0.4) |
| 1994 | 3 | 6.6 | 2.6 | 5 | 13.8 | 12.3 | 3.8 | 4.5 | (0.6) |
| 1995 | 2.8 | 5.4 | 2.6 | 5.3 | (5.4) | (7.5) | 1.7 | 2.4 | (0.6) |
| 1996 | 2.6 | 3.1 | 2.5 | 2.9 | (1.3) | (2.6) | 1.8 | 1.6 | 0.2 |
| 1997 | 1.9 | 5.4 | 3.3 | 3.8 | 8.9 | (1.2) | 2.3 | 2.6 | (0.2) |
| 1998 | 0.9 | 1 | 1.2 | 2.9 | (6.6) | (9.6) | 0.3 | (0.1) | 0.3 |
| 1999 | 0.7 | 4.9 | 3.5 | 4.3 | 0.5 | 1.2 | 1.3 | 1.9 | (0.5) |
| 2000 | 0.7 | 8.6 | 4.6 | 5.5 | 3.7 | 1.8 | 0.8 | 2 | (1.1) |
| 2001 | 0.9 | 1.8 | 0.7 | 2.9 | 8.5 | (8.9) | 0.1 | (0.5) | 0.5 |
| 2002 | 0.6 | 3.7 | 4 | 4 | 2.4 | 7.8 | 2.5 | 1.6 | 0.8 |
| 2003 | 0.6 | 5.5 | 2.3 | 3.3 | 8.5 | 7.4 | 1.7 | 2.3 | (0.5) |
| 2004 | 0.8 | 8.3 | 3.9 | 6.3 | 18 | 9.6 | 0.7 | 1.5 | (0.8) |
| 2005 | 1 | 7.7 | 5 | 6.5 | 14.8 | 25.2 | 1.5 | 3 | (1.3) |
| 2006 | 1.1 | 7.5 | 4.4 | 8.9 | 15.8 | 7.6 | 2 | 3 | (1.0) |
| 2007 | 1.2 | 5.2 | 3.1 | 6.7 | 8.6 | 2.3 | 2.1 | 2.7 | (0.5) |
| 2008 | 1.4 | 3 | 0.7 | 3.4 | 6.3 | (11.6) | 1.9 | 1.5 | 0.4 |
| 2009 | 1.4 | (4.0) | (2.4) | (1.1) | (12.1) | (12.1) | 1.4 | (1.9) | 3 |
| 2010 | 1.2 | 4.4 | 2.9 | 3 | 6.7 | 14.7 | 0.9 | 0.9 | 0 |
| 2011 | 0.9 | 5.7 | 3 | 5.2 | 3 | 1.8 | 0.2 | 0.4 | (0.2) |
| 2012 | 1.5 | 2.1 | 2.3 | 3.9 | 7 | 0.7 | 1.6 | 2.4 | (0.7) |
| 2013 | 1.4 | 3.4 | 2.2 | 5.1 | (1.2) | 3.7 | 0.7 | 0.9 | (0.2) |
| 2014 | 1.7 | 5.6 | 3.7 | 3.9 | 9.7 | 8.5 | 0.6 | 1.1 | (0.5) |
| 2015 | 1.1 | 2.8 | 2 | 5.1 | 0.6 | 8.5 | 1.8 | 1.9 | 0 |
| 2016 | 2 | 5.2 | 2.8 | 2.9 | 9.3 | 14.8 | 3.7 | 3.8 | (0.1) |
| 2017 | 1.5 | 7 | 3.8 | 6 | 7.7 | 6.2 | 3.1 | 4 | (0.8) |
| 2018 | 1.8 | 5.4 | 3.5 | 3 | 5.6 | (0.0) | 1.1 | 1.8 | (0.7) |
| 2019 | 1.8 | 3.9 | 2.6 | 7 | 11.5 | (3.3) | 2.9 | 2.7 | 0.2 |
| 2020 | 1.3 | (0.5) | (3.1) | (0.1) | 1.6 | 6.9 | (1.3) | (5.7) | 4.3 |
| 2021 | 1 | 16.1 | 7.7 | 10.1 | 16.8 | 27.3 | 3.3 | 6.2 | (2.5) |
| 2022 | 2.5 | 10.8 | 4 | 8.5 | 10.5 | (14.5) | 1.3 | 3.4 | (2.0) |
| 2023 | 3.2 | 3.6 | 2.4 | 7.2 | 6.3 | 4 | 3.2 | 2.6 | 0.6 |
| 2024 | 3 |  |  |  |  | (0.5) | 2.7 | 2.3 | 0.4 |

---

<sup>1</sup> As at July 1. Data take into account adjustments made for net census undercount in 1996, 2001, 2006, 2011, 2016, 2021, non-permanent residents and incompletely enumerated Indian reserves.

<sup>2</sup> Annual unemployment rate expressed as percentage point difference.

Sources: Statistics Canada (Tables: 17-10-0005-01, 36-10-0222-01, 36-10-0224-01, 14-10-0327-01 - accessed April 2025) and BC Stats.

2025 Financial and Economic Review \| 77

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1B Prices, Earnings and Financial Indicators**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>B.C.<br>CPI<br>(2002=100) | <br>Vancouver<br>CPI<br>(2002=100) | <br>Average<br>weekly<br>wage rate<sup>1</sup><br>($) | <br>Compensation<br>of<br>employees<sup>2</sup><br>($millions) | Primary<br>household<br>income<br>per capita<br>(current $) | Household<br>disposable<br>income<br>per capita<br>(current $) | <br>Prime<br>rate<br>(per cent) | <br>Can/US<br>exchange rate<br>(US cents) | <br>Conventional<br>(5 year)<br>mortgage rate<br>(per cent)<sup>3</sup> |
| 1981.0 | 51.8 | 51.2 |  | 25554 | 11687 | 9535 | 19.4 | 83.4 | 18.4 |
| 1982.0 | 57.3 | 56.6 |  | 26380 | 12156 | 10085 | 16.0 | 81.1 | 18.1 |
| 1983.0 | 60.4 | 59.7 |  | 26834 | 12128 | 10139 | 11.2 | 81.1 | 13.3 |
| 1984.0 | 62.8 | 62.1 |  | 27748 | 12535 | 10611 | 12.1 | 77.2 | 13.6 |
| 1985.0 | 64.8 | 64.0 |  | 29303 | 13333 | 11377 | 10.6 | 73.2 | 12.2 |
| 1986.0 | 66.7 | 66.2 |  | 30408 | 13980 | 11863 | 10.6 | 72.0 | 11.2 |
| 1987.0 | 68.7 | 68.2 |  | 33177 | 15019 | 12695 | 9.6 | 75.4 | 11.2 |
| 1988.0 | 71.2 | 70.6 |  | 36537 | 16259 | 13587 | 10.7 | 81.3 | 11.6 |
| 1989.0 | 74.4 | 73.8 |  | 40711 | 17767 | 14843 | 13.3 | 84.5 | 12.1 |
| 1990.0 | 78.4 | 77.8 |  | 44656 | 19067 | 15528 | 14.1 | 85.7 | 13.3 |
| 1991.0 | 82.6 | 81.9 |  | 46772 | 19333 | 15887 | 10.1 | 87.3 | 11.2 |
| 1992.0 | 84.8 | 84.3 |  | 49430 | 19617 | 16272 | 7.5 | 82.7 | 9.5 |
| 1993.0 | 87.8 | 87.3 |  | 51782 | 19785 | 16575 | 6.0 | 77.5 | 8.8 |
| 1994.0 | 89.5 | 89.1 |  | 54492 | 20164 | 16744 | 6.8 | 73.2 | 9.4 |
| 1995.0 | 91.6 | 91.3 |  | 57214 | 20660 | 16934 | 8.6 | 72.9 | 9.2 |
| 1996.0 | 92.4 | 92.1 |  | 58685 | 20732 | 16884 | 6.2 | 73.3 | 8.0 |
| 1997.0 | 93.1 | 92.6 | 612.55 | 60816 | 21118 | 17198 | 4.9 | 72.2 | 7.1 |
| 1998.0 | 93.4 | 93.0 | 620.99 | 62340 | 21549 | 17491 | 6.7 | 67.4 | 6.9 |
| 1999.0 | 94.4 | 93.9 | 628.12 | 64358 | 22324 | 18318 | 6.4 | 67.3 | 7.5 |
| 2000.0 | 96.1 | 96.0 | 639.18 | 68975 | 23386 | 18872 | 7.2 | 67.3 | 8.3 |
| 2001.0 | 97.7 | 97.8 | 648.27 | 70663 | 23850 | 19826 | 6.0 | 64.6 | 7.4 |
| 2002.0 | 100.0 | 100.0 | 668.48 | 73752 | 24668 | 20996 | 4.2 | 63.7 | 7.0 |
| 2003.0 | 102.2 | 102.0 | 683.79 | 76134 | 25329 | 21447 | 4.7 | 71.4 | 6.4 |
| 2004.0 | 104.2 | 104.0 | 687.32 | 81017 | 26726 | 22427 | 4.0 | 76.8 | 6.3 |
| 2005.0 | 106.3 | 106.0 | 704.05 | 86189 | 28184 | 23216 | 4.4 | 82.5 | 6.0 |
| 2006.0 | 108.1 | 108.0 | 738.96 | 94384 | 30351 | 25108 | 5.8 | 88.2 | 6.6 |
| 2007.0 | 110.0 | 110.2 | 771.37 | 99719 | 32014 | 26428 | 6.1 | 93.1 | 7.0 |
| 2008.0 | 112.3 | 112.8 | 806.27 | 103735 | 32656 | 27179 | 4.8 | 93.7 | 7.1 |
| 2009.0 | 112.3 | 112.9 | 827.37 | 101368 | 31852 | 27274 | 2.4 | 87.6 | 5.7 |
| 2010.0 | 113.8 | 114.9 | 843.22 | 103864 | 32411 | 28225 | 2.6 | 97.1 | 5.6 |
| 2011.0 | 116.5 | 117.5 | 858.58 | 108841 | 33814 | 28958 | 3.0 | 101.1 | 5.4 |
| 2012.0 | 117.8 | 119.0 | 877.26 | 112543 | 34615 | 29695 | 3.0 | 100.1 | 5.3 |
| 2013.0 | 117.7 | 119.2 | 909.73 | 117735 | 35876 | 30950 | 3.0 | 97.1 | 5.2 |
| 2014.0 | 118.9 | 120.5 | 910.02 | 122520 | 36676 | 31474 | 3.0 | 90.5 | 4.9 |
| 2015.0 | 120.2 | 121.9 | 950.73 | 127754 | 38125 | 32684 | 2.8 | 78.2 | 4.7 |
| 2016.0 | 122.4 | 124.6 | 953.50 | 130955 | 38467 | 33025 | 2.7 | 75.4 | 4.7 |
| 2017.0 | 125.0 | 127.3 | 970.57 | 138027 | 40182 | 34748 | 2.9 | 77.0 | 4.8 |
| 2018.0 | 128.4 | 131.0 | 999.60 | 145322 | 40684 | 34852 | 3.6 | 77.2 | 5.3 |
| 2019.0 | 131.4 | 134.1 | 1020.10 | 153561 | 42749 | 36696 | 4.0 | 75.4 | 5.3 |
| 2020.0 | 132.4 | 134.9 | 1092.88 | 152732 | 42160 | 39687 | 2.8 | 74.6 | 4.9 |
| 2021.0 | 136.1 | 138.5 | 1138.63 | 170582 | 45973 | 40783 | 2.5 | 79.8 | 4.8 |
| 2022.0 | 145.5 | 147.8 | 1194.34 | 186202 | 48674 | 41459 | 4.1 | 76.8 | 5.7 |
| 2023.0 | 151.2 | 154.1 | 1270.38 | 199731 | 50558 | 43115 | 6.9 | 74.1 | 6.7 |
| 2024.0 | 155.2 | 158.1 | 1336.98 |  |  |  | 6.8 | 73.0 | 6.7 |

---

<sup>1</sup> Data prior to 1997 are not available.

<sup>2</sup> Component of household income account. This amount includes the wages, salaries and employers' social contributions earned by BC residents, regardless of where they are employed.

<sup>3</sup> The most typical of those offered by the major chartered banks.

![](tm2523015d1_ex99-13img05.jpg)

78 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1B Prices, Earnings and Financial Indicators (*continued*)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>B.C.<br>CPI |<br>Vancouver<br>CPI |<br>Average<br>weekly<br>wage rate<sup>1</sup> |<br>Compensation<br>of<br>employees<sup>2</sup> | Primary<br>household<br>income<br>per capita | Household<br>disposable<br>income<br>per capita |<br>Prime<br>rate |<br>Can/US<br>exchange rate |<br>Conventional<br>(5 year)<br>mortgage rate<sup>3</sup> |
| (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> | (annual percentage change) <sup>4</sup> |
| 1982 | 10.6 | 10.5 |  | 3.2 | 4 | 5.8 | (3.4) | (2.4) | (0.2) |
| 1983 | 5.4 | 5.5 |  | 1.7 | (0.2) | 0.5 | (4.8) | 0.1 | (4.9) |
| 1984 | 4 | 4 |  | 3.4 | 3.4 | 4.7 | 0.9 | (3.9) | 0.3 |
| 1985 | 3.2 | 3.1 |  | 5.6 | 6.4 | 7.2 | (1.5) | (4.0) | (1.4) |
| 1986 | 2.9 | 3.4 |  | 3.8 | 4.9 | 4.3 | (0.1) | (1.3) | (1.0) |
| 1987 | 3 | 3 |  | 9.1 | 7.4 | 7 | (1.0) | 3.4 | (0.1) |
| 1988 | 3.6 | 3.5 |  | 10.1 | 8.3 | 7 | 1.2 | 5.8 | 0.5 |
| 1989 | 4.5 | 4.5 |  | 11.4 | 9.3 | 9.2 | 2.5 | 3.2 | 0.4 |
| 1990 | 5.4 | 5.4 |  | 9.7 | 7.3 | 4.6 | 0.9 | 1.2 | 1.3 |
| 1991 | 5.4 | 5.3 |  | 4.7 | 1.4 | 2.3 | (4.0) | 1.6 | (2.1) |
| 1992 | 2.7 | 2.9 |  | 5.7 | 1.5 | 2.4 | (2.6) | (4.5) | (1.7) |
| 1993 | 3.5 | 3.6 |  | 4.8 | 0.9 | 1.9 | (1.6) | (5.2) | (0.8) |
| 1994 | 1.9 | 2.1 |  | 5.2 | 1.9 | 1 | 0.8 | (4.3) | 0.6 |
| 1995 | 2.3 | 2.5 |  | 5 | 2.5 | 1.1 | 1.9 | (0.4) | (0.2) |
| 1996 | 0.9 | 0.9 |  | 2.6 | 0.3 | (0.3) | (2.4) | 0.5 | (1.2) |
| 1997 | 0.8 | 0.5 |  | 3.6 | 1.9 | 1.9 | (1.3) | (1.1) | (0.9) |
| 1998 | 0.3 | 0.4 | 1.4 | 2.5 | 2 | 1.7 | 1.7 | (4.8) | (0.1) |
| 1999 | 1.1 | 1 | 1.1 | 3.2 | 3.6 | 4.7 | (0.2) | (0.1) | 0.6 |
| 2000 | 1.8 | 2.2 | 1.8 | 7.2 | 4.8 | 3 | 0.8 | 0 | 0.8 |
| 2001 | 1.7 | 1.9 | 1.4 | 2.4 | 2 | 5.1 | (1.3) | (2.8) | (0.9) |
| 2002 | 2.4 | 2.2 | 3.1 | 4.4 | 3.4 | 5.9 | (1.8) | (0.9) | (0.4) |
| 2003 | 2.2 | 2 | 2.3 | 3.2 | 2.7 | 2.1 | 0.5 | 7.7 | (0.6) |
| 2004 | 2 | 2 | 0.5 | 6.4 | 5.5 | 4.6 | (0.7) | 5.5 | (0.2) |
| 2005 | 2 | 1.9 | 2.4 | 6.4 | 5.5 | 3.5 | 0.4 | 5.7 | (0.3) |
| 2006 | 1.7 | 1.9 | 5 | 9.5 | 7.7 | 8.1 | 1.4 | 5.6 | 0.7 |
| 2007 | 1.8 | 2 | 4.4 | 5.7 | 5.5 | 5.3 | 0.3 | 5 | 0.4 |
| 2008 | 2.1 | 2.4 | 4.5 | 4 | 2 | 2.8 | (1.3) | 0.6 | 0.1 |
| 2009 | 0 | 0.1 | 2.6 | (2.3) | (2.5) | 0.3 | (2.4) | (6.1) | (1.4) |
| 2010 | 1.3 | 1.8 | 1.9 | 2.5 | 1.8 | 3.5 | 0.2 | 9.5 | (0.1) |
| 2011 | 2.4 | 2.3 | 1.8 | 4.8 | 4.3 | 2.6 | 0.4 | 4 | (0.2) |
| 2012 | 1.1 | 1.3 | 2.2 | 3.4 | 2.4 | 2.5 | 0 | (1.0) | (0.1) |
| 2013 | (0.1) | 0.2 | 3.7 | 4.6 | 3.6 | 4.2 | 0 | (3.0) | (0.0) |
| 2014 | 1 | 1.1 | 0 | 4.1 | 2.2 | 1.7 | 0 | (6.6) | (0.3) |
| 2015 | 1.1 | 1.2 | 4.5 | 4.3 | 4 | 3.8 | (0.2) | (12.3) | (0.2) |
| 2016 | 1.8 | 2.2 | 0.3 | 2.5 | 0.9 | 1 | (0.1) | (2.8) | (0.0) |
| 2017 | 2.1 | 2.2 | 1.8 | 5.4 | 4.5 | 5.2 | 0.2 | 1.6 | 0.1 |
| 2018 | 2.7 | 2.9 | 3 | 5.3 | 1.2 | 0.3 | 0.7 | 0.1 | 0.5 |
| 2019 | 2.3 | 2.4 | 2.1 | 5.7 | 5.1 | 5.3 | 0.4 | (1.8) | 0 |
| 2020 | 0.8 | 0.6 | 7.1 | (0.5) | (1.4) | 8.2 | (1.2) | (0.8) | (0.3) |
| 2021 | 2.8 | 2.7 | 4.2 | 11.7 | 9 | 2.8 | (0.3) | 5.2 | (0.2) |
| 2022 | 6.9 | 6.7 | 4.9 | 9.2 | 5.9 | 1.7 | 1.7 | (2.9) | 0.9 |
| 2023 | 3.9 | 4.3 | 6.4 | 7.3 | 3.9 | 4 | 2.8 | (2.7) | 1 |
| 2024 | 2.6 | 2.6 | 5.2 |  |  |  | (0.2) | (1.1) | 0 |

---

<sup>1</sup> Data prior to 1997 are not available.

<sup>2</sup> Component of household income account. This amount includes the wages, salaries and employers' social contributions earned by BC residents, regardless of where they are employed.

<sup>3</sup> The most typical of those offered by the major chartered banks.

<sup>4</sup> Prime rate, exchange rate and conventional (5 year) mortgage rates expressed as percentage point difference.

Sources: Statistics Canada (Tables: 18-10-0005-01, 14-10-0064-01, 36-10-0224-01, 10-10-0145-01 - accessed April 2025),

Bank of Canada, Haver Analytics, and BC Stats.

2025 Financial and Economic Review \| 79

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1C Other Indicators**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Manufacturing<br>shipments<br>($millions) |<br>Retail sales<br>($millions) | Housing<br>starts<br>(units) | Non-residential<br>building permits<br>($millions) | MLS home<br>sales<br>(units) | MLS average<br>home sale price<br>($) | Tourism<br>GDP<sup>1</sup><br>($2017 millions) | High-tech<br>GDP<sup>2</sup><br>($2017 millions) | B.C. international<br>goods exports<br>($millions) |
| 1981.0 |  |  | 41585 | 1335 | 19151 | 117531 |  |  | 8877 |
| 1982.0 |  |  | 19807 | 1026 | 25019 | 94065 |  |  | 9925 |
| 1983.0 |  |  | 22607 | 775 | 32082 | 95685 |  |  | 11659 |
| 1984.0 |  |  | 16169 | 827 | 30889 | 91000 |  |  | 12315 |
| 1985.0 |  |  | 17969 | 812 | 43502 | 87992 |  |  | 12715 |
| 1986.0 |  |  | 20687 | 912 | 46101 | 92889 |  |  | 15690 |
| 1987.0 |  |  | 28944 | 999 | 56341 | 101940 |  |  | 15883 |
| 1988.0 |  |  | 30487 | 1647 | 67420 | 121055 |  |  | 17405 |
| 1989.0 |  |  | 38894 | 1812 | 83544 | 151409 |  |  | 17775 |
| 1990.0 |  |  | 36720 | 1833 | 57631 | 158426 |  |  | 16607 |
| 1991.0 |  | 25022 | 31875 | 1803 | 83897 | 169054 |  |  | 15253 |
| 1992.0 | 24398 | 26194 | 40621 | 2082 | 92623 | 191082 |  |  | 16336 |
| 1993.0 | 26583 | 28463 | 42807 | 1944 | 80034 | 213404 |  |  | 19034 |
| 1994.0 | 30333 | 31770 | 39408 | 1772 | 74442 | 229509 |  |  | 22856 |
| 1995.0 | 34207 | 34219 | 27057 | 1966 | 57317 | 223105 |  |  | 26874 |
| 1996.0 | 32932 | 34775 | 27641 | 1957 | 71345 | 219779 |  |  | 25717 |
| 1997.0 | 33496 | 36591 | 29351 | 1960 | 67540 | 221465 |  | 6545 | 26699 |
| 1998.0 | 31757 | 35762 | 19931 | 2022 | 52121 | 212946 |  | 6867 | 25942 |
| 1999.0 | 36679 | 36373 | 16309 | 2104 | 56897 | 216599 |  | 7308 | 29044 |
| 2000.0 | 40699 | 38435 | 14418 | 2089 | 53252 | 222244 |  | 8485 | 33640 |
| 2001.0 | 38303 | 40719 | 17234 | 2125 | 68546 | 223366 |  | 8655 | 31680 |
| 2002.0 | 38610 | 43265 | 21625 | 1771 | 81419 | 239422 |  | 8985 | 28828 |
| 2003.0 | 39772 | 44421 | 26174 | 1880 | 91717 | 260912 |  | 9847 | 28265 |
| 2004.0 | 41607 | 47219 | 32925 | 2070 | 94954 | 290178 |  | 10167 | 31008 |
| 2005.0 | 42883 | 49380 | 34667 | 3212 | 104180 | 333785 |  | 11120 | 34167 |
| 2006.0 | 44480 | 53136 | 36443 | 3921 | 96042 | 390643 |  | 11936 | 33466 |
| 2007.0 | 42418 | 56936 | 39195 | 3933 | 101818 | 439307 |  | 12440 | 31524 |
| 2008.0 | 39435 | 57794 | 34321 | 3678 | 68384 | 454873 |  | 12761 | 33124 |
| 2009.0 | 32951 | 55288 | 16077 | 3139 | 84509 | 465537 | 4754 | 12401 | 25240 |
| 2010.0 | 35575 | 58251 | 26479 | 3018 | 74254 | 505832 | 5150 | 12853 | 28646 |
| 2011.0 | 37998 | 60090 | 26400 | 3136 | 76355 | 561536 | 5266 | 13357 | 32671 |
| 2012.0 | 38491 | 61217 | 27465 | 4048 | 67306 | 514796 | 5281 | 13800 | 31484 |
| 2013.0 | 40199 | 62944 | 27054 | 3108 | 72546 | 537094 | 5378 | 14214 | 33421 |
| 2014.0 | 43888 | 66916 | 28356 | 3729 | 83618 | 567501 | 6352 | 15076 | 35832 |
| 2015.0 | 45157 | 71609 | 31446 | 3680 | 101888 | 636390 | 6881 | 15187 | 35497 |
| 2016.0 | 47089 | 77109 | 41843 | 3392 | 111415 | 690854 | 7416 | 16115 | 38423 |
| 2017.0 | 51320 | 87846 | 43664 | 4212 | 103278 | 708647 | 7662 | 16981 | 43241 |
| 2018.0 | 55265 | 90169 | 40857 | 5691 | 78257 | 710599 | 8154 | 18404 | 46280 |
| 2019.0 | 53953 | 91305 | 44932 | 6121 | 77008 | 701574 | 8307 | 19904 | 43348 |
| 2020.0 | 52188 | 92916 | 37734 | 5216 | 93347 | 782593 | 3883 | 20863 | 39604 |
| 2021.0 | 63166 | 104653 | 47607 | 5176 | 123924 | 927701 | 5422 | 23718 | 53936 |
| 2022.0 | 69052 | 107889 | 46721 | 8079 | 80351 | 998023 | 8807 | 26228 | 64944 |
| 2023.0 | 65331 | 107766 | 50490 | 7793 | 72917 | 971785 | 9651 | 26872 | 56149 |
| 2024.0 | 64462 | 108384 | 45828 | 7486 | 74437 | 981766 |  |  | 54650 |

---

<sup>1</sup> Data prior to 2009 are not available. <br> <sup>2</sup> Data prior to 1997 are not available.

![](tm2523015d1_ex99-13img05.jpg)

80 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1C** **Other Indicators (*continued*)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Manufacturing<br>shipments |<br>Retail sales | Housing<br>starts | Non-residential<br>building permits | MLS Home<br>Sales | MLS Average<br>Home Sale Price | Tourism<br>GDP<sup>1</sup> | High-tech<br>GDP<sup>2</sup> | B.C. international<br>goods exports |
| (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) |
| 1982 |  |  | (52.4) | (23.2) | 30.6 | (20.0) |  |  | 11.8 |
| 1983 |  |  | 14.1 | (24.5) | 28.2 | 1.7 |  |  | 17.5 |
| 1984 |  |  | (28.5) | 6.7 | (3.7) | (4.9) |  |  | 5.6 |
| 1985 |  |  | 11.1 | (1.7) | 40.8 | (3.3) |  |  | 3.3 |
| 1986 |  |  | 15.1 | 12.3 | 6 | 5.6 |  |  | 23.4 |
| 1987 |  |  | 39.9 | 9.6 | 22.2 | 9.7 |  |  | 1.2 |
| 1988 |  |  | 5.3 | 64.9 | 19.7 | 18.8 |  |  | 9.6 |
| 1989 |  |  | 27.6 | 10 | 23.9 | 25.1 |  |  | 2.1 |
| 1990 |  |  | (5.6) | 1.2 | (31.0) | 4.6 |  |  | (6.6) |
| 1991 |  |  | (13.2) | (1.6) | 45.6 | 6.7 |  |  | (8.2) |
| 1992 |  | 4.7 | 27.4 | 15.5 | 10.4 | 13 |  |  | 7.1 |
| 1993 | 9 | 8.7 | 5.4 | (6.7) | (13.6) | 11.7 |  |  | 16.5 |
| 1994 | 14.1 | 11.6 | (7.9) | (8.9) | (7.0) | 7.5 |  |  | 20.1 |
| 1995 | 12.8 | 7.7 | (31.3) | 11 | (23.0) | (2.8) |  |  | 17.6 |
| 1996 | (3.7) | 1.6 | 2.2 | (0.4) | 24.5 | (1.5) |  |  | (4.3) |
| 1997 | 1.7 | 5.2 | 6.2 | 0.1 | (5.3) | 0.8 |  |  | 3.8 |
| 1998 | (5.2) | (2.3) | (32.1) | 3.2 | (22.8) | (3.8) |  | 4.9 | (2.8) |
| 1999 | 15.5 | 1.7 | (18.2) | 4 | 9.2 | 1.7 |  | 6.4 | 12 |
| 2000 | 11 | 5.7 | (11.6) | (0.7) | (6.4) | 2.6 |  | 16.1 | 15.8 |
| 2001 | (5.9) | 5.9 | 19.5 | 1.7 | 28.7 | 0.5 |  | 2 | (5.8) |
| 2002 | 0.8 | 6.3 | 25.5 | (16.6) | 18.8 | 7.2 |  | 3.8 | (9.0) |
| 2003 | 3 | 2.7 | 21 | 6.1 | 12.6 | 9 |  | 9.6 | (2.0) |
| 2004 | 4.6 | 6.3 | 25.8 | 10.1 | 3.5 | 11.2 |  | 3.3 | 9.7 |
| 2005 | 3.1 | 4.6 | 5.3 | 55.2 | 9.7 | 15 |  | 9.4 | 10.2 |
| 2006 | 3.7 | 7.6 | 5.1 | 22.1 | (7.8) | 17 |  | 7.3 | (2.1) |
| 2007 | (4.6) | 7.2 | 7.6 | 0.3 | 6 | 12.5 |  | 4.2 | (5.8) |
| 2008 | (7.0) | 1.5 | (12.4) | (6.5) | (32.8) | 3.5 |  | 2.6 | 5.1 |
| 2009 | (16.4) | (4.3) | (53.2) | (14.7) | 23.6 | 2.3 |  | (2.8) | (23.8) |
| 2010 | 8 | 5.4 | 64.7 | (3.9) | (12.1) | 8.7 | 8.3 | 3.6 | 13.5 |
| 2011 | 6.8 | 3.2 | (0.3) | 3.9 | 2.8 | 11 | 2.2 | 3.9 | 14.1 |
| 2012 | 1.3 | 1.9 | 4 | 29.1 | (11.9) | (8.3) | 0.3 | 3.3 | (3.6) |
| 2013 | 4.4 | 2.8 | (1.5) | (23.2) | 7.8 | 4.3 | 1.8 | 3 | 6.2 |
| 2014 | 9.2 | 6.3 | 4.8 | 20 | 15.3 | 5.7 | 18.1 | 6.1 | 7.2 |
| 2015 | 2.9 | 7 | 10.9 | (1.3) | 21.8 | 12.1 | 8.3 | 0.7 | (0.9) |
| 2016 | 4.3 | 7.7 | 33.1 | (7.8) | 9.4 | 8.6 | 7.8 | 6.1 | 8.2 |
| 2017 | 9 | 13.9 | 4.4 | 24.2 | (7.3) | 2.6 | 3.3 | 5.4 | 12.5 |
| 2018 | 7.7 | 2.6 | (6.4) | 35.1 | (24.2) | 0.3 | 6.4 | 8.4 | 7 |
| 2019 | (2.4) | 1.3 | 10 | 7.5 | (1.6) | (1.3) | 1.9 | 8.1 | (6.3) |
| 2020 | (3.3) | 1.8 | (16.0) | (14.8) | 21.2 | 11.5 | (53.3) | 4.8 | (8.6) |
| 2021 | 21 | 12.6 | 26.2 | (0.8) | 32.8 | 18.5 | 39.7 | 13.7 | 36.2 |
| 2022 | 9.3 | 3.1 | (1.9) | 56.1 | (35.2) | 7.6 | 62.4 | 10.6 | 20.4 |
| 2023 | (5.4) | (0.1) | 8.1 | (3.5) | (9.3) | (2.6) | 9.6 | 2.5 | (13.5) |
| 2024 | (1.3) | 0.6 | (9.2) | (3.9) | 2.1 | 1 |  |  | (2.7) |

---

<sup>1</sup> Data prior to 2009 are not available. <br> <sup>2</sup> Data prior to 1997 are not available.

Sources: Statistics Canada (Tables: 16-10-0048-01, 20-10-0056-01, 34-10-0126-01, 34-10-0285-01 - accessed June 2025); Canadian Real Estate Association; Haver Analytics - accessed June 2025; BC Stats; and Destination BC.

2025 Financial and Economic Review \| 81

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1D Commodity Production Indicators**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Lumber <sup>1</sup><br>production<br>(thousand m<sup>3</sup>) | Timber scale<br>data<br>(thousand m<sup>3</sup>) | Pulp<br>production<br>(000 tonnes) | Newsprint, etc<br>production<br>(000 tonnes) | Oil & natural<br>gas production<br>($millions) | Coal <sup>2</sup><br>shipped<br>(000 tonnes) | Solid mineral <sup>3</sup><br>shipments<br>($millions) | Electric pwr<br>generated<br>(GW.h) | Farm cash<br>receipts<br>($millions) | Landed value of<br>seafood products<br>($millions) |
| 1981.0 | 24598 |  |  |  |  |  |  | 51008 | 877 |  |
| 1982.0 | 23855 |  | 2823 | 1872 |  |  |  | 48238 | 962 | 241 |
| 1983.0 | 30773 |  | 3267 | 2148 |  |  |  | 47213 | 917 | 210 |
| 1984.0 | 30884 |  | 3051 | 2084 |  |  |  | 52369 | 1005 | 243 |
| 1985.0 | 32994 | 76869 | 3442 | 2470 |  |  |  | 59126 | 1061 | 378 |
| 1986.0 | 31468 | 77503 | 3727 | 2628 |  |  |  | 50759 | 1106 | 405 |
| 1987.0 | 37336 | 90592 | 4291 | 2759 |  |  |  | 63066 | 1122 | 455 |
| 1988.0 | 36736 | 86808 | 4354 | 2878 |  | 20922 |  | 60943 | 1206 | 573 |
| 1989.0 | 35952 | 86793 | 4281 | 2862 | 585 | 22231 |  | 57655 | 1255 | 513 |
| 1990.0 | 33514 | 78045 | 3709 | 3002 | 902 | 22238 | 2091 | 60662 | 1299 | 559 |
| 1991.0 | 31406 | 73449 | 3957 | 2721 | 858 | 23687 | 1960 | 62981 | 1342 | 492 |
| 1992.0 | 33396 | 73937 | 3954 | 2692 | 890 | 14976 | 1870 | 64058 | 1404 | 533 |
| 1993.0 | 33935 | 79232 | 3981 | 3067 | 1089 | 15938 | 1593 | 58774 | 1446 | 605 |
| 1994.0 | 33671 | 75639 | 4670 | 2947 | 1270 | 19450 | 1772 | 61015 | 1538 | 728 |
| 1995.0 | 32611 | 75430 | 4773 | 2836 | 1040 | 20831 | 2470 | 58006 | 1586 | 604 |
| 1996.0 | 32671 | 73099 | 4473 | 2842 | 1333 | 26171 | 1978 | 71765 | 1706 | 590 |
| 1997.0 | 31562 | 69155 | 4532 | 2260 | 1588 | 27331 | 1940 | 66961 | 1738 | 604 |
| 1998.0 | 30238 | 65451 | 4296 | 2781 | 1574 | 24914 | 1937 | 67710 | 1780 | 547 |
| 1999.0 | 32397 | 75878 | 4921 | 3047 | 2091 | 22753 | 1648 | 68045 | 1885 | 613 |
| 2000.0 | 34346 | 76009 | 5324 | 3106 | 4783 | 24468 | 2079 | 68241 | 2024 | 667 |
| 2001.0 | 32606 | 69796 | 4512 | 2901 | 5666 | 22546 | 1907 | 57332 | 2201 | 647 |
| 2002.0 | 35501 | 75208 | 4465 | 2894 | 4251 | 19500 | 1829 | 64945 | 2174 | 664 |
| 2003.0 | 36052 | 74899 | 4785 | 2894 | 6230 | 23430 | 1916 | 63051 | 2248 | 645 |
| 2004.0 | 39951 | 81679 | 4777 | 3035 | 6784 | 23672 | 2549 | 60496 | 2360 | 635 |
| 2005.0 | 41129 | 83590 | 4937 | 2977 | 8967 | 25690 | 3085 | 67774 | 2389 | 706 |
| 2006.0 | 41198 | 80350 | 4730 | 3007 | 7148 | 23140 | 3885 | 61598 | 2346 | 788 |
| 2007.0 | 36811 | 72684 | 4742 | 2761 | 6934 | 24798 | 3662 | 71830 | 2381 | 727 |
| 2008.0 | 28263 | 61137 | 4115 | 2519 | 9264 | 25674 | 3664 | 66072 | 2522 | 718 |
| 2009.0 | 22935 | 48822 | 3547 | 2092 | 4120 | 21890 | 2418 | 65057 | 2525 | 700 |
| 2010.0 | 26831 | 63336 | 4262 | 1618 | 4528 | 26996 | 2912 | 64224 | 2547 | 873 |
| 2011.0 | 28414 | 69580 | 4502 | 1552 | 4945 | 27413 | 2909 | 69257 | 2688 | 813 |
| 2012.0 | 29164 | 68133 | 4444 | 1444 | 3415 | 29608 | 3191 | 73584 | 2845 | 748 |
| 2013.0 | 30023 | 71053 | 4296 | 1419 | 4676 | 32708 | 3416 | 67851 | 2883 | 775 |
| 2014.0 | 29635 | 66382 | 4294 | 1432 | 6996 | 29294 | x | 67008 | 3037 | 862 |
| 2015.0 | 30612 | 68709 | 4320 | 1251 | 3536 | 27356 | x | 71771 | 3173 | 885 |
| 2016.0 | 31448 | 66252 | 4223 | 1143 | 3073 | 27547 | x | 69779 | 3141 | 1180 |
| 2017.0 | 30337 | 64528 | 4215 | 1119 | 3957 | 29894 | x | 74586 | 3291 | 1187 |
| 2018.0 | 29200 | 67935 | 4117 | 1040 | 4742 | 33096 | x | 69781 | 3492 | 1294 |
| 2019.0 | 22839 | 54297 | 4115 | 985 | 4262 | 33725 | 4220 | 64782 | 3826 | 1123 |
| 2020.0 | 21176 | 51685 | 3941 | 581 | 3986 | 26665 | 4702 | 70947 | 3836 | 1013 |
| 2021.0 | 21740 | 52652 | 3715 | 813 | 9357 | 26750 | 5860 | 72622 | 4184 | 1322 |
| 2022.0 | 18650 | 47717 | 3305 | 698 | 17070 | 27594 | 5552 | 70610 | 4718 | 1470 |
| 2023.0 | 16561 | 38943 | 3136 | 463 | 9717 | 29634 | x | 56103 | 4884 | 1192 |
| 2024.0 | 15705 | 38975 | 3227 | 426 | 7800 | 28098 | x |  | 5039 |  |

---

<sup>1</sup> Total lumber production is total softwood production.

<sup>2</sup> As adapted by BC Stats from the Statistics Canada, International Trade Statistics custom extract. Previous table releases sourced from Natural Resources Canada.

<sup>3</sup> Metals, non-metals, aggregates, clay, and refractory minerals.

x Suppressed to meet the confidentiality requirements of the *Statistics Act.*

![](tm2523015d1_ex99-13img05.jpg)

82 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.1D Commodity Production Indicators (*continued*)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Lumber <sup>1</sup> | Timber scale | Pulp | Newsprint, etc | Oil & natural | Coal <sup>2</sup> | Solid mineral <sup>3</sup> | Electric pwr | Farm cash | Landed value of |
|  | production | data | production | production | gas production | shipped | shipments | generated | receipts | seafood products |
| (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) |
| 1982 | (3.0) |  |  |  |  |  |  | (5.4) | 9.7 |  |
| 1983 | 29 |  | 15.7 | 14.7 |  |  |  | (2.1) | (4.7) | (12.9) |
| 1984 | 0.4 |  | (6.6) | (3.0) |  |  |  | 10.9 | 9.6 | 15.7 |
| 1985 | 6.8 |  | 12.8 | 18.5 |  |  |  | 12.9 | 5.7 | 55.6 |
| 1986 | (4.6) | 0.8 | 8.3 | 6.4 |  |  |  | (14.2) | 4.2 | 7.1 |
| 1987 | 18.6 | 16.9 | 15.1 | 5 |  |  |  | 24.2 | 1.4 | 12.3 |
| 1988 | (1.6) | (4.2) | 1.5 | 4.3 |  |  |  | (3.4) | 7.6 | 25.9 |
| 1989 | (2.1) | (0.0) | (1.7) | (0.6) |  | 6.3 |  | (5.4) | 4 | (10.5) |
| 1990 | (6.8) | (10.1) | (13.4) | 4.9 | 54 | 0 |  | 5.2 | 3.5 | 9 |
| 1991 | (6.3) | (5.9) | 6.7 | (9.4) | (4.8) | 6.5 | (6.3) | 3.8 | 3.3 | (12.0) |
| 1992 | 6.3 | 0.7 | (0.1) | (1.1) | 3.7 | (36.8) | (4.6) | 1.7 | 4.7 | 8.3 |
| 1993 | 1.6 | 7.2 | 0.7 | 13.9 | 22.4 | 6.4 | (14.8) | (8.2) | 3 | 13.5 |
| 1994 | (0.8) | (4.5) | 17.3 | (3.9) | 16.6 | 22 | 11.2 | 3.8 | 6.4 | 20.3 |
| 1995 | (3.1) | (0.3) | 2.2 | (3.8) | (18.1) | 7.1 | 39.4 | (4.9) | 3.1 | (17.0) |
| 1996 | 0.2 | (3.1) | (6.3) | 0.2 | 28.2 | 25.6 | (19.9) | 23.7 | 7.6 | (2.3) |
| 1997 | (3.4) | (5.4) | 1.3 | (20.5) | 19.1 | 4.4 | (1.9) | (6.7) | 1.9 | 2.5 |
| 1998 | (4.2) | (5.4) | (5.2) | 23.1 | (0.9) | (8.8) | (0.1) | 1.1 | 2.4 | (9.6) |
| 1999 | 7.1 | 15.9 | 14.5 | 9.6 | 32.8 | (8.7) | (14.9) | 0.5 | 5.9 | 12.2 |
| 2000 | 6 | 0.2 | 8.2 | 1.9 | 128.7 | 7.5 | 26.2 | 0.3 | 7.4 | 8.7 |
| 2001 | (5.1) | (8.2) | (15.3) | (6.6) | 18.5 | (7.9) | (8.3) | (16.0) | 8.7 | (2.9) |
| 2002 | 8.9 | 7.8 | (1.0) | (0.2) | (25.0) | (13.5) | (4.1) | 13.3 | (1.2) | 2.5 |
| 2003 | 1.6 | (0.4) | 7.2 | 0 | 46.6 | 20.2 | 4.8 | (2.9) | 3.4 | (2.9) |
| 2004 | 10.8 | 9.1 | (0.2) | 4.9 | 8.9 | 1 | 33.1 | (4.1) | 5 | (1.4) |
| 2005 | 2.9 | 2.3 | 3.3 | (1.9) | 32.2 | 8.5 | 21 | 12 | 1.3 | 11.2 |
| 2006 | 0.2 | (3.9) | (4.2) | 1 | (20.3) | (9.9) | 26 | (9.1) | (1.8) | 11.6 |
| 2007 | (10.6) | (9.5) | 0.3 | (8.2) | (3.0) | 7.2 | (5.7) | 16.6 | 1.5 | (7.7) |
| 2008 | (23.2) | (15.9) | (13.2) | (8.8) | 33.6 | 3.5 | 0 | (8.0) | 5.9 | (1.2) |
| 2009 | (18.9) | (20.1) | (13.8) | (17.0) | (55.5) | (14.7) | (34.0) | (1.5) | 0.1 | (2.5) |
| 2010 | 17 | 29.7 | 20.2 | (22.7) | 9.9 | 23.3 | 20.4 | (1.3) | 0.9 | 24.8 |
| 2011 | 5.9 | 9.9 | 5.6 | (4.1) | 9.2 | 1.5 | (0.1) | 7.8 | 5.5 | (6.9) |
| 2012 | 2.6 | (2.1) | (1.3) | (7.0) | (30.9) | 8 | 9.7 | 6.2 | 5.8 | (8.0) |
| 2013 | 2.9 | 4.3 | (3.3) | (1.7) | 36.9 | 10.5 | 7 | (7.8) | 1.3 | 3.6 |
| 2014 | (1.3) | (6.6) | (0.0) | 0.9 | 49.6 | (10.4) |  | (1.2) | 5.4 | 11.2 |
| 2015 | 3.3 | 3.5 | 0.6 | (12.6) | (49.5) | (6.6) |  | 7.1 | 4.5 | 2.7 |
| 2016 | 2.7 | (3.6) | (2.2) | (8.6) | (13.1) | 0.7 |  | (2.8) | (1.0) | 33.3 |
| 2017 | (3.5) | (2.6) | (0.2) | (2.1) | 28.8 | 8.5 |  | 6.9 | 4.8 | 0.5 |
| 2018 | (3.7) | 5.3 | (2.3) | (7.1) | 19.8 | 10.7 |  | (6.4) | 6.1 | 9.1 |
| 2019 | (21.8) | (20.1) | (0.0) | (5.3) | (10.1) | 1.9 |  | (7.2) | 9.6 | (13.3) |
| 2020 | (7.3) | (4.8) | (4.2) | (41.0) | (6.5) | (20.9) | 11.4 | 9.5 | 0.3 | (9.8) |
| 2021 | 2.7 | 1.9 | (5.7) | 39.9 | 134.7 | 0.3 | 24.6 | 2.4 | 9.1 | 30.5 |
| 2022 | (14.2) | (9.4) | (11.0) | (14.1) | 82.4 | 3.2 | (5.2) | (2.8) | 12.8 | 11.2 |
| 2023 | (11.2) | (18.4) | (5.1) | (33.7) | (43.1) | 7.4 |  | (20.5) | 3.5 | (18.9) |
| 2024 | (5.2) | 0.1 | 2.9 | (8.0) | (19.7) | (5.2) |  |  | 3.2 |  |

---

<sup>1</sup> Total lumber production is total softwood production.

<sup>2</sup> As adapted by BC Stats from the Statistics Canada, International Trade Statistics custom extract. Previous table releases sourced from Natural Resources Canada.

<sup>3</sup> Metals, non-metals, aggregates, clay, and refractory minerals.

Sources: Statistics Canada (Table: 16-10-0017-01, 16-10-0022-01, 25-10-0021-01, 32-10-0045-01 - accessed April 2025);

Ministry of Agriculture and Food; Ministry of Energy and Climate Solutions; Ministry of Mining and Critical Minerals; Ministry of Forests; Natural Resources Canada and BC Stats.

2025 Financial and Economic Review \| 83

Appendix 1 – Economic Review Supplementary Tables

**Table A1.2 British Columbia Real GDP at Market Prices, Expenditure Based**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Household**<br>**Final**<br>**Consumption**<br>**Expenditure** | **General**<br>**Governments**<br>**Final**<br>**Consumption**<br>**Expenditure** | <br>Residential<br>Structures | <br>Non-<br>residential<br>Structures | <br>Machinery<br>and<br>Equipment | <br>Intellectual<br>Property<br>Products | <br>**Business**<br>**Gross Fixed**<br>**Capital**<br>**Formation** | **General**<br>**Governments**<br>**Gross Fixed**<br>**Capital**<br>**Formation** | <br>**Exports** | <br>**Imports** | <br>**Real GDP** |
| (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) |
| 1981 | 60675 | 27956 | 10146 | 10768 | 2490 | 694 | 22269 | 3291 | 34802 | 35392 | 114605 |
| 1982 | 57528 | 28382 | 7528 | 8913 | 2025 | 531 | 17664 | 2963 | 33040 | 30973 | 107268 |
| 1983 | 57802 | 28109 | 7986 | 9487 | 1509 | 567 | 17009 | 3252 | 34806 | 33208 | 108055 |
| 1984 | 59313 | 28098 | 7591 | 8220 | 1619 | 679 | 16244 | 3327 | 37293 | 35992 | 109036 |
| 1985 | 61498 | 28791 | 8208 | 7728 | 1831 | 718 | 16912 | 4059 | 41000 | 37159 | 116722 |
| 1986 | 62794 | 29052 | 9041 | 6012 | 1745 | 700 | 15963 | 3671 | 43026 | 38538 | 117808 |
| 1987 | 66111 | 29394 | 10757 | 6302 | 2133 | 759 | 18433 | 3917 | 46673 | 41821 | 125019 |
| 1988 | 69286 | 30798 | 11987 | 7553 | 2863 | 980 | 22264 | 3615 | 49237 | 45276 | 131926 |
| 1989 | 73284 | 31189 | 13795 | 8406 | 3436 | 1095 | 25694 | 4619 | 48424 | 49565 | 136097 |
| 1990 | 76347 | 32322 | 14034 | 8177 | 3471 | 1367 | 26051 | 4609 | 47884 | 51678 | 138149 |
| 1991 | 76801 | 34157 | 13256 | 8643 | 3558 | 1371 | 25978 | 5226 | 48646 | 52168 | 138594 |
| 1992 | 79177 | 35330 | 16296 | 6754 | 3552 | 1369 | 27057 | 5239 | 51065 | 54592 | 142442 |
| 1993 | 81761 | 35822 | 16706 | 6188 | 3447 | 1786 | 27178 | 5342 | 53093 | 54264 | 149130 |
| 1994 | 85087 | 36133 | 16802 | 7535 | 3915 | 2580 | 29892 | 6143 | 56586 | 63036 | 153049 |
| 1995 | 87721 | 35512 | 14773 | 8260 | 4001 | 2034 | 28379 | 5708 | 60028 | 63824 | 157068 |
| 1996 | 90933 | 36216 | 15001 | 7297 | 4099 | 2051 | 28025 | 6139 | 60333 | 63309 | 161066 |
| 1997 | 94334 | 36139 | 15738 | 9722 | 4534 | 2168 | 31531 | 5342 | 62722 | 67800 | 166449 |
| 1998 | 95563 | 36698 | 13623 | 7428 | 5015 | 2683 | 29361 | 5119 | 64396 | 67035 | 168469 |
| 1999 | 97966 | 36962 | 12641 | 8245 | 5037 | 2314 | 28952 | 6023 | 70012 | 71113 | 174330 |
| 2000 | 101041 | 38361 | 12718 | 7984 | 5461 | 2800 | 30069 | 6104 | 76115 | 76621 | 182264 |
| 2001 | 103061 | 39609 | 14001 | 9206 | 5365 | 3526 | 32746 | 6165 | 75534 | 76803 | 183508 |
| 2002 | 106915 | 40189 | 16320 | 8626 | 5220 | 3013 | 33302 | 5887 | 76072 | 76896 | 190817 |
| 2003 | 110463 | 40364 | 17580 | 9419 | 5234 | 3608 | 35701 | 6149 | 78284 | 81013 | 195226 |
| 2004 | 115462 | 40135 | 20604 | 10392 | 5882 | 4120 | 40741 | 7116 | 82357 | 87361 | 202904 |
| 2005 | 120206 | 40613 | 22096 | 10925 | 7073 | 4392 | 44572 | 8491 | 86461 | 92563 | 212991 |
| 2006 | 127362 | 41112 | 23684 | 12940 | 8203 | 4659 | 49727 | 8786 | 89809 | 99863 | 222403 |
| 2007 | 134270 | 43315 | 24201 | 12259 | 8971 | 5419 | 51261 | 9142 | 91789 | 105353 | 229376 |
| 2008 | 137537 | 45027 | 22992 | 14056 | 8996 | 5685 | 52123 | 9660 | 88824 | 106192 | 231000 |
| 2009 | 137940 | 45570 | 21022 | 12461 | 6836 | 4667 | 45103 | 9683 | 82876 | 98433 | 225497 |
| 2010 | 143216 | 45906 | 21064 | 13331 | 8070 | 5138 | 47912 | 10418 | 89367 | 107203 | 231927 |
| 2011 | 146244 | 46841 | 21658 | 15045 | 8365 | 5190 | 50615 | 8284 | 93720 | 111003 | 238996 |
| 2012 | 149159 | 47646 | 23216 | 16362 | 8712 | 4606 | 53255 | 9084 | 96624 | 115245 | 244610 |
| 2013 | 152960 | 47649 | 23353 | 16013 | 8010 | 4728 | 52422 | 8290 | 99853 | 116344 | 250066 |
| 2014 | 158322 | 46741 | 24753 | 17603 | 8714 | 4490 | 55923 | 8830 | 107265 | 122260 | 259251 |
| 2015 | 164607 | 47764 | 27125 | 15448 | 7619 | 3752 | 54026 | 8692 | 106349 | 121007 | 264523 |
| 2016 | 169919 | 48564 | 31203 | 13869 | 8636 | 3811 | 57498 | 8878 | 109756 | 127097 | 271919 |
| 2017 | 178021 | 49654 | 31269 | 15661 | 8962 | 3990 | 59882 | 9624 | 112791 | 133767 | 282283 |
| 2018 | 183952 | 51235 | 30828 | 15675 | 9628 | 4708 | 60829 | 10804 | 116869 | 138875 | 292182 |
| 2019 | 187114 | 52713 | 30005 | 21643 | 10753 | 5461 | 67884 | 10894 | 119061 | 144340 | 299857 |
| 2020 | 179741 | 54738 | 29042 | 22954 | 8633 | 5767 | 66394 | 11802 | 106921 | 133590 | 290575 |
| 2021 | 193764 | 59127 | 32274 | 24173 | 9267 | 6515 | 72286 | 12768 | 113537 | 144512 | 312961 |
| 2022 | 201303 | 61315 | 29974 | 26729 | 10047 | 7105 | 73399 | 12250 | 120165 | 154253 | 325364 |
| 2023 | 204359 | 65553 | 27654 | 28385 | 9744 | 7160 | 72177 | 14991 | 121846 | 155767 | 333100 |
| 2024 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

---

![](tm2523015d1_ex99-13img05.jpg)

84 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.2 British Columbia Real GDP at Market Prices, Expenditure Based (*continued*)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Household**<br>**Final**<br>**Consumption**<br>**Expenditure** | **General**<br>**Governments**<br>**Final**<br>**Consumption**<br>**Expenditure** | <br>Residential<br>Structures | <br>Non-<br>residential<br>Structures | <br>Machinery<br>and<br>Equipment | <br>Intellectual<br>Property<br>Products | <br>**Business**<br>**Gross Fixed**<br>**Capital**<br>**Formation** | **General**<br>**Governments**<br>**Gross Fixed**<br>**Capital**<br>**Formation** | <br>**Exports** | <br>**Imports** | <br>**Real GDP** |
| (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) |
| 1982 | (5.2) | 1.5 | (25.8) | (17.2) | (18.7) | (23.5) | (20.7) | (10.0) | (5.1) | (12.5) | (6.4) |
| 1983 | 0.5 | (1.0) | 6.1 | 6.4 | (25.5) | 6.8 | (3.7) | 9.8 | 5.3 | 7.2 | 0.7 |
| 1984 | 2.6 | (0.0) | (4.9) | (13.4) | 7.3 | 19.8 | (4.5) | 2.3 | 7.1 | 8.4 | 0.9 |
| 1985 | 3.7 | 2.5 | 8.1 | (6.0) | 13.1 | 5.7 | 4.1 | 22 | 9.9 | 3.2 | 7 |
| 1986 | 2.1 | 0.9 | 10.1 | (22.2) | (4.7) | (2.5) | (5.6) | (9.6) | 4.9 | 3.7 | 0.9 |
| 1987 | 5.3 | 1.2 | 19 | 4.8 | 22.2 | 8.4 | 15.5 | 6.7 | 8.5 | 8.5 | 6.1 |
| 1988 | 4.8 | 4.8 | 11.4 | 19.9 | 34.2 | 29.1 | 20.8 | (7.7) | 5.5 | 8.3 | 5.5 |
| 1989 | 5.8 | 1.3 | 15.1 | 11.3 | 20 | 11.7 | 15.4 | 27.8 | (1.7) | 9.5 | 3.2 |
| 1990 | 4.2 | 3.6 | 1.7 | (2.7) | 1 | 24.8 | 1.4 | (0.2) | (1.1) | 4.3 | 1.5 |
| 1991 | 0.6 | 5.7 | (5.5) | 5.7 | 2.5 | 0.3 | (0.3) | 13.4 | 1.6 | 0.9 | 0.3 |
| 1992 | 3.1 | 3.4 | 22.9 | (21.9) | (0.2) | (0.1) | 4.2 | 0.2 | 5 | 4.6 | 2.8 |
| 1993 | 3.3 | 1.4 | 2.5 | (8.4) | (3.0) | 30.5 | 0.4 | 2 | 4 | (0.6) | 4.7 |
| 1994 | 4.1 | 0.9 | 0.6 | 21.8 | 13.6 | 44.5 | 10 | 15 | 6.6 | 16.2 | 2.6 |
| 1995 | 3.1 | (1.7) | (12.1) | 9.6 | 2.2 | (21.2) | (5.1) | (7.1) | 6.1 | 1.3 | 2.6 |
| 1996 | 3.7 | 2 | 1.5 | (11.7) | 2.4 | 0.8 | (1.2) | 7.6 | 0.5 | (0.8) | 2.5 |
| 1997 | 3.7 | (0.2) | 4.9 | 33.2 | 10.6 | 5.7 | 12.5 | (13.0) | 4 | 7.1 | 3.3 |
| 1998 | 1.3 | 1.5 | (13.4) | (23.6) | 10.6 | 23.8 | (6.9) | (4.2) | 2.7 | (1.1) | 1.2 |
| 1999 | 2.5 | 0.7 | (7.2) | 11 | 0.4 | (13.8) | (1.4) | 17.7 | 8.7 | 6.1 | 3.5 |
| 2000 | 3.1 | 3.8 | 0.6 | (3.2) | 8.4 | 21 | 3.9 | 1.3 | 8.7 | 7.7 | 4.6 |
| 2001 | 2 | 3.3 | 10.1 | 15.3 | (1.8) | 25.9 | 8.9 | 1 | (0.8) | 0.2 | 0.7 |
| 2002 | 3.7 | 1.5 | 16.6 | (6.3) | (2.7) | (14.5) | 1.7 | (4.5) | 0.7 | 0.1 | 4 |
| 2003 | 3.3 | 0.4 | 7.7 | 9.2 | 0.3 | 19.7 | 7.2 | 4.5 | 2.9 | 5.4 | 2.3 |
| 2004 | 4.5 | (0.6) | 17.2 | 10.3 | 12.4 | 14.2 | 14.1 | 15.7 | 5.2 | 7.8 | 3.9 |
| 2005 | 4.1 | 1.2 | 7.2 | 5.1 | 20.2 | 6.6 | 9.4 | 19.3 | 5 | 6 | 5 |
| 2006 | 6 | 1.2 | 7.2 | 18.4 | 16 | 6.1 | 11.6 | 3.5 | 3.9 | 7.9 | 4.4 |
| 2007 | 5.4 | 5.4 | 2.2 | (5.3) | 9.4 | 16.3 | 3.1 | 4.1 | 2.2 | 5.5 | 3.1 |
| 2008 | 2.4 | 4 | (5.0) | 14.7 | 0.3 | 4.9 | 1.7 | 5.7 | (3.2) | 0.8 | 0.7 |
| 2009 | 0.3 | 1.2 | (8.6) | (11.3) | (24.0) | (17.9) | (13.5) | 0.2 | (6.7) | (7.3) | (2.4) |
| 2010 | 3.8 | 0.7 | 0.2 | 7 | 18.1 | 10.1 | 6.2 | 7.6 | 7.8 | 8.9 | 2.9 |
| 2011 | 2.1 | 2 | 2.8 | 12.9 | 3.7 | 1 | 5.6 | (20.5) | 4.9 | 3.5 | 3 |
| 2012 | 2 | 1.7 | 7.2 | 8.8 | 4.1 | (11.3) | 5.2 | 9.7 | 3.1 | 3.8 | 2.3 |
| 2013 | 2.5 | 0 | 0.6 | (2.1) | (8.1) | 2.6 | (1.6) | (8.7) | 3.3 | 1 | 2.2 |
| 2014 | 3.5 | (1.9) | 6 | 9.9 | 8.8 | (5.0) | 6.7 | 6.5 | 7.4 | 5.1 | 3.7 |
| 2015 | 4 | 2.2 | 9.6 | (12.2) | (12.6) | (16.4) | (3.4) | (1.6) | (0.9) | (1.0) | 2 |
| 2016 | 3.2 | 1.7 | 15 | (10.2) | 13.3 | 1.6 | 6.4 | 2.1 | 3.2 | 5 | 2.8 |
| 2017 | 4.8 | 2.2 | 0.2 | 12.9 | 3.8 | 4.7 | 4.1 | 8.4 | 2.8 | 5.2 | 3.8 |
| 2018 | 3.3 | 3.2 | (1.4) | 0.1 | 7.4 | 18 | 1.6 | 12.3 | 3.6 | 3.8 | 3.5 |
| 2019 | 1.7 | 2.9 | (2.7) | 38.1 | 11.7 | 16 | 11.6 | 0.8 | 1.9 | 3.9 | 2.6 |
| 2020 | (3.9) | 3.8 | (3.2) | 6.1 | (19.7) | 5.6 | (2.2) | 8.3 | (10.2) | (7.4) | (3.1) |
| 2021 | 7.8 | 8 | 11.1 | 5.3 | 7.3 | 13 | 8.9 | 8.2 | 6.2 | 8.2 | 7.7 |
| 2022 | 3.9 | 3.7 | (7.1) | 10.6 | 8.4 | 9.1 | 1.5 | (4.1) | 5.8 | 6.7 | 4 |
| 2023 | 1.5 | 6.9 | (7.7) | 6.2 | (3.0) | 0.8 | (1.7) | 22.4 | 1.4 | 1 | 2.4 |
| 2024 |  |  |  |  |  |  |  |  |  |  |  |

---

Source: Statistics Canada (Table 36-10-0222-01 – accessed March 2025).

2025 Financial and Economic Review \| 85

Appendix 1 – Economic Review Supplementary Tables

**Table A1.3 British Columbia GDP at Basic Prices, by Industry**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Crop and<br>Animal<br>Production | Fishing,<br>Hunting and<br>Trapping | Forestry<br>and<br>Logging | Support Activities<br>for Agriculture<br>and Forestry | Mining, Quarrying<br>Oil and Gas<br>Extraction | <br>Manufacturing | <br>Construction | <br>Utilities | Transportation<br>and<br>Warehousing | Wholesale<br>and Retail<br>Trade | Finance<br>and<br>Insurance | Real Estate<br>and Rental<br>and Leasing | <br>Other<br>Services<sup>1</sup> | <br>Public<br>Administration | Real GDP<br>at Basic<br>Prices |
| (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) | (millions of 2017 $, chained) |
| 1997 | 1540 | 413 | 2896 | 776 | 7548 | 12111 | 10816 | 3629 | 8956 | 13609 | 9160 | 22720 | 50599 | 10623 | 154315 |
| 1998 | 1601 | 276 | 2939 | 808 | 7420 | 11954 | 9668 | 3790 | 9012 | 14271 | 8677 | 23309 | 52337 | 10640 | 155817 |
| 1999 | 1713 | 215 | 2764 | 762 | 7566 | 13572 | 9529 | 4039 | 9294 | 14556 | 9296 | 24025 | 52953 | 11007 | 160987 |
| 2000 | 1668 | 237 | 2568 | 858 | 8342 | 15925 | 9348 | 4709 | 9909 | 15199 | 9067 | 24703 | 54546 | 11230 | 168580 |
| 2001 | 1968 | 196 | 2535 | 793 | 9355 | 14767 | 9505 | 3365 | 9885 | 15725 | 8964 | 25483 | 55696 | 11460 | 169520 |
| 2002 | 1940 | 244 | 2591 | 723 | 8618 | 14804 | 10135 | 4105 | 10026 | 16554 | 9150 | 27009 | 58159 | 11957 | 175973 |
| 2003 | 2075 | 240 | 2564 | 774 | 8467 | 15006 | 10952 | 4034 | 10070 | 17189 | 9474 | 27833 | 59671 | 11898 | 180365 |
| 2004 | 2206 | 267 | 2904 | 735 | 8865 | 16207 | 12332 | 4052 | 10393 | 17901 | 10011 | 28793 | 60818 | 11947 | 187742 |
| 2005 | 2280 | 255 | 2884 | 759 | 9910 | 16927 | 13330 | 4584 | 11268 | 18714 | 10333 | 30207 | 62826 | 11951 | 196743 |
| 2006 | 2364 | 284 | 2756 | 743 | 9940 | 17878 | 14597 | 3888 | 11378 | 20027 | 11355 | 31443 | 66091 | 12543 | 205806 |
| 2007 | 2490 | 227 | 2589 | 761 | 8658 | 17701 | 15486 | 4856 | 11441 | 21238 | 11898 | 33149 | 68518 | 12891 | 211786 |
| 2008 | 2398 | 194 | 2283 | 657 | 8904 | 16284 | 16299 | 4843 | 11203 | 21165 | 11632 | 33871 | 69670 | 13615 | 212989 |
| 2009 | 2517 | 203 | 1571 | 663 | 7973 | 14030 | 15397 | 4743 | 11201 | 20164 | 11440 | 35105 | 68381 | 14408 | 207463 |
| 2010 | 2568 | 235 | 1931 | 680 | 9071 | 14859 | 15781 | 4588 | 11461 | 20842 | 11961 | 36320 | 68303 | 14590 | 213022 |
| 2011 | 2643 | 223 | 2284 | 761 | 9737 | 15369 | 15879 | 5017 | 11809 | 21219 | 12282 | 37429 | 69728 | 14860 | 219107 |
| 2012 | 2642 | 195 | 2343 | 744 | 9446 | 15823 | 17797 | 5081 | 12066 | 21972 | 12212 | 38912 | 71197 | 14541 | 224740 |
| 2013 | 2796 | 224 | 2532 | 735 | 9706 | 15747 | 17693 | 4992 | 12671 | 23073 | 12658 | 40294 | 72827 | 14462 | 230141 |
| 2014 | 2778 | 255 | 2490 | 770 | 10277 | 16613 | 19249 | 5044 | 13352 | 23529 | 12967 | 41907 | 75089 | 14240 | 238306 |
| 2015 | 2958 | 254 | 2481 | 804 | 9954 | 17063 | 19185 | 5322 | 13869 | 23687 | 13459 | 43612 | 76867 | 14393 | 243846 |
| 2016 | 2907 | 226 | 2275 | 791 | 10213 | 17787 | 19412 | 5563 | 14114 | 24698 | 13931 | 45356 | 79239 | 14561 | 251036 |
| 2017 | 2913 | 214 | 2319 | 826 | 10370 | 18058 | 20810 | 5574 | 15589 | 25573 | 14887 | 46665 | 81682 | 14741 | 260220 |
| 2018 | 3065 | 271 | 2433 | 890 | 11194 | 18315 | 22275 | 5645 | 15907 | 26332 | 15367 | 47786 | 85397 | 15257 | 270106 |
| 2019 | 3197 | 197 | 1882 | 876 | 10664 | 17867 | 24597 | 5698 | 16050 | 27050 | 15528 | 49684 | 88896 | 15672 | 277848 |
| 2020 | 3182 | 210 | 1847 | 891 | 9623 | 16753 | 25464 | 5861 | 11821 | 26914 | 16370 | 51569 | 83904 | 15169 | 269190 |
| 2021 | 2917 | 200 | 2099 | 986 | 10262 | 17511 | 27983 | 5858 | 12875 | 28506 | 17984 | 54071 | 93142 | 16245 | 290178 |
| 2022 | 3098 | 198 | 1895 | 980 | 10775 | 17462 | 29122 | 5763 | 15143 | 28044 | 18324 | 54798 | 100094 | 16787 | 302119 |
| 2023 | 2959 | 174 | 1679 | 1023 | 11314 | 16726 | 30250 | 5317 | 16401 | 27683 | 18460 | 56520 | 103423 | 17742 | 309420 |
| 2024 | 3091 | 170 | 1655 | 965 | 11760 | 15693 | 28512 | 5522 | 17069 | 28014 | 18804 | 58214 | 105653 | 18340 | 313137 |

---

<sup>1</sup> Other Services includes health care and social assistance, professional, scientific and technical services, educational services, information and cultural industries, accommodation and food services, administrative and support, waste management and remediation services, arts, entertainment and recreation, management of companies and enterprises, and other services (except public administration).

![](tm2523015d1_ex99-13img05.jpg)

86 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.3 British Columbia GDP at Basic Prices, by Industry (*continued*)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Crop and<br> Animal<br> Production | Fishing,<br> Hunting and<br> Trapping | Forestry<br> and<br> Logging | Support Activities<br> for Agriculture<br> and Forestry | Mining, Quarrying<br> Oil and Gas<br> Extraction | Manufacturing | Construction | Utilities | Transportation<br> and<br> Warehousing | Wholesale<br> and Retail<br> Trade | Finance<br> and<br> Insurance | Real Estate<br> and Rental<br> and Leasing | Other<br> Services<sup>1</sup> | Public<br> Administration | Real GDP<br> at Basic<br> Prices |
| (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) |
| 1998 | 4 | (33.2) | 1.5 | 4.1 | (1.7) | (1.3) | (10.6) | 4.4 | 0.6 | 4.9 | (5.3) | 2.6 | 3.4 | 0.2 | 1 |
| 1999 | 7 | (22.2) | (6.0) | (5.7) | 2 | 13.5 | (1.4) | 6.6 | 3.1 | 2 | 7.1 | 3.1 | 1.2 | 3.4 | 3.3 |
| 2000 | (2.6) | 10.5 | (7.1) | 12.7 | 10.3 | 17.3 | (1.9) | 16.6 | 6.6 | 4.4 | (2.5) | 2.8 | 3 | 2 | 4.7 |
| 2001 | 18 | (17.1) | (1.3) | (7.6) | 12.1 | (7.3) | 1.7 | (28.5) | (0.2) | 3.5 | (1.1) | 3.2 | 2.1 | 2 | 0.6 |
| 2002 | (1.4) | 24 | 2.2 | (8.8) | (7.9) | 0.3 | 6.6 | 22 | 1.4 | 5.3 | 2.1 | 6 | 4.4 | 4.3 | 3.8 |
| 2003 | 7 | (1.7) | (1.0) | 7.1 | (1.8) | 1.4 | 8.1 | (1.7) | 0.4 | 3.8 | 3.5 | 3.1 | 2.6 | (0.5) | 2.5 |
| 2004 | 6.3 | 11.4 | 13.3 | (5.1) | 4.7 | 8 | 12.6 | 0.5 | 3.2 | 4.1 | 5.7 | 3.5 | 1.9 | 0.4 | 4.1 |
| 2005 | 3.4 | (4.6) | (0.7) | 3.3 | 11.8 | 4.4 | 8.1 | 13.1 | 8.4 | 4.5 | 3.2 | 4.9 | 3.3 | 0 | 4.8 |
| 2006 | 3.6 | 11.7 | (4.5) | (2.2) | 0.3 | 5.6 | 9.5 | (15.2) | 1 | 7 | 9.9 | 4.1 | 5.2 | 5 | 4.6 |
| 2007 | 5.4 | (20.2) | (6.1) | 2.4 | (12.9) | (1.0) | 6.1 | 24.9 | 0.5 | 6 | 4.8 | 5.4 | 3.7 | 2.8 | 2.9 |
| 2008 | (3.7) | (14.3) | (11.8) | (13.7) | 2.8 | (8.0) | 5.3 | (0.3) | (2.1) | (0.3) | (2.2) | 2.2 | 1.7 | 5.6 | 0.6 |
| 2009 | 4.9 | 4.5 | (31.2) | 0.9 | (10.5) | (13.8) | (5.5) | (2.1) | (0.0) | (4.7) | (1.6) | 3.6 | (1.9) | 5.8 | (2.6) |
| 2010 | 2.1 | 15.9 | 22.9 | 2.7 | 13.8 | 5.9 | 2.5 | (3.3) | 2.3 | 3.4 | 4.6 | 3.5 | (0.1) | 1.3 | 2.7 |
| 2011 | 2.9 | (5.1) | 18.3 | 11.8 | 7.3 | 3.4 | 0.6 | 9.3 | 3 | 1.8 | 2.7 | 3.1 | 2.1 | 1.8 | 2.9 |
| 2012 | (0.0) | (12.8) | 2.6 | (2.3) | (3.0) | 3 | 12.1 | 1.3 | 2.2 | 3.5 | (0.6) | 4 | 2.1 | (2.1) | 2.6 |
| 2013 | 5.8 | 15.1 | 8.1 | (1.2) | 2.8 | (0.5) | (0.6) | (1.7) | 5 | 5 | 3.7 | 3.6 | 2.3 | (0.5) | 2.4 |
| 2014 | (0.6) | 13.5 | (1.7) | 4.7 | 5.9 | 5.5 | 8.8 | 1 | 5.4 | 2 | 2.4 | 4 | 3.1 | (1.5) | 3.5 |
| 2015 | 6.5 | (0.1) | (0.4) | 4.5 | (3.1) | 2.7 | (0.3) | 5.5 | 3.9 | 0.7 | 3.8 | 4.1 | 2.4 | 1.1 | 2.3 |
| 2016 | (1.7) | (10.9) | (8.3) | (1.7) | 2.6 | 4.2 | 1.2 | 4.5 | 1.8 | 4.3 | 3.5 | 4 | 3.1 | 1.2 | 2.9 |
| 2017 | 0.2 | (5.3) | 1.9 | 4.5 | 1.5 | 1.5 | 7.2 | 0.2 | 10.5 | 3.5 | 6.9 | 2.9 | 3.1 | 1.2 | 3.7 |
| 2018 | 5.2 | 26.3 | 4.9 | 7.6 | 7.9 | 1.4 | 7 | 1.3 | 2 | 3 | 3.2 | 2.4 | 4.5 | 3.5 | 3.8 |
| 2019 | 4.3 | (27.4) | (22.7) | (1.6) | (4.7) | (2.5) | 10.4 | 0.9 | 0.9 | 2.7 | 1 | 4 | 4.1 | 2.7 | 2.9 |
| 2020 | (0.5) | 6.8 | (1.8) | 1.7 | (9.8) | (6.2) | 3.5 | 2.9 | (26.3) | (0.5) | 5.4 | 3.8 | (5.6) | (3.2) | (3.1) |
| 2021 | (8.3) | (4.7) | 13.6 | 10.7 | 6.6 | 4.5 | 9.9 | (0.0) | 8.9 | 5.9 | 9.9 | 4.9 | 11 | 7.1 | 7.8 |
| 2022 | 6.2 | (1.1) | (9.7) | (0.6) | 5 | (0.3) | 4.1 | (1.6) | 17.6 | (1.6) | 1.9 | 1.3 | 7.5 | 3.3 | 4.1 |
| 2023 | (4.5) | (11.9) | (11.4) | 4.5 | 5 | (4.2) | 3.9 | (7.7) | 8.3 | (1.3) | 0.7 | 3.1 | 3.3 | 5.7 | 2.4 |
| 2024 | 4.5 | (2.5) | (1.5) | (5.7) | 3.9 | (6.2) | (5.7) | 3.9 | 4.1 | 1.2 | 1.9 | 3 | 2.2 | 3.4 | 1.2 |

---

<sup>1</sup> Other Services includes health care and social assistance, professional, scientific and technical services, educational services, information and cultural industries, accommodation and food services, administrative and support, waste management and remediation services, arts, entertainment and recreation, management of companies and enterprises, and other services (except public administration).

Source: Statistics Canada (Table: 36-10-0402-01 – accessed May 2025).

2025 Financial and Economic Review \| 87

Appendix 1 – Economic Review Supplementary Tables

**Table A1.4 British Columbia GDP, Income Based**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Compensation<br> of Employees\*** | **Gross<br> Operating<br> Surplus** | Net<br> Operating<br> Surplus:<br> Corporations | Consumption of<br> Fixed Capital:<br> Corporations | Consumption of<br> Fixed Capital:<br> Government &<br> NPISH | **Gross<br> Mixed<br> Income** | Net<br> Mixed<br> Income | Consumption of<br> Fixed Capital:<br> Unincorporated<br> Businesses | **Taxes less<br> subsidies on<br> Production** | **Taxes less<br> subsidies on<br> Products &<br> Imports** | **Statistical<br> Discrepancy** | **GDP<br> at Market<br> Prices** |
| ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) | ($millions) |
| 1981 | 25637 | 9026 | 3226 | 4635 | 1165 | 6394 | 4913 | 1481 | 2158 | 3165 | 216 | 46596 |
| 1982 | 26496 | 7620 | 1089 | 5227 | 1304 | 6990 | 5354 | 1637 | 2395 | 2893 | 206 | 46600 |
| 1983 | 27018 | 9080 | 2334 | 5374 | 1372 | 7446 | 5732 | 1714 | 2847 | 2884 | 54 | 49329 |
| 1984 | 27811 | 10459 | 3563 | 5480 | 1416 | 8010 | 6145 | 1865 | 2509 | 3258 | (260) | 51788 |
| 1985 | 29101 | 11850 | 4746 | 5636 | 1468 | 8824 | 6843 | 1981 | 2531 | 3699 | (217) | 55788 |
| 1986 | 30339 | 12298 | 4927 | 5788 | 1583 | 9581 | 7543 | 2038 | 2532 | 4506 | (302) | 58954 |
| 1987 | 32837 | 14358 | 6902 | 5858 | 1598 | 10290 | 8103 | 2187 | 2607 | 5152 | (97) | 65147 |
| 1988 | 36110 | 15750 | 7807 | 6161 | 1782 | 11259 | 8903 | 2356 | 2726 | 5568 | 682 | 72095 |
| 1989 | 40296 | 16007 | 7385 | 6694 | 1928 | 12432 | 9827 | 2605 | 2888 | 6697 | 123 | 78443 |
| 1990 | 44216 | 14530 | 5152 | 7231 | 2147 | 13549 | 10718 | 2831 | 3035 | 6800 | 244 | 82374 |
| 1991 | 46296 | 13330 | 3871 | 7304 | 2155 | 14555 | 11560 | 2995 | 2964 | 7593 | 237 | 84975 |
| 1992 | 48924 | 13342 | 3411 | 7622 | 2309 | 15450 | 12274 | 3176 | 3472 | 8389 | 938 | 90515 |
| 1993 | 51312 | 15377 | 5079 | 7926 | 2372 | 16133 | 12698 | 3435 | 3952 | 9112 | 1335 | 97221 |
| 1994 | 53972 | 19431 | 8420 | 8483 | 2528 | 17118 | 13463 | 3655 | 4234 | 8830 | 13 | 103598 |
| 1995 | 56768 | 21649 | 9975 | 9011 | 2663 | 17851 | 14052 | 3799 | 4268 | 9242 | (575) | 109203 |
| 1996 | 58517 | 21917 | 9715 | 9409 | 2793 | 18321 | 14394 | 3927 | 4377 | 9476 | (68) | 112540 |
| 1997 | 60781 | 24129 | 11400 | 9759 | 2970 | 18704 | 14700 | 4004 | 4665 | 10211 | 96 | 118585 |
| 1998 | 62120 | 23496 | 9822 | 10617 | 3057 | 19467 | 15302 | 4166 | 4786 | 10346 | (441) | 119775 |
| 1999 | 64216 | 25733 | 11594 | 10972 | 3167 | 20272 | 16061 | 4211 | 4919 | 10676 | (158) | 125658 |
| 2000 | 68591 | 30979 | 16192 | 11403 | 3384 | 20843 | 16470 | 4373 | 4974 | 11063 | (39) | 136411 |
| 2001 | 70309 | 30003 | 14546 | 11966 | 3491 | 22099 | 17467 | 4633 | 5076 | 11312 | 16 | 138815 |
| 2002 | 72951 | 30307 | 14491 | 12229 | 3587 | 23426 | 18541 | 4885 | 5009 | 12408 | (108) | 143993 |
| 2003 | 75268 | 33813 | 17612 | 12514 | 3687 | 24741 | 19781 | 4960 | 5122 | 13108 | (93) | 151958 |
| 2004 | 80071 | 39402 | 22503 | 13004 | 3895 | 26253 | 21053 | 5199 | 5388 | 13491 | (5) | 164600 |
| 2005 | 85336 | 43994 | 25971 | 13824 | 4199 | 27827 | 22337 | 5490 | 5679 | 14219 | 142 | 177197 |
| 2006 | 93392 | 46643 | 26833 | 15187 | 4623 | 29526 | 23736 | 5790 | 5959 | 14881 | 78 | 190479 |
| 2007 | 98459 | 47607 | 25901 | 16597 | 5109 | 31784 | 25438 | 6345 | 6505 | 15799 | 287 | 200440 |
| 2008 | 102318 | 49897 | 25892 | 18259 | 5746 | 32435 | 25604 | 6830 | 6812 | 14756 | 210 | 206427 |
| 2009 | 100375 | 41901 | 17293 | 18789 | 5819 | 33771 | 26845 | 6925 | 7038 | 14969 | 125 | 198179 |
| 2010 | 102621 | 45534 | 20992 | 18561 | 5981 | 35494 | 28408 | 7086 | 7338 | 15870 | 134 | 206990 |
| 2011 | 106845 | 51238 | 25450 | 19437 | 6351 | 36872 | 29536 | 7336 | 7216 | 16493 | 107 | 218771 |
| 2012 | 110128 | 50606 | 23422 | 20589 | 6595 | 38645 | 31069 | 7576 | 7332 | 16611 | 6 | 223328 |
| 2013 | 114300 | 51647 | 23263 | 21550 | 6834 | 40286 | 32361 | 7925 | 8129 | 16784 | (165) | 230981 |
| 2014 | 118452 | 56480 | 26944 | 22450 | 7086 | 42286 | 34193 | 8093 | 8603 | 18012 | 39 | 243872 |
| 2015 | 123805 | 55116 | 23835 | 23883 | 7398 | 43935 | 35527 | 8408 | 8736 | 19057 | 135 | 250784 |
| 2016 | 127866 | 60562 | 28372 | 24554 | 7636 | 46030 | 37237 | 8793 | 9073 | 20593 | (212) | 263912 |
| 2017 | 135921 | 66610 | 33638 | 25035 | 7937 | 47982 | 38543 | 9439 | 9625 | 22062 | 83 | 282283 |
| 2018 | 144465 | 68766 | 34157 | 26183 | 8426 | 50435 | 40414 | 10021 | 10667 | 22997 | 62 | 297392 |
| 2019 | 152568 | 66468 | 29607 | 27923 | 8938 | 54606 | 44074 | 10532 | 12700 | 22812 | (161) | 308993 |
| 2020 | 152704 | 74913 | 36139 | 29478 | 9296 | 56204 | 45119 | 11085 | 3431 | 20208 | (48) | 307412 |
| 2021 | 172036 | 91444 | 49835 | 31643 | 9966 | 59331 | 46669 | 12662 | 8163 | 26128 | (100) | 357002 |
| 2022 | 189272 | 100228 | 53710 | 35377 | 11141 | 64359 | 50533 | 13826 | 13491 | 28500 | (221) | 395629 |
| 2023 | 203540 | 91406 | 41160 | 38213 | 12033 | 71787 | 56623 | 15164 | 14568 | 28691 | (111) | 409881 |
| 2024 |  |  |  |  |  |  |  |  |  |  |  |  |

---

\* Component of income-based GDP, including wages, salaries and employers' social contributions earned in B.C. by residents and non-residents of the province.

![](tm2523015d1_ex99-13img05.jpg)

88 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.4 British Columbia GDP, Income Based (*continued*)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Compensation<br> of Employees\*** | **Gross<br> Operating<br> Surplus** | Net<br> Operating<br> Surplus:<br> Corporations | Consumption of<br> Fixed Capital:<br> Corporations | Consumption of<br> Fixed Capital:<br> Government &<br> NPISH | **Gross<br> Mixed<br> Income** | Net<br> Mixed<br> Income | Consumption of<br> Fixed Capital:<br> Unincorporated<br> Businesses | **Taxes less<br> subsidies on<br> Production** | **Taxes less<br> subsidies on<br> Products &<br> Imports** | **Statistical<br> Discrepancy** | **GDP<br> at Market<br> Prices** |
| (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) | (annual percentage change) |
| 1982 | 3.4 | (15.6) | (66.2) | 12.8 | 11.9 | 9.3 | 9 | 10.5 | 11 | (8.6) | (4.6) | 0 |
| 1983 | 2 | 19.2 | 114.3 | 2.8 | 5.2 | 6.5 | 7.1 | 4.7 | 18.9 | (0.3) | (73.8) | 5.9 |
| 1984 | 2.9 | 15.2 | 52.7 | 2 | 3.2 | 7.6 | 7.2 | 8.8 | (11.9) | 13 | (581.5) | 5 |
| 1985 | 4.6 | 13.3 | 33.2 | 2.8 | 3.7 | 10.2 | 11.4 | 6.2 | 0.9 | 13.5 | (16.5) | 7.7 |
| 1986 | 4.3 | 3.8 | 3.8 | 2.7 | 7.8 | 8.6 | 10.2 | 2.9 | 0 | 21.8 | 39.2 | 5.7 |
| 1987 | 8.2 | 16.8 | 40.1 | 1.2 | 0.9 | 7.4 | 7.4 | 7.3 | 3 | 14.3 | (67.9) | 10.5 |
| 1988 | 10 | 9.7 | 13.1 | 5.2 | 11.5 | 9.4 | 9.9 | 7.7 | 4.6 | 8.1 | (803.1) | 10.7 |
| 1989 | 11.6 | 1.6 | (5.4) | 8.7 | 8.2 | 10.4 | 10.4 | 10.6 | 5.9 | 20.3 | (82.0) | 8.8 |
| 1990 | 9.7 | (9.2) | (30.2) | 8 | 11.4 | 9 | 9.1 | 8.7 | 5.1 | 1.5 | 98.4 | 5 |
| 1991 | 4.7 | (8.3) | (24.9) | 1 | 0.4 | 7.4 | 7.9 | 5.8 | (2.3) | 11.7 | (2.9) | 3.2 |
| 1992 | 5.7 | 0.1 | (11.9) | 4.4 | 7.1 | 6.1 | 6.2 | 6 | 17.1 | 10.5 | 295.8 | 6.5 |
| 1993 | 4.9 | 15.3 | 48.9 | 4 | 2.7 | 4.4 | 3.5 | 8.2 | 13.8 | 8.6 | 42.3 | 7.4 |
| 1994 | 5.2 | 26.4 | 65.8 | 7 | 6.6 | 6.1 | 6 | 6.4 | 7.1 | (3.1) | (99.0) | 6.6 |
| 1995 | 5.2 | 11.4 | 18.5 | 6.2 | 5.3 | 4.3 | 4.4 | 3.9 | 0.8 | 4.7 | (4523.1) | 5.4 |
| 1996 | 3.1 | 1.2 | (2.6) | 4.4 | 4.9 | 2.6 | 2.4 | 3.4 | 2.6 | 2.5 | (88.2) | 3.1 |
| 1997 | 3.9 | 10.1 | 17.3 | 3.7 | 6.3 | 2.1 | 2.1 | 2 | 6.6 | 7.8 | (241.2) | 5.4 |
| 1998 | 2.2 | (2.6) | (13.8) | 8.8 | 2.9 | 4.1 | 4.1 | 4 | 2.6 | 1.3 | (559.4) | 1 |
| 1999 | 3.4 | 9.5 | 18 | 3.3 | 3.6 | 4.1 | 5 | 1.1 | 2.8 | 3.2 | (64.2) | 4.9 |
| 2000 | 6.8 | 20.4 | 39.7 | 3.9 | 6.9 | 2.8 | 2.5 | 3.8 | 1.1 | 3.6 | (75.3) | 8.6 |
| 2001 | 2.5 | (3.2) | (10.2) | 4.9 | 3.2 | 6 | 6.1 | 5.9 | 2.1 | 2.3 | (141.0) | 1.8 |
| 2002 | 3.8 | 1 | (0.4) | 2.2 | 2.7 | 6 | 6.1 | 5.4 | (1.3) | 9.7 | (775.0) | 3.7 |
| 2003 | 3.2 | 11.6 | 21.5 | 2.3 | 2.8 | 5.6 | 6.7 | 1.5 | 2.3 | 5.6 | (13.9) | 5.5 |
| 2004 | 6.4 | 16.5 | 27.8 | 3.9 | 5.6 | 6.1 | 6.4 | 4.8 | 5.2 | 2.9 | (94.6) | 8.3 |
| 2005 | 6.6 | 11.7 | 15.4 | 6.3 | 7.8 | 6 | 6.1 | 5.6 | 5.4 | 5.4 | (2940.0) | 7.7 |
| 2006 | 9.4 | 6 | 3.3 | 9.9 | 10.1 | 6.1 | 6.3 | 5.5 | 4.9 | 4.7 | (45.1) | 7.5 |
| 2007 | 5.4 | 2.1 | (3.5) | 9.3 | 10.5 | 7.6 | 7.2 | 9.6 | 9.2 | 6.2 | 267.9 | 5.2 |
| 2008 | 3.9 | 4.8 | (0.0) | 10 | 12.5 | 2 | 0.7 | 7.6 | 4.7 | (6.6) | (26.8) | 3 |
| 2009 | (1.9) | (16.0) | (33.2) | 2.9 | 1.3 | 4.1 | 4.8 | 1.4 | 3.3 | 1.4 | (40.5) | (4.0) |
| 2010 | 2.2 | 8.7 | 21.4 | (1.2) | 2.8 | 5.1 | 5.8 | 2.3 | 4.3 | 6 | 7.2 | 4.4 |
| 2011 | 4.1 | 12.5 | 21.2 | 4.7 | 6.2 | 3.9 | 4 | 3.5 | (1.7) | 3.9 | (20.1) | 5.7 |
| 2012 | 3.1 | (1.2) | (8.0) | 5.9 | 3.8 | 4.8 | 5.2 | 3.3 | 1.6 | 0.7 | (94.4) | 2.1 |
| 2013 | 3.8 | 2.1 | (0.7) | 4.7 | 3.6 | 4.2 | 4.2 | 4.6 | 10.9 | 1 | (2850.0) | 3.4 |
| 2014 | 3.6 | 9.4 | 15.8 | 4.2 | 3.7 | 5 | 5.7 | 2.1 | 5.8 | 7.3 | (123.6) | 5.6 |
| 2015 | 4.5 | (2.4) | (11.5) | 6.4 | 4.4 | 3.9 | 3.9 | 3.9 | 1.5 | 5.8 | 246.2 | 2.8 |
| 2016 | 3.3 | 9.9 | 19 | 2.8 | 3.2 | 4.8 | 4.8 | 4.6 | 3.9 | 8.1 | (257.0) | 5.2 |
| 2017 | 6.3 | 10 | 18.6 | 2 | 3.9 | 4.2 | 3.5 | 7.3 | 6.1 | 7.1 | (139.2) | 7 |
| 2018 | 6.3 | 3.2 | 1.5 | 4.6 | 6.2 | 5.1 | 4.9 | 6.2 | 10.8 | 4.2 | (25.3) | 5.4 |
| 2019 | 5.6 | (3.3) | (13.3) | 6.6 | 6.1 | 8.3 | 9.1 | 5.1 | 19.1 | (0.8) | (359.7) | 3.9 |
| 2020 | 0.1 | 12.7 | 22.1 | 5.6 | 4 | 2.9 | 2.4 | 5.3 | (73.0) | (11.4) | (70.2) | (0.5) |
| 2021 | 12.7 | 22.1 | 37.9 | 7.3 | 7.2 | 5.6 | 3.4 | 14.2 | 137.9 | 29.3 | 108.3 | 16.1 |
| 2022 | 10 | 9.6 | 7.8 | 11.8 | 11.8 | 8.5 | 8.3 | 9.2 | 65.3 | 9.1 | 121 | 10.8 |
| 2023 | 7.5 | (8.8) | (23.4) | 8 | 8 | 11.5 | 12.1 | 9.7 | 8 | 0.7 | (49.8) | 3.6 |
| 2024 |  |  |  |  |  |  |  |  |  |  |  |  |

---

\* Component of income-based GDP, including wages, salaries and employers' social contributions earned in B.C. by residents and non-residents of the province. Source: Statistics Canada (Table: 36-10-0221-01 – accessed April 2025).

2025 Financial and Economic Review \| 89

Appendix 1 – Economic Review Supplementary Tables

**Table A1.5 Employment by Industry in British Columbia**

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) | (thousands) |
| **Total – all industries** | **1952** | **1998** | **2028** | **2090** | **2153** | **2211** | **2244** | **2202** | **2222** | **2230** | **2284** | **2305** | **2330** | **2375** | **2465** | **2563** | **2610** | **2681** | **2527** | **2684** | **2776** | **2848** | **2914** |
| Primary industries | 67 | 78 | 72 | 76 | 79 | 82 | 78 | 71 | 70 | 68 | 71 | 76 | 76 | 78 | 74 | 77 | 75 | 71 | 71 | 70 | 71 | 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 30 | 33 | 36 | 38 | 35 | 35 | 36 | 31 | 29 | 25 | 24 | 27 | 24 | 25 | 22 | 23 | 25 | 24 | 29 | 21 | 23 | 24 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forestry, logging & support activities | 25 | 27 | 22 | 22 | 21 | 24 | 16 | 13 | 16 | 16 | 17 | 19 | 20 | 21 | 19 | 19 | 18 | 16 | 16 | 18 | 17 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fishing, hunting & trapping | 3 | 5 | 3 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining & oil & gas extraction | 9 | 13 | 11 | 14 | 19 | 20 | 24 | 24 | 24 | 26 | 28 | 29 | 30 | 30 | 31 | 32 | 29 | 28 | 24 | 28 | 28 | 35 | 37 |
| Manufacturing | 198 | 207 | 208 | 193 | 190 | 190 | 180 | 161 | 164 | 166 | 175 | 159 | 167 | 176 | 176 | 184 | 180 | 172 | 169 | 186 | 188 | 176 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food, beverages & tobacco | 27 | 31 | 31 | 31 | 24 | 27 | 30 | 29 | 27 | 29 | 31 | 27 | 29 | 34 | 38 | 35 | 38 | 37 | 35 | 38 | 42 | 41 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wood products | 44 | 49 | 46 | 45 | 43 | 43 | 35 | 30 | 32 | 34 | 30 | 31 | 32 | 35 | 33 | 30 | 26 | 24 | 23 | 24 | 24 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paper | 17 | 14 | 12 | 12 | 14 | 14 | 13 | 11 | 10 | 10 | 12 | 12 | 13 | 10 | 9 | 12 | 9 | 9 | 10 | 13 | 10 | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing & related support activities | 9 | 8 | 8 | 8 | 8 | 6 | 8 | 7 | 6 | 8 | 8 | 7 | 6 | 9 | 5 | 7 | 8 | 4 | 2 | 5 | 5 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primary metals | 6 | 9 | 7 | 7 | 6 | 6 | 5 | 6 | 8 | 6 | 6 | 6 | 3 | 5 | 3 | 4 | 6 | 7 | 7 | 6 | 7 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metal fabrication | 13 | 14 | 15 | 18 | 14 | 15 | 16 | 13 | 13 | 12 | 15 | 11 | 12 | 16 | 14 | 14 | 13 | 13 | 10 | 12 | 11 | 12 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation equipment | 14 | 12 | 12 | 9 | 9 | 12 | 10 | 10 | 9 | 9 | 12 | 9 | 10 | 8 | 9 | 10 | 12 | 10 | 10 | 13 | 15 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery manufacturing | 10 | 9 | 10 | 10 | 9 | 8 | 6 | 6 | 7 | 9 | 10 | 10 | 9 | 8 | 11 | 10 | 9 | 12 | 8 | 13 | 12 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other manufacturing | 59 | 60 | 69 | 55 | 62 | 61 | 58 | 49 | 53 | 49 | 52 | 47 | 54 | 50 | 54 | 62 | 61 | 57 | 63 | 61 | 62 | 57 | 64 |
| Construction | 117 | 118 | 142 | 166 | 184 | 198 | 211 | 199 | 197 | 201 | 202 | 211 | 205 | 207 | 219 | 239 | 249 | 253 | 230 | 230 | 238 | 238 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;General contractors | 41 | 47 | 51 | 65 | 67 | 67 | 81 | 74 | 78 | 80 | 79 | 89 | 92 | 91 | 92 | 106 | 110 | 107 | 104 | 101 | 107 | 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special trade contractors | 76 | 71 | 92 | 101 | 117 | 131 | 130 | 125 | 120 | 121 | 123 | 122 | 113 | 116 | 127 | 133 | 139 | 147 | 126 | 129 | 130 | 126 | 135 |
| Utilities | 11 | 11 | 9 | 10 | 7 | 8 | 11 | 11 | 11 | 12 | 12 | 14 | 15 | 15 | 13 | 11 | 15 | 13 | 18 | 18 | 16 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation & warehousing | 110 | 115 | 113 | 116 | 116 | 125 | 130 | 115 | 113 | 120 | 127 | 123 | 139 | 142 | 142 | 142 | 143 | 147 | 135 | 146 | 144 | 147 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 105 | 109 | 108 | 112 | 110 | 119 | 124 | 109 | 107 | 112 | 117 | 115 | 129 | 135 | 133 | 131 | 132 | 138 | 128 | 136 | 133 | 138 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehousing & storage | 5 | 6 | 5 | 5 | 7 | 7 | 6 | 6 | 6 | 8 | 9 | 9 | 10 | 7 | 8 | 11 | 11 | 9 | 7 | 10 | 11 | 9 | 7 |
| Trade | 319 | 326 | 313 | 330 | 348 | 360 | 355 | 367 | 374 | 352 | 347 | 374 | 371 | 366 | 386 | 395 | 400 | 421 | 391 | 403 | 437 | 441 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale trade | 72 | 76 | 66 | 79 | 83 | 80 | 88 | 88 | 84 | 77 | 82 | 84 | 84 | 87 | 96 | 88 | 88 | 94 | 93 | 89 | 95 | 94 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail trade | 246 | 249 | 247 | 251 | 265 | 280 | 268 | 279 | 290 | 275 | 265 | 290 | 287 | 279 | 290 | 307 | 313 | 327 | 298 | 314 | 342 | 347 | 326 |
| Finance, Insurance, Real Estate & Leasing | 124 | 126 | 128 | 131 | 134 | 139 | 143 | 135 | 137 | 137 | 144 | 146 | 147 | 139 | 148 | 165 | 165 | 168 | 172 | 171 | 164 | 176 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance | 57 | 60 | 55 | 59 | 59 | 65 | 63 | 58 | 66 | 53 | 65 | 63 | 67 | 62 | 68 | 72 | 72 | 73 | 76 | 66 | 68 | 78 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 24 | 21 | 27 | 26 | 26 | 27 | 29 | 27 | 26 | 31 | 28 | 30 | 29 | 31 | 32 | 35 | 32 | 31 | 37 | 49 | 38 | 37 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 32 | 35 | 35 | 34 | 39 | 37 | 40 | 40 | 37 | 44 | 45 | 45 | 43 | 38 | 43 | 51 | 55 | 55 | 52 | 46 | 51 | 52 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing | 11 | 11 | 11 | 13 | 10 | 9 | 11 | 10 | 8 | 10 | 7 | 8 | 8 | 7 | 6 | 7 | 7 | 8 | 7 | 9 | 7 | 9 | 8 |
| Public administration | 90 | 95 | 99 | 93 | 88 | 90 | 97 | 105 | 105 | 106 | 100 | 104 | 107 | 106 | 111 | 105 | 107 | 120 | 122 | 138 | 139 | 144 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal administration | 33 | 37 | 35 | 32 | 34 | 33 | 36 | 38 | 43 | 43 | 43 | 36 | 35 | 39 | 40 | 38 | 35 | 43 | 41 | 52 | 52 | 46 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial administration | 28 | 29 | 30 | 29 | 26 | 25 | 25 | 27 | 27 | 25 | 27 | 30 | 33 | 30 | 34 | 31 | 35 | 37 | 38 | 36 | 42 | 43 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Local administration | 29 | 29 | 35 | 32 | 28 | 32 | 36 | 40 | 36 | 38 | 31 | 37 | 39 | 37 | 37 | 35 | 37 | 40 | 43 | 50 | 45 | 56 | 52 |
| Other service industries | 918 | 924 | 944 | 974 | 1007 | 1020 | 1040 | 1040 | 1050 | 1068 | 1107 | 1099 | 1105 | 1146 | 1196 | 1245 | 1275 | 1316 | 1220 | 1324 | 1379 | 1434 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Education & related services | 137 | 137 | 132 | 143 | 152 | 152 | 148 | 153 | 157 | 157 | 168 | 166 | 167 | 170 | 171 | 171 | 168 | 176 | 173 | 186 | 199 | 220 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health & welfare services | 211 | 214 | 217 | 213 | 226 | 234 | 239 | 254 | 262 | 253 | 263 | 262 | 268 | 283 | 296 | 312 | 330 | 330 | 324 | 353 | 372 | 383 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional, scientific & technical | 134 | 136 | 143 | 159 | 163 | 162 | 168 | 165 | 168 | 176 | 174 | 181 | 185 | 195 | 204 | 209 | 222 | 240 | 244 | 267 | 284 | 289 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information, culture & recreation | 105 | 105 | 110 | 109 | 114 | 112 | 113 | 107 | 108 | 107 | 109 | 109 | 113 | 122 | 132 | 139 | 131 | 133 | 107 | 129 | 149 | 141 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services to business management | 72 | 79 | 80 | 90 | 96 | 97 | 103 | 96 | 91 | 96 | 97 | 95 | 88 | 93 | 101 | 104 | 103 | 116 | 98 | 100 | 88 | 91 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accommodation & food services | 163 | 159 | 170 | 172 | 169 | 177 | 174 | 169 | 167 | 179 | 184 | 181 | 184 | 177 | 185 | 196 | 200 | 202 | 176 | 179 | 184 | 197 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous services | 96 | 94 | 93 | 88 | 88 | 86 | 95 | 96 | 99 | 99 | 112 | 105 | 100 | 106 | 109 | 114 | 121 | 119 | 99 | 109 | 102 | 112 | 119 |

---

Source: Statistics Canada, Labour Force Survey (Table: 14-10-0023-01 and unpublished data – accessed March 2025). Totals may not add due to rounding.

90 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.6 Capital Investment by Industry**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Actual<br>2020 |<br>Actual<br>2021 |<br>Actual<br>2022 |<br>Actual<br>2023 | Preliminary<br>Actual<br>2024 |<br>Intentions<br>2025 | 2023<br>to<br>2024 | 2024<br>to<br>2025 |
|  | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | (per cent) | (per cent) |
| Agriculture, forestry, fishing and hunting | 920.1 | 994.4 | 1217.3 | 1048.4 | x | 886.8 |  |  |
| Mining, quarrying, and oil and gas extraction | 2893.6 | 4844.0 | 5821.4 | 8188.6 | 8823.6 | 8210.2 | 7.8 | (7.0) |
| Manufacturing | 1683.7 | 1704.7 | 2124.6 | x | x | 2264.3 |  |  |
| Construction | 846.6 | 1433.9 | 1698.4 | 2577.4 | 2858.8 | 3017.0 | 10.9 | 5.5 |
| Transportation and warehousing | 15563.5 | 15624.3 | 18358.3 | 20798.9 | 13157.4 | 13231.3 | (36.7) | 0.6 |
| Utilities | 5319.2 | 5486.8 | 6019.5 | 6087.9 | 7365.2 | 6692.4 | 21.0 | (9.1) |
| Wholesale trade | x | x | 659.0 | 740.2 | x | 791.7 |  |  |
| Retail trade | 860.1 | x | 1138.5 | 1087.9 | x | 1137.2 |  |  |
| Finance and insurance | 323.1 | 308.7 | 344.9 | 310.3 | x | 291.4 |  |  |
| Real estate, rental and leasing | 1704.0 | 2093.0 | 2011.2 | 1888.1 | 1894.7 | 1793.6 | 0.3 | (5.3) |
| Information and cultural industries | 1329.1 | 1531.1 | 1683.4 | 1546.3 | 1285.5 | 1392.6 | (16.9) | 8.3 |
| Professional, scientific and technical services | 473.8 | x | 737.9 | 1067.7 | 635.5 | 521.9 | (40.5) | (17.9) |
| Management of companies and enterprises | x | x | 61.9 | x | x | 97.9 |  |  |
| Admin, waste and remediation services | x | F | F | 342.1 | 381.8 | 318.1 | 11.6 | (16.7) |
| Arts, entertainment and recreation | 379.9 | F | 530.8 | 523.3 | 881.6 | 899.3 | 68.5 | 2.0 |
| Accommodation and food services | 501.2 | 430.1 | 518.6 | 581.2 | 690.4 | 729.8 | 18.8 | 5.7 |
| Educational services | 1553.8 | 1960.6 | 1825.1 | 2143.6 | 2873.6 | 2936.5 | 34.1 | 2.2 |
| Health care and social assistance | 1272.4 | 2072.0 | 2470.0 | 3540.0 | 4319.9 | 4457.7 | 22.0 | 3.2 |
| Public administration | 4347.8 | 4092.4 | 5373.6 | 5972.7 | 9130.3 | 10386.9 | 52.9 | 13.8 |
| Other services | 165.7 | x | 292.0 | F | 326.4 | 241.3 |  | (26.1) |
| **Total** | **40874.1** | **45413.5** | **53194.0** | **61157.6** | **59864.8** | **60298.1** | (2.1) | 0.7 |
| Public | 14811.6 | 17387.0 | 21783.0 | 24829.9 | 26240.3 | 27101.3 | 5.7 | 3.3 |
| Private | 26062.5 | 28026.4 | 31411.0 | 36327.7 | 33624.5 | 33196.8 | (7.4) | (1.3) |
| **Total** | **40874.1** | **45413.5** | **53194.0** | **61157.6** | **59864.8** | **60298.1** | (2.1) | 0.7 |
| Machinery and equipment | 10525.6 | 11755.1 | 13780.6 | 15332.5 | 15555.4 | 17878.7 | 1.5 | 14.9 |
| Construction | 30348.6 | 33658.4 | 39413.5 | 45825.1 | 44309.5 | 42419.4 | (3.3) | (4.3) |
| **Total** | **40874.1** | **45413.5** | **53194.0** | **61157.6** | **59864.8** | **60298.1** | (2.1) | 0.7 |
| **Housing** | **22187.9** | **26098.9** | **30544.4** | **28388.6** | **28904.9** | **n/a** | 1.8 | n/a |

---

Source: Statistics Canada (Tables: 34-10-0035-01, 34-10-0038-01, 34-10-0286-01 – accessed April 2025).

x Suppressed to meet the confidentiality requirements of the *Statistics Act*.

F Too unreliable to be published.

Note: Totals may not add due to rounding or due to some data not being disclosed for confidentiality reasons.

2025 Financial and Economic Review \| 91

Appendix 1 – Economic Review Supplementary Tables

**Table A1.7 British Columbia International Goods Exports by Major Market and Selected Commodities, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | European | Mainland | Other | Total - |
| Commodity | U.S. | Japan | Union <sup>1</sup> | China | Markets | All Countries |
|  | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) |
| Wood products | **5680** | **731** | **152** | **470** | **582** | **7614** |
| &nbsp;&nbsp;&nbsp;Lumber (softwood) | 3347 | 387 | 128 | 254 | 357 | 4474 |
| &nbsp;&nbsp;&nbsp;Cedar shakes and shingles | 222 | 0 | 7 | 0 | 10 | 239 |
| &nbsp;&nbsp;&nbsp;Plywood and veneer (softwood) | 479 | 1 | 1 | 2 | 10 | 493 |
| &nbsp;&nbsp;&nbsp;Other panel products | 665 | 3 | 0 | 0 | 10 | 679 |
| &nbsp;&nbsp;&nbsp;Selected value-added wood products | 772 | 6 | 2 | 0 | 3 | 783 |
| &nbsp;&nbsp;&nbsp;Logs | 47 | 125 | 0 | 213 | 34 | 419 |
| &nbsp;&nbsp;&nbsp;Other | 147 | 209 | 13 | 1 | 157 | 528 |
| Pulp and paper products | **1053** | **159** | **27** | **2015** | **716** | **3970** |
| &nbsp;&nbsp;&nbsp;Pulp | 472 | 158 | 26 | 1995 | 614 | 3265 |
| &nbsp;&nbsp;&nbsp;Newsprint | 3 | 0 | 0 | 6 | 19 | 28 |
| &nbsp;&nbsp;&nbsp;Paper, paperboard – excluding newsprint | 455 | 0 | 0 | 13 | 28 | 496 |
| &nbsp;&nbsp;&nbsp;Other | 124 | 0 | 0 | 1 | 56 | 181 |
| Agriculture and food other than fish | **3633** | **186** | **75** | **121** | **496** | **4511** |
| &nbsp;&nbsp;&nbsp;Fruit and nuts | 446 | 40 | 2 | 6 | 38 | 532 |
| &nbsp;&nbsp;&nbsp;Vegetables | 527 | 10 | 3 | 0 | 2 | 542 |
| &nbsp;&nbsp;&nbsp;Vegetable oils | 96 | 1 | 0 | 0 | 3 | 101 |
| &nbsp;&nbsp;&nbsp;Bread, pastry, prepared cereals, pasta, etc. | 624 | 6 | 2 | 1 | 8 | 641 |
| &nbsp;&nbsp;&nbsp;Meat and prepared meat products | 50 | 58 | 0 | 36 | 69 | 213 |
| &nbsp;&nbsp;&nbsp;Other | 1889 | 71 | 69 | 77 | 376 | 2481 |
| Fish products | **787** | **76** | **34** | **287** | **97** | **1283** |
| &nbsp;&nbsp;&nbsp;Whole fish; fresh, chilled, frozen – excluding salmon | 84 | 10 | 10 | 16 | 23 | 142 |
| &nbsp;&nbsp;&nbsp;Whole salmon; fresh, chilled, frozen | 454 | 31 | 6 | 11 | 8 | 510 |
| &nbsp;&nbsp;&nbsp;Salmon; fillets, canned, smoked, etc. | 69 | 0 | 2 | 0 | 7 | 78 |
| &nbsp;&nbsp;&nbsp;Other | 181 | 35 | 17 | 259 | 59 | 552 |
| Metallic mineral products | **2239** | **1194** | **239** | **1996** | **1625** | **7293** |
| &nbsp;&nbsp;&nbsp;Copper ores and concentrates | 0 | 1191 | 0 | 1967 | 1257 | 4415 |
| &nbsp;&nbsp;&nbsp;Molybdenum ores and concentrates | 0 | 0 | 27 | 27 | 43 | 97 |
| &nbsp;&nbsp;&nbsp;Zinc ores and concentrates | 0 | 0 | 0 | 1 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;Unwrought aluminum | 1083 | 0 | 209 | 0 | 7 | 1300 |
| &nbsp;&nbsp;&nbsp;Unwrought zinc | 967 | 0 | 0 | 0 | 42 | 1009 |
| &nbsp;&nbsp;&nbsp;Unwrought lead | 170 | 0 | 0 | 0 | 0 | 170 |
| &nbsp;&nbsp;&nbsp;Other | 18 | 4 | 3 | 1 | 275 | 301 |
| Fabricated metal products | **1317** | **8** | **22** | **69** | **252** | **1668** |
| Energy products | **5726** | **3059** | **635** | **3035** | **3829** | **16285** |
| &nbsp;&nbsp;&nbsp;Natural gas | 2523 | 0 | 0 | 0 | 0 | 2523 |
| &nbsp;&nbsp;&nbsp;Coal | 176 | 2086 | 635 | 2700 | 3032 | 8629 |
| &nbsp;&nbsp;&nbsp;Electricity | 920 | 0 | 0 | 0 | 0 | 920 |
| &nbsp;&nbsp;&nbsp;Other | 2107 | 974 | 0 | 336 | 798 | 4214 |
| Machinery and equipment | **5537** | **164** | **495** | **276** | **1129** | **7602** |
| &nbsp;&nbsp;&nbsp;Motor vehicles and parts | 604 | 1 | 16 | 55 | 163 | 839 |
| &nbsp;&nbsp;&nbsp;Electrical/electronic/communications | 1740 | 78 | 174 | 56 | 284 | 2331 |
| &nbsp;&nbsp;&nbsp;Scientific/photographic/measuring equipment, etc. | 646 | 44 | 146 | 128 | 268 | 1233 |
| &nbsp;&nbsp;&nbsp;Aircraft and parts | 225 | 11 | 4 | 3 | 16 | 258 |
| &nbsp;&nbsp;&nbsp;Other | 2323 | 30 | 155 | 35 | 398 | 2942 |
| Plastics and articles of plastic | **675** | **2** | **15** | **34** | **57** | **782** |
| Chemicals and chemical products | **1037** | **65** | **105** | **139** | **242** | **1588** |
| Apparel and accessories | **39** | **1** | **3** | **50** | **6** | **99** |
| Textiles | **21** | **1** | **3** | **1** | **30** | **56** |
| All other commodities | **1143** | **3** | **29** | **30** | **695** | **1900** |
| &nbsp;&nbsp;&nbsp;**Total** | **28888** | **5649** | **1835** | **8522** | **9757** | **54650** |

---

---

| | |
|:---|:---|
| <sup>1</sup> | The European Union is the membership as of February 1, 2020: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. |
|  | Source: Statistics Canada, International Trade Statistics custom extract, May 2025. Figures may not add due to rounding. |

---

92 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.8 British Columbia International Goods Exports by Market Area**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Percent of Total | Percent of Total |
|  | 2021 | 2022 | 2023 | 2024 | % Change<br>2023-2024 | 2023 | 2024 |
|  | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | (per cent) | (per cent) |
| United Kingdom | 406 | 495 | 283 | 288 | 1.5 | 0.5 | 0.5 |
| Germany | 389 | 502 | 387 | 396 | 2.3 | 0.7 | 0.7 |
| Mainland China | 8888 | 8487 | 7939 | 8522 | 7.4 | 14.1 | 15.6 |
| Hong Kong | 189 | 216 | 256 | 243 | (4.9) | 0.5 | 0.4 |
| Taiwan | 1143 | 1064 | 783 | 818 | 4.4 | 1.4 | 1.5 |
| Japan | 4842 | 6016 | 6235 | 5649 | (9.4) | 11.1 | 10.3 |
| South Korea | 2920 | 4106 | 3292 | 3581 | 8.8 | 5.9 | 6.6 |
| India | 766 | 1573 | 1406 | 1269 | (9.8) | 2.5 | 2.3 |
| Australia | 327 | 513 | 719 | 829 | 15.4 | 1.3 | 1.5 |
| Mexico | 100 | 179 | 164 | 122 | (25.6) | 0.3 | 0.2 |
| United States | 29878 | 37358 | 30400 | 28888 | (5.0) | 54.1 | 52.9 |
| Other | 4089 | 4434 | 4285 | 4047 | (5.6) | 7.6 | 7.4 |
| &nbsp;&nbsp;&nbsp;**Total** | **53936** | **64944** | **56149** | **54650** | **(2.7)** | **100.0** | **100.0** |
| Market Areas: |  |  |  |  |  |  |  |
| Western Europe <sup>1</sup> | 2165 | 2423 | 2394 | 1923 | (19.7) | 4.3 | 3.5 |
| Pacific Rim <sup>2</sup> | 19765 | 21804 | 20315 | 21136 | 4.0 | 36.2 | 38.7 |

---

---

| | |
|:---|:---|
| <sup>1</sup> | Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. |
| <sup>2</sup> | Australia, Brunei Darussalam, China, Fiji, Hong Kong, Indonesia, Japan, Laos, Macau, Malaysia, Mongolia, New Zealand, North Korea, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. |
|  | Source: Statistics Canada, International Trade Statistics custom extract, May 2025. Figures may not add due to rounding. |

---

2025 Financial and Economic Review \| 93

Appendix 1 – Economic Review Supplementary Tables

**Table A1.9 Historical Commodity Prices (in US Dollars)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| Metals |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper (London; $/lb) | 3.11 | 2.49 | 2.21 | 2.80 | 2.96 | 2.73 | 2.80 | 4.22 | 4.00 | 3.84 | 4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lead (London; $/lb) | 0.95 | 0.81 | 0.85 | 1.05 | 1.02 | 0.91 | 0.83 | 1.00 | 0.98 | 0.97 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc (London; $/lb) | 0.98 | 0.87 | 0.95 | 1.31 | 1.33 | 1.16 | 1.03 | 1.36 | 1.58 | 1.20 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold (London; $/troy oz) | 1266 | 1159 | 1251 | 1257 | 1269 | 1391 | 1769 | 1799 | 1802 | 1939 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver (London; $/troy oz) | 19.07 | 15.68 | 17.16 | 17.05 | 15.71 | 16.19 | 20.50 | 25.14 | 21.80 | 23.34 | 28.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum ($/lb) | 11.40 | 6.74 | 6.56 | 7.21 | 10.52 | 11.34 | 8.62 | 16.07 | 18.45 | 24.76 | 21.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aluminum (London; $/lb) | 0.85 | 0.75 | 0.73 | 0.89 | 0.96 | 0.81 | 0.77 | 1.12 | 1.23 | 1.02 | 1.10 |
| Forest Products |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumber (Madison's Lumber Reporter; WSPF, 2x4, $/1000 bd ft) | 354 | 282 | 308 | 409 | 500 | 372 | 567 | 881 | 814 | 398 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pulp (NBSK; del. China $/tonne) | 733 | 653 | 599 | 697 | 866 | 625 | 585 | 852 | 934 | 756 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newsprint (US Eastcoast; $/tonne) | 583 | 517 | 540 | 557 | 669 | 667 | 559 | 623 | 783 | 786 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cedar (Madison's Lumber Reporter 2x4, $/1000 bd ft) | 956 | 986 | 1004 | 1298 | 1397 | 1386 | 1507 | 1825 | 1998 | 1668 | 1375 |
| **Other** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (West Texas Intermediate; $/barrel) | 93 | 49 | 43 | 51 | 65 | 57 | 39 | 68 | 95 | 78 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas (Plant Inlet; $C/GJ) | 3.12 | 1.37 | 0.99 | 1.14 | 0.79 | 0.73 | 0.94 | 2.23 | 4.09 | 1.77 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coal (Japan-Australia FOB $/t) Metallurgical | 124 | 101 | 112 | 201 | 207 | 183 | 136 | 183 | 347 | 281 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Volatile PCl | 104 | 84 | 88 | 142 | 146 | 131 | 97 | 138 | 292 | 231 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermal | 82 | 68 | 62 | 85 | 110 | 99 | 74 | 93 | 254 | 235 | 158 |

---

Sources: Ministry of Finance; Ministry of Energy and Climate Solutions; Ministry of Forests; Ministry of Mining and Critical Minerals; and US Department of Energy.

94 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.10 British Columbia Forest Sector Economic Activity Indicators**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | Change<sup>1</sup> |
| Indicator | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2023-2024 |
|  | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (million cubic meters) | (per cent) |
| Wood production Lumber | 30.6 | 31.4 | 30.3 | 29.2 | 22.8 | 21.2 | 21.7 | 18.7 | 16.6 | 15.7 | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Timber Scaled by species Lodgepole pine | 24.1 | 20.3 | 15.9 | 15 | 11.1 | 10.1 | 9 | 6.8 | 5.8 | 4.9 | (16.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spruce | 13.3 | 13.2 | 15.8 | 15.3 | 12.3 | 12.5 | 12.5 | 11 | 8.3 | 8.5 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hemlock | 7.2 | 7.6 | 7.1 | 8.1 | 6.6 | 6.1 | 6.4 | 6.1 | 5 | 5.2 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas fir | 9.7 | 10.7 | 10.9 | 13.3 | 11 | 9.9 | 11.4 | 10.9 | 9.5 | 9.7 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balsam | 6.3 | 6.8 | 7.7 | 8.7 | 7.2 | 7.4 | 7.2 | 7 | 5.5 | 5.7 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar | 4.8 | 4.9 | 4.2 | 4.4 | 3.7 | 3.7 | 3.6 | 3.3 | 2.9 | 2.9 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All others | 3.2 | 2.8 | 2.9 | 3.1 | 2.4 | 1.9 | 2.5 | 2.6 | 2 | 2.2 | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>2</sup>** | 68.7 | 66.3 | 64.5 | 67.9 | 54.3 | 51.7 | 52.7 | 47.7 | 38.9 | 39 | 0.1 |
|  | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) | (million tonnes) |  |
| Pulp and paper production | 5.6 | 5.4 | 5.3 | 5.2 | 5.1 | 4.5 | 4.5 | 4 | 3.6 | 3.7 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market pulp | 4.3 | 4.2 | 4.2 | 4.1 | 4.1 | 3.9 | 3.7 | 3.3 | 3.1 | 3.2 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newsprint, paper and paperboard | 1.3 | 1.1 | 1.1 | 1 | 1 | 0.6 | 0.8 | 0.7 | 0.5 | 0.4 | (8.0) |
| Industrial product price indices | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) | (Jan 2020=100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Softwood lumber (Canada) | 86.4 | 90.3 | 103.7 | 114.2 | 97 | 134.4 | 215.5 | 201.6 | 121.5 | 128.6 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spruce-Pine-Fir lumber (BC) | 88.1 | 93.6 | 104 | 114.5 | 99.4 | 133.9 | 221.6 | 211.6 | 127.2 | 137.8 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hemlock lumber (BC) | 75.4 | 81.3 | 102 | 111.4 | 92.6 | 145.3 | 197.4 | 180.8 | 99.9 | 114.2 | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas fir and Western larch (BC) | 88 | 92 | 102.1 | 109.4 | 100.4 | 129.9 | 226 | 259.9 | 143.8 | 148.9 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veneer and plywood (Canada) | 95.6 | 96.8 | 106.5 | 112.1 | 104.8 | 126.7 | 186.9 | 178 | 145.8 | 144 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wood pulp (Canada) | 80.5 | 79.7 | 91.5 | 112.2 | 106.3 | 101.1 | 110 | 121.7 | 107.9 | 110.4 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newsprint for export (Canada) | 81.9 | 88.3 | 91.2 | 111.1 | 109.6 | 98.6 | 98.2 | 114.5 | 120.4 | 109.1 | (9.4) |

---

<sup>1</sup> Percentage change based on unrounded numbers.

<sup>2</sup> Totals may not add due to rounding.

---

| | |
|:---|:---|
| Sources: | Wood Production: Lumber - Statistics Canada Table 16-10-0017-01 - accessed April 2025, Timber scaled by species – Ministry of Forests. |
|  | Pulp and paper production – Pulp and Paper Products Council. |
|  | Industrial product price indices – Statistics Canada (Tables: 18-10-0266-01 with custom tabulations – accessed June 2025). |

---

Timber scaled data includes all logs, special forest products, species and grades billed to crown, private and federal land. Waste, reject, and Christmas trees are excluded.

For all scale invoiced as of date of reporting – April 2025

2025 Financial and Economic Review \| 95

Appendix 1 – Economic Review Supplementary Tables

**Table A1.11 Historical Value of Mineral, Petroleum and Natural Gas Shipments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Natural Gas | Other Oil |
| Year | Metals | Non-metals <sup>1</sup> | Coal <sup>2</sup> | Crude Oil <sup>3</sup> | to Pipeline | and Gas <sup>4</sup> |
|  | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) |
| 1991 | 1511 | 449 | 1536 | 260 | 562 | 36 |
| 1992 | 1502 | 369 | 1039 | 260 | 592 | 38 |
| 1993 | 1198 | 395 | 1121 | 233 | 814 | 42 |
| 1994 | 1354 | 417 | 1331 | 235 | 991 | 44 |
| 1995 | 2016 | 453 | 1421 | 272 | 710 | 58 |
| 1996 | 1537 | 440 | 1922 | 441 | 817 | 75 |
| 1997 | 1495 | 445 | 2018 | 403 | 1087 | 98 |
| 1998 | 1484 | 454 | 1813 | 373 | 1154 | 47 |
| 1999 | 1183 | 465 | 1300 | 461 | 1577 | 53 |
| 2000 | 1571 | 508 | 1332 | 843 | 3826 | 114 |
| 2001 | 1394 | 513 | 1431 | 729 | 4834 | 103 |
| 2002 | 1288 | 541 | 1373 | 714 | 3458 | 79 |
| 2003 | 1353 | 563 | 1450 | 718 | 5396 | 116 |
| 2004 | 1956 | 594 | 1579 | 824 | 5827 | 133 |
| 2005 | 2442 | 643 | 2986 | 973 | 7821 | 173 |
| 2006 | 3248 | 637 | 2845 | 1013 | 5956 | 179 |
| 2007 | 2887 | 775 | 2485 | 989 | 5745 | 200 |
| 2008 | 2590 | 1075 | 5395 | 1215 | 7525 | 524 |
| 2009 | 1837 | 581 | 4261 | 720 | 3284 | 115 |
| 2010 | 2191 | 721 | 5255 | 930 | 3437 | 161 |
| 2011 | 2131 | 778 | 7131 | 1194 | 3444 | 307 |
| 2012 | 2360 | 831 | 5679 | 1208 | 1934 | 273 |
| 2013 | 2578 | 838 | 4823 | 1332 | 3129 | 214 |
| 2014 | 3302 | x | 3660 | 1565 | 5170 | 261 |
| 2015 | 3250 | x | 3163 | 1015 | 2445 | 76 |
| 2016 | 2942 | x | 4212 | 1065 | 1918 | 90 |
| 2017 | 3351 | x | 6617 | 1534 | 2205 | 217 |
| 2018 | 3694 | x | 7396 | 2545 | 1740 | 457 |
| 2019 | 3660 | 559 | 6740 | 2456 | 1647 | 160 |
| 2020 | 4104 | 598 | 4106 | 1627 | 2161 | 198 |
| 2021 | 5202 | 657 | 7147 | 3022 | 5526 | 809 |
| 2022 | 4778 | 774 | 11893 | 4553 | 11127 | 1390 |
| 2023 | 4441 | x | 10336 | 3787 | 5081 | 849 |
| 2024 | 4225 | x | 8629 | 4503 | 2264 | 1033 |

---

<sup>1</sup> Includes non-metals, aggregates, clay and refractory minerals.

<sup>2</sup> As adapted by BC Stats from the Statistics Canada, International Trade Statistics custom extract. Previous table releases sourced from Natural Resources Canada.

<sup>3</sup> Includes pentanes and condensate.

<sup>4</sup> Liquefied petroleum gases and sulphur.

---

| | |
|:---|:---|
| <sup>x</sup> | Suppressed to meet the confidentiality requirements of the *Statistics Act.* |
|  | Sources: Statistics Canada (Tables: 16-10-0022-01 - accessed April 2025), BC Stats, Natural Resources Canada, Ministry of Energy and Climate Solutions, and Ministry of Mining and Critical Minerals. |

---

96 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.12 Petroleum and Natural Gas Activity Indicators**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Provincial Reserves | Provincial Reserves | |
|  |<br>Natural gas<br>production<br>(wellhead)<br>(billion cubic m) |<br>Crude oil and<br>wellhead condensate<br>Production<br>(million cubic m) |<br><br>Wells Authorized<br>(number) <sup>1</sup> |<br><br>Wells Drilled<br>(number) | Raw gas<br>(remaining<br>reserves)<br>(billion cubic m) | Oil<br>(remaining<br>reserves)<br>(million cubic m) | Provincial<br>Government<br>petroleum and<br>natural gas revenue <sup>2</sup><br>($ millions) |
| 2004 | 34.2 | 2.2 | 1700 | 1282 | 389.7 | 21.9 | 2186.5 |
| 2005 | 31.8 | 2.0 | 1790 | 1429 | 444.6 | 20.9 | 2300.2 |
| 2006 | 35.4 | 1.9 | 1730 | 1435 | 462.4 | 18.2 | 2063.1 |
| 2007 | 31.9 | 1.8 | 1206 | 909 | 482.9 | 19.7 | 1924.3 |
| 2008 | 33.5 | 1.6 | 1408 | 929 | 605.3 | 18.5 | 2710.1 |
| 2009 | 32.9 | 1.5 | 829 | 626 | 657.9 | 19.3 | 2972.4 |
| 2010 | 35.0 | 1.6 | 871 | 714 | 932.0 | 18.7 | 1360.4 |
| 2011 | 41.4 | 1.5 | 1133 | 661 | 974.9 | 18.2 | 1328.1 |
| 2012 | 41.0 | 1.6 | 647 | 484 | 1138.5 | 19.1 | 619.1 |
| 2013 | 43.7 | 1.5 | 907 | 571 | 1197.2 | 19.3 | 569.7 |
| 2014 | 46.3 | 1.8 | 1252 | 706 | 1443.9 | 18.1 | 1018.4 |
| 2015 | 48.2 | 1.9 | 913 | 546 | 1504.7 | 17.6 | 626.7 |
| 2016 | 50.1 | 2.3 | 479 | 355 | 1485.1 | 16.5 | 243.1 |
| 2017 | 50.5 | 2.5 | 870 | 621 | 1354.8 | 18.2 | 347.9 |
| 2018 | 58.0 | 3.6 | 897 | 446 | 1434.1 | 18.3 | 436.8 |
| 2019 | 58.8 | 3.7 | 672 | 365 | 1818.7 | 16.6 | 299.1 |
| 2020 | 61.6 | 3.2 | 519 | 372 | 1912.5 | 14.9 | 218.6 |
| 2021 | 65.7 | 3.0 |  | 469 | 2093.0 | 13.4 | 689.6 |
| 2022 | 72.2 | 2.7 |  | 382 | 2475.2 | 12.2 | 2268.6 |
| 2023 | 75.8 | 2.6 |  | 528 | 2598.9 | 11.9 | 1148.5 |
| 2024 | 80.4 | 3.2 |  | 623 | n/a | n/a | 741.0 |
| <u>per cent change</u> |  |  |  |  |  |  |  |
| 2023-2024 | 6.1 | 23.5 |  | 18.0 | n/a | n/a | (35.5) |

---

<sup>1</sup> No new well authorizations from 2021 to 2024 in response to the Supreme Court of B.C. ruling on the cumulative impacts of industrial development.

<sup>2</sup> Includes Crown royalties, Crown reserve disposition bonuses, fees and rentals (for which the accounting treatment is revised from deferred accrual to cash basis for all historical years).

Sources: Ministry of Energy and Climate Solutions and BC Energy Regulator.

2025 Financial and Economic Review \| 97

Appendix 1 – Economic Review Supplementary Tables

**Table A1.13 Supply and Consumption of Electrical Energy in British Columbia**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Supply** | **Supply** | **Supply** | **Supply** | **Supply** | **Consumption** | **Consumption** | **Consumption** | Net Exports |
|  | Net Generation | Net Generation | Net Generation | | | | | | |
|  | | All Other | | Receipts | | Delivered | | | |
|  | | Types Of | Total | From Other | | To Other | Total | | |
|  | | Electricity | Provincial | Provinces | **Total** | Provinces | Provincial | **Total** | |
| Year | Hydro | Generation<sup>2</sup> | Generation | and Imports | **Supply** | and Exports | Consumption | **Demand** |  |
|  | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> | (gigawatt-hours)<sup>1</sup> |
| 1989 | 51082 | 6573 | 57655 | 4500 | 62155 | 6583 | 55572 | 62155 | 2083 |
| 1990 | 57245 | 3417 | 60662 | 3233 | 63895 | 6689 | 57206 | 63895 | 3456 |
| 1991 | 60149 | 2832 | 62981 | 2272 | 65253 | 7725 | 57528 | 65253 | 5454 |
| 1992 | 60555 | 3503 | 64058 | 2685 | 66743 | 9473 | 57270 | 66743 | 6788 |
| 1993 | 53057 | 5716 | 58774 | 5691 | 64465 | 5605 | 58860 | 64465 | (86) |
| 1994 | 53979 | 7036 | 61015 | 7836 | 68851 | 9541 | 59311 | 68851 | 1705 |
| 1995 | 49814 | 8192 | 58006 | 6385 | 64391 | 3972 | 60419 | 64391 | (2413) |
| 1996 | 67329 | 4436 | 71765 | 3289 | 75053 | 10390 | 64664 | 75053 | 7101 |
| 1997 | 61772 | 5189 | 66961 | 4316 | 71278 | 12114 | 59163 | 71278 | 7798 |
| 1998 | 60849 | 6861 | 67710 | 5056 | 72766 | 10619 | 62147 | 72766 | 5563 |
| 1999 | 61588 | 6457 | 68045 | 6807 | 74852 | 12529 | 62323 | 74852 | 5722 |
| 2000 | 59754 | 8487 | 68241 | 6039 | 74280 | 10698 | 63582 | 74280 | 4659 |
| 2001 | 48338 | 8994 | 57332 | 10154 | 67486 | 6408 | 61079 | 67486 | (3747) |
| 2002 | 58627 | 6318 | 64945 | 5769 | 70714 | 8078 | 62636 | 70714 | 2309 |
| 2003 | 56689 | 6362 | 63051 | 7084 | 70135 | 9599 | 60535 | 70135 | 2515 |
| 2004 | 53281 | 7214 | 60496 | 8261 | 68757 | 6791 | 61966 | 68757 | (1470) |
| 2005\* | 60327 | 7447 | 67774 | 7206 | 74980 | 9247 | 65732 | 74980 | 2042 |
| 2006 | 54247 | 7350 | 61598 | 12687 | 74284 | 6133 | 68151 | 74284 | (6554) |
| 2007 | 64287 | 7543 | 71830 | 8390 | 80220 | 11198 | 69022 | 80220 | 2808 |
| 2008 | 58699 | 7373 | 66072 | 12431 | 78503 | 9956 | 68546 | 78503 | (2474) |
| 2009 | 56462 | 8594 | 65057 | 12075 | 77132 | 8304 | 68827 | 77132 | (3771) |
| 2010 | 54152 | 10072 | 64224 | 10767 | 74991 | 7566 | 67425 | 74991 | (3201) |
| 2011 | 61037 | 8220 | 69257 | 10973 | 80230 | 15552 | 64679 | 80230 | 4579 |
| 2012 | 65141 | 8444 | 73584 | 9738 | 83323 | 16929 | 66394 | 83323 | 7191 |
| 2013 | 59223 | 8628 | 67851 | 10466 | 78317 | 13576 | 64741 | 78317 | 3110 |
| 2014 | 57573 | 9435 | 67008 | 10941 | 77949 | 13734 | 64215 | 77949 | 2793 |
| 2015 | 64999 | 6772 | 71771 | 9591 | 81361 | 14123 | 67238 | 81361 | 4533 |
| 2016 | 61840 | 7939 | 69779 | 8758 | 78537 | 14476 | 64061 | 78537 | 5718 |
| 2017 | 66503 | 8083 | 74586 | 8943 | 83530 | 15139 | 68391 | 83530 | 6195 |
| 2018 | 61791 | 7989 | 69781 | 10531 | 80312 | 10703 | 69609 | 80312 | 172 |
| 2019 | 56108 | 8674 | 64782 | 12086 | 76868 | 9434 | 67434 | 76868 | (2652) |
| 2020 | 63237 | 7710 | 70947 | 7997 | 78944 | 17066 | 61879 | 78944 | 9068 |
| 2021 | 64371 | 8251 | 72622 | 8937 | 81559 | 16090 | 65469 | 81559 | 7153 |
| 2022 | 63232 | 7378 | 70610 | 9588 | 80198 | 17305 | 62893 | 80198 | 7718 |
| 2023 | 48827 | 7276 | 56103 | 18454 | 74557 | 7306 | 67252 | 74557 | (11149) |
| 2024 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

---

<sup>1</sup> Gigawatt-hour = one million kilowatt-hours

 

<sup>2</sup> All other types of electricity generation includes steam, nuclear, combustion turbine, tidal, wind and solar.

 

\* Note: Starting from 2005, annual survey values (25-10-0020-01 and 25-10-0021-01) are used since more extensive information is available from companies' annual performance reviews. Source: Statistics Canada (Tables: 25-10-0001-01, 25-10-0020-01 and 25-10-0021-01 – accessed March 2025) and BC Stats.

98 \| 2025 Financial and Economic Review

Appendix 1 – Economic Review Supplementary Tables

**Table A1.14 Components of British Columbia Population Change**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Migration | Net Migration | Net Migration | Natural Increase | Natural Increase | Natural Increase | Total | Total |
|  | Inter- | Inter- | | | | | Population | Population |
| Year | provincial | national | Total | Births | Deaths | Total | Increase <sup>1</sup> | at July 1 |
| 1975 | (2864) | 25342 | 22478 | 36281 | 19151 | 17130 | 39608 | 2499564 |
| 1976 | (464) | 16288 | 15824 | 35848 | 18788 | 17060 | 32884 | 2533899 |
| 1977 | 12452 | 11224 | 23676 | 36691 | 18596 | 18095 | 41771 | 2570315 |
| 1978 | 20106 | 7699 | 27805 | 37231 | 19058 | 18173 | 45978 | 2615162 |
| 1979 | 32541 | 14012 | 46553 | 38432 | 19204 | 19228 | 65781 | 2665238 |
| 1980 | 38773 | 23522 | 62295 | 40104 | 19371 | 20733 | 83028 | 2745861 |
| 1981 | 23270 | 22143 | 45413 | 41474 | 19857 | 21617 | 67030 | 2826558 |
| 1982 | (1129) | 14175 | 13046 | 42747 | 20707 | 22040 | 35086 | 2876513 |
| 1983 | 3000 | 10639 | 13639 | 42919 | 19827 | 23092 | 36731 | 2907502 |
| 1984 | 3867 | 8674 | 12541 | 43911 | 20686 | 23225 | 35766 | 2947181 |
| 1985 | (3430) | 9374 | 5944 | 43127 | 21302 | 21825 | 27769 | 2975131 |
| 1986 | (772) | 12290 | 11518 | 41967 | 21213 | 20754 | 32272 | 3003621 |
| 1987 | 16588 | 21078 | 37666 | 41814 | 21814 | 20000 | 57666 | 3048651 |
| 1988 | 25829 | 28704 | 54533 | 42930 | 22546 | 20384 | 74917 | 3114761 |
| 1989 | 35711 | 31042 | 66753 | 43769 | 22997 | 20772 | 87525 | 3196725 |
| 1990 | 40088 | 28585 | 68673 | 45617 | 23577 | 22040 | 90713 | 3292111 |
| 1991 | 34600 | 21274 | 55874 | 45612 | 23977 | 21635 | 77509 | 3373787 |
| 1992 | 39578 | 29477 | 69055 | 46156 | 24615 | 21541 | 90596 | 3468802 |
| 1993 | 37595 | 34679 | 72274 | 46026 | 25764 | 20262 | 92536 | 3567772 |
| 1994 | 34449 | 42667 | 77116 | 46998 | 25939 | 21059 | 98175 | 3676075 |
| 1995 | 23414 | 43644 | 67058 | 46820 | 26375 | 20445 | 87503 | 3777390 |
| 1996 | 17798 | 47617 | 65415 | 46138 | 27538 | 18600 | 84015 | 3874317 |
| 1997 | 1980 | 38318 | 40298 | 44577 | 27412 | 17165 | 57463 | 3948583 |
| 1998 | (17521) | 24380 | 6859 | 43072 | 27978 | 15094 | 21953 | 3983113 |
| 1999 | (12413) | 28644 | 16231 | 41939 | 28017 | 13922 | 30153 | 4011375 |
| 2000 | (14783) | 29266 | 14483 | 40672 | 27461 | 13211 | 27694 | 4039230 |
| 2001 | (7028) | 34165 | 27137 | 40576 | 28448 | 12128 | 39265 | 4076896 |
| 2002 | (4445) | 28575 | 24130 | 40069 | 28916 | 11153 | 35283 | 4100504 |
| 2003 | 3025 | 27762 | 30787 | 40499 | 29377 | 11122 | 41909 | 4124447 |
| 2004 | 7785 | 28019 | 35804 | 40512 | 29950 | 10562 | 46366 | 4155630 |
| 2005 | 7212 | 38394 | 45606 | 40857 | 30313 | 10544 | 56150 | 4196076 |
| 2006 | 12799 | 34681 | 47480 | 41756 | 30736 | 11020 | 58500 | 4241793 |
| 2007 | 16776 | 35726 | 52502 | 43654 | 31333 | 12321 | 64823 | 4290987 |
| 2008 | 10849 | 49682 | 60531 | 44281 | 32114 | 12167 | 72698 | 4349338 |
| 2009 | 9672 | 46783 | 56455 | 44999 | 31448 | 13551 | 70006 | 4410513 |
| 2010 | 6212 | 32727 | 38939 | 43812 | 31340 | 12472 | 51411 | 4465557 |
| 2011 | 711 | 34898 | 35609 | 44125 | 31972 | 12153 | 47762 | 4503819 |
| 2012 | (4322) | 34893 | 30571 | 44052 | 32530 | 11522 | 42093 | 4570866 |
| 2013 | 2514 | 35370 | 37884 | 43786 | 33205 | 10581 | 48465 | 4634943 |
| 2014 | 15859 | 32151 | 48010 | 44380 | 33793 | 10587 | 58597 | 4712691 |
| 2015 | 22827 | 3427 | 26254 | 44300 | 35249 | 9051 | 35305 | 4765472 |
| 2016 | 23589 | 43154 | 66743 | 45269 | 36635 | 8634 | 75377 | 4861269 |
| 2017 | 15296 | 53243 | 68539 | 44648 | 38490 | 6158 | 74697 | 4934202 |
| 2018 | 12716 | 62715 | 75431 | 43594 | 38473 | 5121 | 80552 | 5020979 |
| 2019 | 14265 | 70859 | 85124 | 43490 | 38561 | 4929 | 90053 | 5111022 |
| 2020 | 19310 | (3155) | 16155 | 42255 | 41332 | 923 | 17078 | 5176101 |
| 2021 | 31047 | 74807 | 105854 | 44050 | 44587 | (537) | 105317 | 5226665 |
| 2022 | 11325 | 148341 | 159666 | 41727 | 45813 | (4086) | 155580 | 5357486 |
| 2023 | (1203) | 189768 | 188565 | 41393 | 44999 | (3606) | 184959 | 5531553 |
| 2024 | (5912) | 100303 | 94391 | 43718 | 43752 | (34) | 94357 | 5698430 |

---

---

| | |
|:---|:---|
| <sup>1</sup> | Components may not add to totals due to the revision of population statistics based on information collected during subsequent census years. The revisions are not distributed back to relevant components due to insufficient data. |
|  | Sources: Statistics Canada (Tables: 17-10-0020-01, 17-10-0040-01 and 17-10-0059-01 – accessed April 2025) and BC Stats. |

---

2025 Financial and Economic Review \| 99

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| Appendix 2 |
| Financial Review |
| Supplementary Tables |

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2025 Financial and Economic Review

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Appendix 2 – Financial Review Supplementary Tables

**Table A2.1 Operating Statement – 2013/14 to 2024/25 <sup>1</sup>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | 43146 | 45670 | 46918 | 50943 | 51940 | 56950 | 58493 | 62047 | 72391 | 81790 | 79623 | 84046 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense | (43439) | (44477) | (46869) | (48721) | (51744) | (55634) | (59024) | (67662) | (71129) | (80834) | (84658) | (91393) | 7.0 |
| **Surplus (deficit)** | **(293)** | **1193** | **49** | **2222** | **196** | **1316** | **(531)** | **(5615)** | **1262** | **956** | **(5035)** | **(7347)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated surplus (deficit) beginning of year, before remeasurement gains/(losses) | 3067 | 2774 | 3967 | 4016 | 6238 | 6434 | 7750 | 7219 | 1604 | 2866 | 3822 | (1213) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated surplus (deficit),before remeasurement gains/(losses) | 2774 | 3967 | 4016 | 6238 | 6434 | 7750 | 7219 | 1604 | 2866 | 3822 | (1213) | (8560) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement gains/(losses) | 420 | 145 | (502) | (266) | (230) | 36 | (214) | 693 | 540 | (372) | (408) | (1450) |  |
| **Accumulated surplus (deficit), end of year** | **3194** | **4112** | **3514** | **5972** | **6204** | **7786** | **7005** | **2297** | **3406** | **3450** | **(1621)** | **(10010)** |  |
| **Per cent of Nominal GDP:** <sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus (deficit) | -0.1 | 0.5 | 0.0 | 0.8 | 0.1 | 0.4 | -0.2 | -1.8 | 0.4 | 0.2 | -1.2 | -1.7 |  |
| **Per cent of revenue:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus (deficit) | -0.7 | 2.6 | 0.1 | 4.4 | 0.4 | 2.3 | -0.9 | -9.0 | 1.7 | 1.2 | -6.3 | -8.7 |  |
| **Per capita ($):** <sup>3</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus (deficit) | (63) | 253 | 10 | 457 | 40 | 262 | (104) | (1085) | 241 | 178 | (910) | (1289) |  |

---

<sup>1</sup> Figures have been restated to reflect government accounting policies in effect at March 31, 2025.

<sup>2</sup> Revenue and expense as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2024/25 amounts divided by GDP for the 2024 calendar year). As nominal GDP for the calendar year ending 2024 is not yet available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025.

<sup>3</sup> Per capita revenue and expense is calculated using July 1 population (e.g. 2024/25 amounts divided by population on July 1, 2024).

2025 Financial and Economic Review \| 103

Appendix 2 – Financial Review Supplementary Tables

**Table A2.2 Statement of Financial Position – 2013/14 to 2024/25 <sup>1</sup>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Financial assets:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and temporary investments | 2801 | 3675 | 3892 | 4232 | 3440 | 3029 | 3985 | 6560 | 7142 | 8247 | 6768 | 13341 | 15.2 |
| &nbsp;&nbsp;&nbsp;Other financial assets | 9409 | 9190 | 9711 | 10218 | 11749 | 12646 | 12413 | 15413 | 17109 | 19074 | 22057 | 24071 | 8.9 |
| &nbsp;&nbsp;&nbsp;Sinking funds | 835 | 977 | 1580 | 1087 | 1348 | 752 | 692 | 492 | 510 | 521 | 491 | 562 | -3.5 |
| &nbsp;&nbsp;&nbsp;Investments in commercial Crown corporations: | 7862 | 8277 | 7537 | 7517 | 6134 | 5738 | 6523 | 9632 | 12426 | 12926 | 14677 | 16985 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoverable capital loans | 19255 | 20624 | 22041 | 23809 | 20534 | 22547 | 24768 | 26301 | 27218 | 28037 | 30572 | 33577 | 5.2 |
|  | 27117 | 28901 | 29578 | 31326 | 26668 | 28285 | 31291 | 35933 | 39644 | 40963 | 45249 | 50562 | 5.8 |
| **Total financial assets** | **40162** | **42743** | **44761** | **46863** | **43205** | **44712** | **48381** | **58398** | **64405** | **68805** | **74565** | **88536** | 7.5 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities & others | 9807 | 9859 | 10071 | 10521 | 11278 | 12137 | 13100 | 14733 | 18509 | 25400 | 23769 | 24395 | 8.6 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 7002 | 7541 | 8196 | 8484 | 8967 | 9620 | 9895 | 11557 | 12796 | 14494 | 15082 | 16213 | 7.9 |
| &nbsp;&nbsp;&nbsp;Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported debt | 41068 | 41880 | 42719 | 41499 | 43607 | 42681 | 46229 | 59750 | 62341 | 59888 | 75402 | 99089 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Self-supported debt | 19625 | 21040 | 22532 | 24338 | 21312 | 23281 | 25932 | 27350 | 28325 | 29492 | 32060 | 34788 | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total provincial debt | 60693 | 62920 | 65251 | 65837 | 64919 | 65962 | 72161 | 87100 | 90666 | 89380 | 107462 | 133877 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Add:* debt offset by sinking funds | 835 | 977 | 1580 | 1087 | 1348 | 752 | 692 | 492 | 510 | 521 | 491 | 562 | -3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Add:* foreign exchange adjustments |  |  |  |  |  |  |  |  |  | 472 | 494 | 2434 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Less:* guarantees & non-guaranteed debt | (726) | (739) | (820) | (835) | (896) | (850) | (1337) | (1335) | (1402) | (1523) | (1476) | (1639) | 7.7 |
| &nbsp;&nbsp;&nbsp;Financial statement debt | 60802 | 63158 | 66011 | 66089 | 65371 | 65864 | 71516 | 86257 | 89774 | 88850 | 106971 | 135234 | 7.5 |
| **Total liabilities** | **77611** | **80558** | **84278** | **85094** | **85616** | **87621** | **94511** | **112547** | **121079** | **128744** | **145822** | **175842** | 7.7 |
| **Net liabilities** | **(37449)** | **(37815)** | **(39517)** | **(38231)** | **(42411)** | **(42909)** | **(46130)** | **(54149)** | **(56674)** | **(59939)** | **(71257)** | **(87306)** | 8 |
| **Capital and other assets:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tangible capital assets | 37857 | 39107 | 40361 | 41382 | 45915 | 47909 | 50104 | 52861 | 56142 | 59818 | 65583 | 72736 | 6.1 |
| &nbsp;&nbsp;&nbsp;Restricted assets | 1493 | 1553 | 1631 | 1695 | 1768 | 1834 | 1931 | 2003 | 2147 | 2224 | 2352 | 2464 | 4.7 |
| &nbsp;&nbsp;&nbsp;Other assets | 1293 | 1267 | 1039 | 1126 | 932 | 952 | 1100 | 1582 | 1791 | 1347 | 1701 | 2096 | 4.5 |
| **Total capital and other assets** | **40643** | **41927** | **43031** | **44203** | **48615** | **50695** | **53135** | **56446** | **60080** | **63389** | **69636** | **77296** | 6 |
| **Accumulated surplus (deficit)** | **3194** | **4112** | **3514** | **5972** | **6204** | **7786** | **7005** | **2297** | **3406** | **3450** | **(1621)** | **(10010)** |  |
| **Per cent of Nominal GDP:** <sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net liabilities | 16.2 | 15.5 | 15.8 | 14.5 | 15 | 14.4 | 14.9 | 17.6 | 15.9 | 15.2 | 17.4 | 20.5 | 2.1 |
| &nbsp;&nbsp;&nbsp;Capital and other assets | 17.6 | 17.2 | 17.2 | 16.7 | 17.2 | 17 | 17.2 | 18.4 | 16.8 | 16 | 17 | 18.1 | 0.3 |
| **Growth rates:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net liabilities | 3.8 | 1 | 4.5 | -3.3 | 10.9 | 1.2 | 7.5 | 17.4 | 4.7 | 5.8 | 18.9 | 22.5 | n/a |
| &nbsp;&nbsp;&nbsp;Capital and other assets | 3.6 | 3.2 | 2.6 | 2.7 | 10 | 4.3 | 4.8 | 6.2 | 6.4 | 5.5 | 9.9 | 11 | n/a |
| **Per capita:** <sup>3</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net liabilities | 8080 | 8024 | 8292 | 7864 | 8595 | 8546 | 9026 | 10461 | 10843 | 11188 | 12882 | 15321 | 6 |
| &nbsp;&nbsp;&nbsp;Capital and other assets | 8769 | 8897 | 9030 | 9093 | 9853 | 10097 | 10396 | 10905 | 11495 | 11832 | 12589 | 13564 | 4 |

---

<sup>1</sup> Figures have been restated to reflect government accounting policies in effect at March 31, 2025.

<sup>2</sup> Net liabilities as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2024/25 amount divided by GDP for the 2024 calendar year). As nominal GDP for the calendar year ending 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025.

<sup>3</sup> Per capita net liabilities is calculated using July 1 population (e.g. 2024/25 amount divided by population on July 1, 2024).

104 \| 2025 Financial and Economic Review

Appendix 2 – Financial Review Supplementary Tables

**Table A2.3 Changes in Financial Position – 2013/14 to 2024/25**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | 12-Year |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | Total |
| **(Surplus) deficit for the year** | **293** | **(1193)** | **(49)** | **(2222)** | **(196)** | **(1316)** | **531** | **5615** | **(1262)** | **(956)** | **5035** | **7347** | **11627** |
| &nbsp;&nbsp;&nbsp;Change in remeasurement (gains) losses | (327) | 275 | 647 | (236) | (36) | (266) | 250 | (907) | 153 | 912 | 36 | 1042 | 1543 |
| Change in accumulated (surplus) deficit | (34) | (918) | 598 | (2458) | (232) | (1582) | 781 | 4708 | (1109) | (44) | 5071 | 8389 | 13170 |
| **Capital and other asset changes:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxpayer-supported capital investments | 3151 | 3407 | 3459 | 3659 | 3908 | 4452 | 4772 | 5428 | 6002 | 6755 | 8772 | 10379 | 64144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Less:* amortization and other accounting changes | (2135) | (2157) | (2205) | (2638) | 625 | (2458) | (2577) | (2671) | (2721) | (3079) | (3007) | (3226) | (28249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net capital assets | 1016 | 1250 | 1254 | 1021 | 4533 | 1994 | 2195 | 2757 | 3281 | 3676 | 5765 | 7153 | 35895 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in restricted assets | 51 | 60 | 78 | 64 | 73 | 66 | 97 | 72 | 144 | 77 | 128 | 112 | 1022 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in other assets | 341 | (26) | (228) | 87 | (194) | 20 | 148 | 482 | 209 | (444) | 354 | 395 | 1144 |
| Change in capital and other assets | 1408 | 1284 | 1104 | 1172 | 4412 | 2080 | 2440 | 3311 | 3634 | 3309 | 6247 | 7660 | 38061 |
| **Increase (decrease) in net liabilities** | **1374** | **366** | **1702** | **(1286)** | **4180** | **498** | **3221** | **8019** | **2525** | **3265** | **11318** | **16049** | **51231** |
| **Investment and working capital changes:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment in commercial Crown corporations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in retained earnings | 298 | 415 | (740) | (20) | (1383) | (396) | 785 | 3109 | 2794 | 500 | 1751 | 2308 | 9421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Self-supported capital investments | 2519 | 2488 | 2573 | 2725 | 2729 | 4106 | 4386 | 3475 | 3730 | 4165 | 4584 | 4402 | 41882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Less:* loan repayments and other accounting changes | (472) | (1119) | (1156) | (957) | (6004) | (2093) | (2165) | (1942) | (2813) | (3346) | (2049) | (1397) | (25513) |
| &nbsp;&nbsp;&nbsp;Change in investment | 2345 | 1784 | 677 | 1748 | (4658) | 1617 | 3006 | 4642 | 3711 | 1319 | 4286 | 5313 | 25790 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in cash and temporary investments | (372) | 874 | 217 | 340 | (792) | (411) | 956 | 2575 | 582 | 1105 | (1479) | 6573 | 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other working capital changes <sup>1</sup> | 616 | (668) | 257 | (724) | 552 | (1211) | (1531) | (495) | (3301) | (6613) | 3996 | 328 | (8794) |
| **Change in investment and working capital** | **2589** | **1990** | **1151** | **1364** | **(4898)** | **(5)** | **2431** | **6722** | **992** | **(4189)** | **6803** | **12214** | **27164** |
| **Increase (decrease) in financial statement debt** | **3963** | **2356** | **2853** | **78** | **(718)** | **493** | **5652** | **14741** | **3517** | **(924)** | **18121** | **28263** | **78395** |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in sinking fund debt | 943 | (142) | (603) | 493 | (261) | 596 | 60 | 200 | (18) | (11) | 30 | (71) | 1216 |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in foreign exchange |  |  |  |  |  |  |  |  |  | (472) | (22) | (1940) | (2434) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in guarantees | 27 | (33) | 6 | (23) | (188) | (2) | 57 | 113 | 9 | (227) | (80) | 172 | (169) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in non-guaranteed debt | (56) | 46 | 75 | 38 | 249 | (44) | 430 | (115) | 58 | 348 | 33 | (9) | 1053 |
| **Increase (decrease) in total provincial debt** | **4877** | **2227** | **2331** | **586** | **(918)** | **1043** | **6199** | **14939** | **3566** | **(1286)** | **18082** | **26415** | **78061** |
| **Represented by increase (decrease) in:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Taxpayer-supported debt** | **2886** | **812** | **839** | **(1220)** | **2108** | **(926)** | **3548** | **13521** | **2591** | **(2453)** | **15514** | **23687** | **60907** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Self-supported debt** | **1991** | **1415** | **1492** | **1806** | **(3026)** | **1969** | **2651** | **1418** | **975** | **1167** | **2568** | **2728** | **17154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total provincial debt** | **4877** | **2227** | **2331** | **586** | **(918)** | **1043** | **6199** | **14939** | **3566** | **(1286)** | **18082** | **26415** | **78061** |

---

<sup>1</sup> Includes changes in other financial assets, sinking funds, accounts payable, deferred revenue and other accrued liabilities.

2025 Financial and Economic Review \| 105

Appendix 2 – Financial Review Supplementary Tables

**Table A2.4 Revenue by Source – 2013/14 to 2024/25 <sup>1</sup>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Taxation revenue:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal income | 6862 | 8076 | 8380 | 9704 | 8923 | 11364 | 10657 | 11118 | 13704 | 17268 | 16443 | 17026 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate income | 2427 | 2635 | 2787 | 3003 | 4165 | 5180 | 5011 | 4805 | 5053 | 9156 | 6085 | 8262 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer health |  |  |  |  |  | 464 | 1897 | 2156 | 2443 | 2720 | 2886 | 3056 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonized sales | (226) | (91) | (55) | 6 | 13 | 7 |  |  |  |  |  |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Other sales <sup>2</sup> | 5529 | 5853 | 6045 | 6600 | 7118 | 7362 | 7374 | 7694 | 8731 | 9818 | 10330 | 10363 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 917 | 932 | 973 | 969 | 1010 | 1015 | 1008 | 936 | 1022 | 1021 | 982 | 979 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carbon | 1222 | 1198 | 1190 | 1220 | 1255 | 1465 | 1682 | 1683 | 2011 | 2161 | 2642 | 2606 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco | 724 | 752 | 734 | 737 | 727 | 781 | 729 | 711 | 708 | 531 | 477 | 412 | -5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property | 2080 | 2154 | 2219 | 2279 | 2367 | 2617 | 2608 | 2313 | 3012 | 3253 | 3605 | 3837 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property transfer | 937 | 1065 | 1533 | 2026 | 2141 | 1826 | 1609 | 2098 | 3327 | 2293 | 1993 | 2005 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance premium and other | 458 | 482 | 520 | 549 | 602 | 633 | 691 | 652 | 706 | 804 | 853 | 900 | 6.3 |
|  | **20930** | **23056** | **24326** | **27093** | **28321** | **32714** | **33266** | **34166** | **40717** | **49025** | **46296** | **49446** | 8.1 |
| **Natural resource revenue:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas royalties | 445 | 493 | 139 | 152 | 161 | 199 | 118 | 196 | 920 | 2255 | 823 | 672 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown land tenures | 287 | 397 | 76 | 117 | 196 | 106 | 60 | 45 | 45 | 41 | 42 | 42 | -16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia River Treaty | 170 | 130 | 116 | 111 | 111 | 202 | 119 | 117 | 231 | 437 | 448 | 297 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other energy and minerals | 269 | 267 | 226 | 403 | 619 | 557 | 386 | 191 | 795 | 979 | 637 | 448 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forests | 719 | 754 | 865 | 913 | 1065 | 1406 | 988 | 1304 | 1893 | 1887 | 657 | 514 | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other resources | 493 | 459 | 460 | 499 | 463 | 465 | 432 | 433 | 499 | 518 | 536 | 443 | -1 |
|  | **2383** | **2500** | **1882** | **2195** | **2615** | **2935** | **2103** | **2286** | **4383** | **6117** | **3143** | **2416** | 0.1 |
| **Other revenue:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical Services Plan premiums | 2158 | 2254 | 2434 | 2558 | 2266 | 1360 | 1063 | (4) | 1 | (1) | (1) |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Post-secondary education fees | 1445 | 1544 | 1666 | 1828 | 2034 | 2275 | 2451 | 2418 | 2536 | 2651 | 2840 | 2911 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other healthcare related fees | 333 | 358 | 374 | 404 | 429 | 441 | 475 | 372 | 417 | 519 | 591 | 631 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor vehicle licences and permits | 507 | 507 | 527 | 539 | 557 | 563 | 576 | 581 | 622 | 621 | 630 | 641 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees and licences | 770 | 770 | 841 | 894 | 963 | 949 | 1004 | 970 | 1025 | 1146 | 1217 | 1285 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment earnings | 1203 | 1171 | 1213 | 1232 | 1101 | 1243 | 1263 | 1264 | 1306 | 1314 | 1708 | 2159 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of goods and services | 946 | 967 | 1011 | 1131 | 1133 | 1164 | 1162 | 741 | 1059 | 1396 | 1548 | 1534 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 2256 | 1893 | 2287 | 2377 | 2410 | 2249 | 2676 | 2395 | 2851 | 3049 | 3440 | 3926 | 5.2 |
|  | **9618** | **9464** | **10353** | **10963** | **10893** | **10244** | **10670** | **8737** | **9817** | **10695** | **11973** | **13087** | 2.8 |
| **Contributions from the federal government:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada Health Transfer | 4280 | 4186 | 4454 | 4744 | 4994 | 5182 | 5523 | 5701 | 6431 | 6432 | 7117 | 7203 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada Social Transfer | 1589 | 1641 | 1695 | 1751 | 1854 | 1908 | 1971 | 2042 | 2110 | 2174 | 2273 | 2339 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other cost shared agreements | 1645 | 1452 | 1498 | 1672 | 2207 | 1962 | 2041 | 5151 | 3439 | 3921 | 4344 | 4765 | 10.2 |
|  | **7514** | **7279** | **7647** | **8167** | **9055** | **9052** | **9535** | **12894** | **11980** | **12527** | **13734** | **14307** | 6 |
| **Commercial Crown corporation net income:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Hydro <sup>3</sup> | 549 | 581 | 655 | 684 | 683 | (428) | 705 | 688 | 668 | 360 | 323 | 587 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquor Distribution Branch | 877 | 935 | 1031 | 1083 | 1119 | 1104 | 1107 | 1161 | 1189 | 1199 | 1148 | 1094 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Lottery Corporation <sup>4</sup> | 1165 | 1245 | 1304 | 1329 | 1391 | 1405 | 1336 | 420 | 1211 | 1584 | 1429 | 1295 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICBC | 136 | 657 | (293) | (612) | (1327) | (1153) | (376) | 1528 | 2286 | 131 | 1399 | 1653 | 25.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (26) | (47) | 13 | 41 | 140 | 127 | 147 | 167 | 140 | 152 | 178 | 161 | -218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting adjustments <sup>3</sup> | - | - | - | - | (950) | 950 | - | - | - | - | - | - | n/a |
|  | **2701** | **3371** | **2710** | **2525** | **1056** | **2005** | **2919** | **3964** | **5494** | **3426** | **4477** | **4790** | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **43146** | **45670** | **46918** | **50943** | **51940** | **56950** | **58493** | **62047** | **72391** | **81790** | **79623** | **84046** | 6.2 |

---

<sup>1</sup> Figures have been restated to reflect government accounting policies in effect at March 31, 2025. The accounting treatment is revised from deferred accrual to cash basis for Crown land tenures, motor vehicle and other fees for all historical years.

<sup>2</sup> Includes social service tax, hotel room tax, provincial sales tax, tax on designated properties and housing transition tax.

<sup>3</sup> BC Hydro's loss in 2018/19 includes a write-off of a regulatory account. At the summary level, the Province recognized a $950 million adjustment in fiscal 2017/18 with respect to BC Hydro's deferred regulatory accounts.

<sup>4</sup> Net of payments to the federal government and starting in 2021/22, is also net of payments to the BC First Nations Gaming Revenue Sharing Limited Partnership in accordance with section 14.3 of the *Gaming Control Act (B.C.)*.

106 \| 2025 Financial and Economic Review

Appendix 2 – Financial Review Supplementary Tables

**Table A2.5 Revenue by Source Supplementary Information – 2013/14 to 2024/25**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Actual<br>2013/14 | <br>Actual<br>2014/15 | <br>Actual<br>2015/16 | <br>Actual<br>2016/17 | <br>Actual<br>2017/18 | <br>Actual<br>2018/19 | <br>Actual<br>2019/20 | <br>Actual<br>2020/21 | <br>Actual<br>2021/22 | <br>Actual<br>2022/23 | <br>Actual<br>2023/24 | <br>Actual<br>2024/25 | Average<br>annual<br>change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Per cent of Nominal GDP:** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxation | 9.1 | 9.5 | 9.7 | 10.3 | 10 | 11 | 10.8 | 11.1 | 11.4 | 12.4 | 11.3 | 11.6 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural resources | 1 | 1 | 0.8 | 0.8 | 0.9 | 1 | 0.7 | 0.7 | 1.2 | 1.5 | 0.8 | 0.6 | -5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4.2 | 3.9 | 4.1 | 4.2 | 3.9 | 3.4 | 3.5 | 2.8 | 2.8 | 2.7 | 2.9 | 3.1 | -2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from the federal government | 3.3 | 3 | 3 | 3.1 | 3.2 | 3 | 3.1 | 4.2 | 3.4 | 3.2 | 3.4 | 3.4 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporation net income | 1.2 | 1.4 | 1.1 | 1 | 0.4 | 0.7 | 0.9 | 1.3 | 1.5 | 0.9 | 1.1 | 1.1 | -0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **18.7** | **18.7** | **18.7** | **19.3** | **18.4** | **19.2** | **18.9** | **20.2** | **20.3** | **20.7** | **19.4** | **19.7** | 0.5 |
| **Growth rates (per cent):** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxation | -0.6 | 10.2 | 5.5 | 11.4 | 4.5 | 15.5 | 1.7 | 2.7 | 19.2 | 20.4 | -5.6 | 6.8 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural resources | 34.3 | 4.9 | -24.7 | 16.6 | 19.1 | 12.2 | -28.3 | 8.7 | 91.7 | 39.6 | -48.6 | -23.1 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 10.4 | -1.6 | 9.4 | 5.9 | -0.6 | -6 | 4.2 | -18.1 | 12.4 | 8.9 | 11.9 | 9.3 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from the federal government | 6.6 | -3.1 | 5.1 | 6.8 | 10.9 | 0 | 5.3 | 35.2 | -7.1 | 4.6 | 9.6 | 4.2 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporation net income | -2.7 | 24.8 | -19.6 | -6.8 | -58.2 | 89.9 | 45.6 | 35.8 | 38.6 | -37.6 | 30.7 | 7 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **4.3** | **5.8** | **2.7** | **8.6** | **2.0** | **9.6** | **2.7** | **6.1** | **16.7** | **13.0** | **-2.6** | **5.6** | n/a |
| **Per capita ($):** <sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxation | 4516 | 4892 | 5105 | 5573 | 5740 | 6515 | 6509 | 6601 | 7790 | 9151 | 8369 | 8677 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural resources | 514 | 530 | 395 | 452 | 530 | 585 | 411 | 442 | 839 | 1142 | 568 | 424 | -1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2075 | 2008 | 2173 | 2255 | 2208 | 2040 | 2088 | 1688 | 1878 | 1996 | 2164 | 2297 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from the federal government | 1621 | 1545 | 1605 | 1680 | 1835 | 1803 | 1866 | 2491 | 2292 | 2338 | 2483 | 2511 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporation net income | 583 | 715 | 569 | 519 | 214 | 399 | 571 | 766 | 1051 | 639 | 809 | 841 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **9309** | **9691** | **9845** | **10479** | **10527** | **11342** | **11444** | **11987** | **13850** | **15266** | **14394** | **14749** | 4.3 |
| **Real Per Capita Revenue (2024 $)** <sup>3</sup> | **12275** | **12649** | **12712** | **13288** | **13070** | **13710** | **13517** | **14051** | **15794** | **16284** | **14775** | **14749** | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth rate (per cent) | 5.7 | 3.1 | 0.5 | 4.5 | -1.6 | 4.9 | -1.4 | 4 | 12.4 | 3.1 | -9.3 | -0.2 | n/a |

---

<sup>1</sup> Revenue as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2024/25 revenue divided by GDP for the 2024 calendar year). As nominal GDP for the calendar year ending 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025 for demonstration purposes. Totals may not add due to rounding.

<sup>2</sup> Per capita revenue is calculated using July 1 population (e.g. 2024/25 revenue divided by population on July 1, 2024). Totals may not add due to rounding.

<sup>3</sup> Revenue is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2024 CPI for 2024/25 revenue).

2025 Financial and Economic Review \| 107

Appendix 2 – Financial Review Supplementary Tables

**Table A2.6 Expense by Function – 2013/14 to 2024/25 <sup>1</sup>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Function:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Services Plan | 4114 | 4136 | 4345 | 4573 | 4623 | 4861 | 5013 | 5145 | 5776 | 6006 | 7071 | 8240 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmacare | 1130 | 1120 | 1335 | 1284 | 1400 | 1494 | 1517 | 1501 | 1579 | 1711 | 1906 | 1974 | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional services | 11967 | 12417 | 12818 | 13086 | 14101 | 15002 | 16054 | 18290 | 19574 | 21715 | 25261 | 27288 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other healthcare expenses | 658 | 704 | 712 | 753 | 810 | 800 | 872 | 677 | 662 | 890 | 625 | 680 | -0.1 |
|  | 17869 | 18377 | 19210 | 19696 | 20934 | 22157 | 23456 | 25613 | 27591 | 30322 | 34863 | 38182 | 7.3 |
| &nbsp;&nbsp;&nbsp;Education: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elementary and secondary | 6134 | 6065 | 6304 | 6423 | 6919 | 7255 | 7584 | 7444 | 8085 | 8585 | 9285 | 9990 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-secondary | 5289 | 5354 | 5507 | 5677 | 6002 | 6398 | 6846 | 6872 | 7357 | 7517 | 8403 | 8856 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other education expenses | 410 | 414 | 407 | 374 | 176 | 442 | 312 | 630 | 361 | 891 | 791 | 763 | 5.5 |
|  | 11833 | 11833 | 12218 | 12474 | 13097 | 14095 | 14742 | 14946 | 15803 | 16993 | 18479 | 19609 | 4.9 |
| &nbsp;&nbsp;&nbsp;Social services: | 1572 | 1589 | 1641 | 1692 | 1988 | 2202 | 2342 | 3141 | 2910 | 3157 | 3009 | 3599 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social assistance |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Child welfare | 1097 | 1129 | 1301 | 1358 | 1507 | 1652 | 1940 | 2226 | 2254 | 3168 | 3941 | 4548 | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low income tax credit transfers | 279 | 248 | 247 | 244 | 239 | 414 | 435 | 1131 | 754 | 1746 | 733 | 1015 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community living and other services | 857 | 881 | 917 | 949 | 1003 | 1075 | 1170 | 1291 | 1350 | 1581 | 1601 | 1761 | 7.4 |
|  | 3805 | 3847 | 4106 | 4243 | 4737 | 5343 | 5887 | 7789 | 7268 | 9652 | 9284 | 10922 | 9.6 |
| &nbsp;&nbsp;&nbsp;Protection of persons and property | 1520 | 1451 | 1572 | 1655 | 1930 | 2004 | 2126 | 2258 | 2937 | 3483 | 3101 | 3183 | 6.8 |
| &nbsp;&nbsp;&nbsp;Transportation | 1580 | 1608 | 1670 | 1784 | 1931 | 2021 | 2126 | 3362 | 4453 | 3320 | 2379 | 2933 | 5.9 |
| &nbsp;&nbsp;&nbsp;Natural resources & economic development | 2477 | 2465 | 3374 | 3825 | 3778 | 4191 | 5213 | 6284 | 6704 | 6165 | 1755 | 2191 | 10.3 |
| &nbsp;&nbsp;&nbsp;Other | 1205 | 1309 | 1285 | 2281 | 1574 | 1831 | 2525 | 2862 | 3082 | 5736 | 4215 | 4022 | 10.3 |
| &nbsp;&nbsp;&nbsp;General government | 1390 | 1363 | 1505 | 1536 | 1544 | 1674 | 1657 | 3919 | 2040 | 2325 | 2341 | 2132 | 4.9 |
| &nbsp;&nbsp;&nbsp;Debt servicing | 2482 | 2498 | 2826 | 2587 | 2623 | 2684 | 2727 | 2722 | 2742 | 2719 | 3292 | 4245 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expense** | **43439** | **44477** | **46869** | **48721** | **51744** | **55634** | **59024** | **67662** | **71129** | **80834** | **84658** | **91393** | 7.0 |
| **Per cent of operating expense:** | 41.1 | 41.3 | 41.0 | 40.4 | 40.5 | 39.8 | 39.7 | 37.9 | 38.8 | 37.5 | 41.2 | 41.8 | 0.3 |
| &nbsp;&nbsp;&nbsp;Health |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Education | 27.2 | 26.6 | 26.1 | 25.6 | 25.3 | 25.3 | 25.0 | 22.1 | 22.2 | 21.0 | 21.8 | 21.5 | -2.0 |
| &nbsp;&nbsp;&nbsp;Social services | 8.8 | 8.6 | 8.8 | 8.7 | 9.2 | 9.6 | 10.0 | 11.5 | 10.2 | 11.9 | 11.0 | 12.0 | 2.4 |
| &nbsp;&nbsp;&nbsp;Protection of persons and property | 3.5 | 3.3 | 3.4 | 3.4 | 3.7 | 3.6 | 3.6 | 3.3 | 4.1 | 4.3 | 3.7 | 3.5 | -0.2 |
| &nbsp;&nbsp;&nbsp;Transportation | 3.6 | 3.6 | 3.6 | 3.7 | 3.7 | 3.6 | 3.6 | 5.0 | 6.3 | 4.1 | 2.8 | 3.2 | -1.0 |
| &nbsp;&nbsp;&nbsp;Natural resources & economic development | 4.0 | 4.9 | 5.3 | 5.1 | 6.5 | 6.9 | 6.4 | 6.2 | 7.3 | 7.8 | 7.9 | 6.7 | 3.1 |
| &nbsp;&nbsp;&nbsp;Other | 2.8 | 2.9 | 2.7 | 4.7 | 3.0 | 3.3 | 4.3 | 4.2 | 4.3 | 7.1 | 5.0 | 4.4 | 3.1 |
| &nbsp;&nbsp;&nbsp;General government | 3.2 | 3.1 | 3.2 | 3.2 | 3.0 | 3.0 | 2.8 | 5.8 | 2.9 | 2.9 | 2.8 | 2.3 | -2.0 |
| &nbsp;&nbsp;&nbsp;Debt servicing | 5.7 | 5.6 | 6.0 | 5.3 | 5.1 | 4.8 | 4.6 | 4.0 | 3.9 | 3.4 | 3.9 | 4.6 | -1.6 |
|  | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** |  |

---

<sup>1</sup> Figures have been restated to reflect government accounting policies in effect at March 31, 2025.

108 \| 2025 Financial and Economic Review

Appendix 2 – Financial Review Supplementary Tables

**Table A2.7 Expense by Function Supplementary Information – 2013/14 to 2024/25 <sup>1</sup>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Actual<br>2013/14 | <br>Actual<br>2014/15 | <br>Actual<br>2015/16 | <br>Actual<br>2016/17 | <br>Actual<br>2017/18 | <br>Actual<br>2018/19 | <br>Actual<br>2019/20 | <br>Actual<br>2020/21 | <br>Actual<br>2021/22 | <br>Actual<br>2022/23 | <br>Actual<br>2022/23 | <br>Actual<br>2024/25 | Average<br>annual<br>change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Per cent of nominal GDP:** <sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health | 7.7 | 7.5 | 7.7 | 7.5 | 7.4 | 7.5 | 7.6 | 8.3 | 7.7 | 7.7 | 8.5 | 8.9 | 1.2 |
| &nbsp;&nbsp;&nbsp;Education | 5.1 | 4.9 | 4.9 | 4.7 | 4.6 | 4.7 | 4.8 | 4.9 | 4.4 | 4.3 | 4.5 | 4.6 | -1.1 |
| &nbsp;&nbsp;&nbsp;Social services | 1.6 | 1.6 | 1.6 | 1.6 | 1.7 | 1.8 | 1.9 | 2.5 | 2 | 2.4 | 2.3 | 2.6 | 3.3 |
| &nbsp;&nbsp;&nbsp;Protection of persons and property | 0.7 | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 | 0.9 | 0.8 | 0.7 | 0.7 |
| &nbsp;&nbsp;&nbsp;Transportation | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 1.1 | 1.2 | 0.8 | 0.6 | 0.7 | -0.1 |
| &nbsp;&nbsp;&nbsp;Natural resources & economic development | 0.8 | 0.9 | 1 | 0.9 | 1.2 | 1.3 | 1.2 | 1.4 | 1.5 | 1.6 | 1.6 | 1.4 | 4 |
| &nbsp;&nbsp;&nbsp;Other | 0.5 | 0.5 | 0.5 | 0.9 | 0.6 | 0.6 | 0.8 | 0.9 | 0.9 | 1.5 | 1 | 0.9 | 4 |
| &nbsp;&nbsp;&nbsp;General government | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 1.3 | 0.6 | 0.6 | 0.6 | 0.5 | -1.1 |
| &nbsp;&nbsp;&nbsp;Debt servicing | 1.1 | 1 | 1.1 | 1 | 0.9 | 0.9 | 0.9 | 0.9 | 0.8 | 0.7 | 0.8 | 1 | -0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating expense** | **18.8** | **18.2** | **18.7** | **18.5** | **18.3** | **18.7** | **19.1** | **22.0** | **19.9** | **20.4** | **20.7** | **21.4** | 0.9 |
| **Growth rates (per cent):** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health | 2.1 | 2.8 | 4.5 | 2.5 | 6.3 | 5.8 | 5.9 | 9.2 | 7.7 | 9.9 | 15 | 9.5 | n/a |
| &nbsp;&nbsp;&nbsp;Education | 2.6 | 0 | 3.3 | 2.1 | 5 | 7.6 | 4.6 | 1.4 | 5.7 | 7.5 | 8.7 | 6.1 | n/a |
| &nbsp;&nbsp;&nbsp;Social services | -4.6 | 1.1 | 6.7 | 3.3 | 11.6 | 12.8 | 10.2 | 32.3 | -6.7 | 32.8 | -3.8 | 17.6 | n/a |
| &nbsp;&nbsp;&nbsp;Protection of persons and property | -1.2 | -4.5 | 8.3 | 5.3 | 16.6 | 3.8 | 6.1 | 6.2 | 30.1 | 18.6 | -11 | 2.6 | n/a |
| &nbsp;&nbsp;&nbsp;Transportation | 1.6 | 1.8 | 3.9 | 6.8 | 8.2 | 4.7 | 5.2 | 58.1 | 32.5 | -25.4 | -28.3 | 23.3 | n/a |
| &nbsp;&nbsp;&nbsp;Natural resources & economic development | -16.1 | 24.8 | 13.1 | -0.5 | 36.9 | 13.4 | -1.2 | 10.9 | 24.4 | 20.5 | 6.7 | -8 | n/a |
| &nbsp;&nbsp;&nbsp;Other | -11.9 | 8.6 | -1.8 | 77.5 | -31 | 16.3 | 37.9 | 13.3 | 7.7 | 86.1 | -26.5 | -4.6 | n/a |
| &nbsp;&nbsp;&nbsp;General government | 9.8 | -1.9 | 10.4 | 2.1 | 0.5 | 8.4 | -1 | 136.5 | -47.9 | 14 | 0.7 | -8.9 | n/a |
| &nbsp;&nbsp;&nbsp;Debt servicing | 3.8 | 0.6 | 13.1 | -8.5 | 1.4 | 2.3 | 1.6 | -0.2 | 0.7 | -0.8 | 21.1 | 28.9 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating expense** | **0.5** | **2.4** | **5.4** | **4.0** | **6.2** | **7.5** | **6.1** | **14.6** | **5.1** | **13.6** | **4.7** | **8.0** | n/a |
| **Per capita ($):** <sup>3</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health | 3855 | 3899 | 4031 | 4052 | 4243 | 4413 | 4589 | 4948 | 5279 | 5660 | 6303 | 6700 | 5.2 |
| &nbsp;&nbsp;&nbsp;Education | 2553 | 2511 | 2564 | 2566 | 2654 | 2807 | 2884 | 2888 | 3024 | 3172 | 3341 | 3441 | 2.9 |
| &nbsp;&nbsp;&nbsp;Social services | 821 | 816 | 862 | 873 | 960 | 1064 | 1152 | 1505 | 1391 | 1802 | 1678 | 1917 | 7.4 |
| &nbsp;&nbsp;&nbsp;Protection of persons and property | 328 | 308 | 330 | 340 | 391 | 399 | 416 | 436 | 562 | 650 | 561 | 559 | 4.7 |
| &nbsp;&nbsp;&nbsp;Transportation | 341 | 341 | 350 | 367 | 391 | 403 | 416 | 650 | 852 | 620 | 430 | 515 | 3.8 |
| &nbsp;&nbsp;&nbsp;Natural resources & economic development | 379 | 465 | 520 | 507 | 684 | 762 | 739 | 810 | 997 | 1173 | 1212 | 1082 | 8.1 |
| &nbsp;&nbsp;&nbsp;Other | 260 | 278 | 270 | 469 | 319 | 365 | 494 | 553 | 590 | 1071 | 762 | 706 | 8.1 |
| &nbsp;&nbsp;&nbsp;General government | 300 | 289 | 316 | 316 | 313 | 333 | 324 | 757 | 390 | 434 | 423 | 374 | 2.8 |
| &nbsp;&nbsp;&nbsp;Debt servicing | 535 | 530 | 593 | 532 | 532 | 535 | 534 | 526 | 525 | 508 | 595 | 745 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating expense** | **9372** | **9437** | **9836** | **10022** | **10487** | **11081** | **11548** | **13073** | **13610** | **15090** | **15305** | **16039** | 4.9 |
| **Real Per Capita** **Operating Expense (2024 $)** <sup>4</sup> | **12358** | **12319** | **12699** | **12708** | **13020** | **13393** | **13640** | **15323** | **15519** | **16094** | **15709** | **16038** | 2.3 |
| &nbsp;&nbsp;&nbsp;Growth rate (per cent) | -0.8 | -0.3 | 3.1 | 0.1 | 2.5 | 2.9 | 1.8 | 12.3 | 1.3 | 3.7 | -2.4 | 2.1 | n/a |

---

<sup>1</sup> Numbers may not add due to rounding.

<sup>2</sup> Expense as a per cent of GDP is an estimate calculated using nominal GDP for the calendar year ending in the fiscal year (e.g. 2024/25 expense divided by nominal GDP for the 2024 calendar year); as nominal GDP for the calendar year ending 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025.

<sup>3</sup> Per capita expense is calculated using July 1 population (e.g. 2024/25 expense divided by population on July 1, 2024).

<sup>4</sup> Expense is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2024 CPI for 2024/25 expense).

2025 Financial and Economic Review \| 109

Appendix 2 – Financial Review Supplementary Tables

**Table A2.8 Full-Time Equivalents (FTEs) – 2013/14 to 2024/25**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Actual<br>2013/14 | <br>Actual<br>2014/15 | <br>Actual<br>2015/16 | <br>Actual<br>2016/17 | <br>Actual<br>2017/18 | <br>Actual<br>2018/19 | <br>Actual<br>2019/20 | <br>Actual<br>2020/21 | <br>Actual<br>2021/22 | <br>Actual<br>2022/23 | <br>Actual<br>2023/24 | <br>Actual<br>2024/25 | Average<br>annual<br>change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Taxpayer-supported programs and agencies:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ministries and special offices (CRF) | 26526 | 26679 | 27192 | 27940 | 29291 | 30891 | 31774 | 32672 | 33400 | 33696 | 37008 | 39036 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service delivery agencies <sup>1</sup> | 4640 | 4798 | 4803 | 4850 | 5076 | 5258 | 5985 | 6042 | 6767 | 7746 | 8666 | 9575 | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total FTEs** | 31166 | 31477 | 31995 | 32790 | 34367 | 36149 | 37759 | 38714 | 40167 | 41442 | 45674 | 48611 | 4.1 |
| **Growth rates:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ministries and special offices (CRF) | -2.9 | 0.6 | 1.9 | 2.8 | 4.8 | 5.5 | 2.9 | 2.8 | 2.2 | 0.9 | 9.8 | 5.5 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Service delivery agencies | 2.9 | 3.4 | 0.1 | 1 | 4.7 | 3.6 | 13.8 | 1 | 12 | 14.5 | 11.9 | 10.5 | n/a |
| **Population per FTE:** <sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FTEs | 148.7 | 149.7 | 148.9 | 148.3 | 143.6 | 138.9 | 135.4 | 133.7 | 130.1 | 129.3 | 121.1 | 117.2 | -2.1 |

---

<sup>1</sup> Service delivery agency FTE figures do not include SUCH sector staff employment.

<sup>2</sup> Population per FTE is calculated using July 1 population (e.g. population on July 1, 2024 divided by 2024/25 FTEs).

110 \| 2025 Financial and Economic Review

Appendix 2 – Financial Review Supplementary Tables

**Table A2.9 Capital Spending – 2013/14 to 2024/25**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Taxpayer-supported:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schools (K–12) | 466 | 420 | 430 | 474 | 578 | 626 | 877 | 944 | 1001 | 934 | 874 | 1199 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-secondary | 507 | 718 | 746 | 792 | 968 | 1024 | 936 | 904 | 899 | 1071 | 1227 | 1527 | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health | 690 | 900 | 923 | 1004 | 890 | 904 | 1009 | 1162 | 1555 | 1915 | 2998 | 3226 | 15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Transportation Financing Authority | 1017 | 822 | 867 | 823 | 717 | 853 | 955 | 1285 | 1364 | 1823 | 2263 | 3013 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Transit | 80 | 83 | 51 | 41 | 115 | 85 | 73 | 107 | 67 | 101 | 158 | 151 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government direct (ministries) | 298 | 326 | 290 | 301 | 430 | 421 | 520 | 389 | 386 | 470 | 537 | 468 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing | 65 | 107 | 127 | 184 | 169 | 483 | 355 | 572 | 642 | 357 | 587 | 603 | 22.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 28 | 31 | 25 | 40 | 41 | 56 | 47 | 65 | 88 | 85 | 128 | 192 | 19.1 |
|  | **3151** | **3407** | **3459** | **3659** | **3908** | **4452** | **4772** | **5428** | **6002** | **6756** | **8772** | **10379** | 11.4 |
| **Self-supported:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Hydro | 2036 | 2169 | 2306 | 2444 | 2473 | 3826 | 3082 | 3207 | 3475 | 3919 | 4263 | 4015 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Basin power projects | 52 | 28 | 15 | 2 | 1 | 2 | 994 | 7 | 9 | 10 | 8 | 16 | -10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation Investment Corp. | 202 | 76 | 25 | 38 | 4 |  |  |  |  |  |  |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Railway Company | 8 | 5 | 23 | 4 | 11 | 33 | 6 | 1 | 2 | 6 | 4 | 4 | -6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICBC | 82 | 88 | 90 | 62 | 54 | 66 | 62 | 100 | 54 | 41 | 64 | 43 | -5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Lottery Corporation | 100 | 69 | 68 | 86 | 82 | 75 | 102 | 73 | 90 | 95 | 84 | 100 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquor Distribution Branch | 13 | 25 | 23 | 27 | 48 | 60 | 36 | 22 | 22 | 16 | 18 | 22 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 26 | 28 | 23 | 62 | 56 | 44 | 104 | 65 | 78 | 78 | 143 | 202 | 20.5 |
|  | **2519** | **2488** | **2573** | **2725** | **2729** | **4106** | **4386** | **3475** | **3730** | **4165** | **4584** | **4402** | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total capital spending** | **5670** | **5895** | **6032** | **6384** | **6637** | **8558** | **9158** | **8903** | **9732** | **10921** | **13356** | **14781** | 9.1 |
| **Per cent of Nominal GDP:** <sup>1</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.5 | 1.5 | 1.8 | 1.7 | 1.7 | 2.1 | 2.4 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-supported | 1.1 | 1 | 1 | 1 | 1 | 1.4 | 1.4 | 1.1 | 1 | 1.1 | 1.1 | 1 | -0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 2.5 | 2.4 | 2.4 | 2.4 | 2.4 | 2.9 | 3 | 2.9 | 2.7 | 2.8 | 3.3 | 3.5 | 3.2 |
| **Growth rates:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | -3.9 | 8.1 | 1.5 | 5.8 | 6.8 | 13.9 | 7.2 | 13.7 | 10.6 | 12.6 | 29.8 | 18.3 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-supported | -8.9 | -1.2 | 3.4 | 5.9 | 0.1 | 50.5 | 6.8 | -20.8 | 7.3 | 11.7 | 10.1 | -4 | -7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | -6.2 | 4 | 2.3 | 5.8 | 4 | 28.9 | 7 | -2.8 | 9.3 | 12.2 | 22.3 | 10.7 | n/a |
| **Per capita:** <sup>2</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 680 | 723 | 726 | 753 | 792 | 887 | 934 | 1049 | 1148 | 1261 | 1586 | 1821 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-supported | 543 | 528 | 540 | 561 | 553 | 818 | 858 | 671 | 714 | 777 | 829 | 772 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 1223 | 1251 | 1266 | 1313 | 1345 | 1704 | 1792 | 1720 | 1862 | 2038 | 2415 | 2594 | 7.1 |
| **Real Per Capita Capital Spending (2024 $)** <sup>3</sup>** | **1613** | **1633** | **1634** | **1665** | **1670** | **2060** | **2116** | **2016** | **2123** | **2174** | **2478** | **2594** | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth rate (per cent) | -7.4 | 1.2 | 0.1 | 1.9 | 0.3 | 23.4 | 2.7 | -4.7 | 5.3 | 2.4 | 14 | 4.7 | n/a |

---

<sup>1</sup> Capital spending as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2024/25 amounts divided by GDP for the 2024 calendar year). As nominal GDP for the calendar year ending 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025. Totals may not add due to rounding.

<sup>2</sup> Per capita capital spending is calculated using July 1 population (e.g. 2024/25 amounts divided by population on July 1, 2024). Totals may not add due to rounding.

<sup>3</sup> Capital spending is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2024 CPI for 2024/25 capital spending).

2025 Financial and Economic Review \| 111

Appendix 2 – Financial Review Supplementary Tables

**Table A2.10 Provincial Debt – 2013/14 to 2024/25**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Taxpayer-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Provincial government** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating | 10223 | 9280 | 8034 | 4644 | 1156 | - | - | 8746 | 7233 | - | 8729 | 24516 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-12 education | 7217 | 7572 | 8012 | 8454 | 8891 | 8885 | 9757 | 10529 | 11342 | 10893 | 11643 | 12563 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-secondary institutions | 3747 | 3860 | 4063 | 4285 | 4584 | 4607 | 4917 | 5426 | 5732 | 5502 | 5979 | 6663 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health facilities | 4732 | 5105 | 5416 | 5835 | 6141 | 6173 | 6705 | 7484 | 8223 | 8286 | 10109 | 12559 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministries general capital | 1372 | 1698 | 1987 | 2288 | 2718 | 2363 | 3133 | 3702 | 4087 | 4549 | 5084 | 5552 | 13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation | 2174 | 2174 | 2174 | 2174 | 5682 | 5401 | 5401 | 5401 | 5401 | 5391 | 5391 | 5330 | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social housing | 378 | 413 | 428 | 449 | 619 | 619 | 805 | 1062 | 1424 | 1648 | 2024 | 2386 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 242 | 242 | 242 | 242 | 242 | 242 | 252 | 268 | 278 | 269 | 352 | 486 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 19862 | 21064 | 22322 | 23727 | 28877 | 28290 | 30970 | 33872 | 36487 | 36538 | 40582 | 45539 | 7.8 |
| **Total provincial government** | **30085** | **30344** | **30356** | **28371** | **30033** | **28290** | **30970** | **42618** | **43720** | **36538** | **49311** | **70055** | 8.0 |
| **Taxpayer-supported entities:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School districts | 28 | 28 | 21 | 19 | 17 | 19 | 18 | 24 | 25 | 21 | 19 | 20 | -3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post-secondary institutions | 639 | 658 | 668 | 699 | 744 | 763 | 753 | 882 | 922 | 910 | 897 | 976 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health authorities & hospital societies | 1306 | 1417 | 1582 | 1717 | 1762 | 1795 | 1802 | 1875 | 1839 | 1983 | 2387 | 2333 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Transportation Financing Authority | 7912 | 8428 | 9177 | 9974 | 10388 | 11293 | 12193 | 13321 | 14615 | 18946 | 21286 | 24078 | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Pavilion Corporation | 149 | 148 | 156 | 143 | 141 | 138 | 135 | 132 | 129 | 126 | 123 | 119 | -2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Transit | 143 | 123 | 106 | 94 | 84 | 73 | 65 | 60 | 56 | 53 | 109 | 119 | -1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;InBC Investment Corp | 440 | 414 | 304 | 217 | 161 | 70 | 45 | 37 | 19 | 21 | 60 | 117 | -11.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Social housing | 341 | 302 | 332 | 246 | 259 | 225 | 222 | 770 | 974 | 1241 | 1182 | 1237 | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 25 | 18 | 17 | 19 | 18 | 15 | 26 | 31 | 42 | 49 | 28 | 35 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total taxpayer-supported entities** | **10983** | **11536** | **12363** | **13128** | **13574** | **14391** | **15259** | **17132** | **18621** | **23350** | **26091** | **29034** | 9.2 |
| **Total taxpayer-supported debt** | **41068** | **41880** | **42719** | **41499** | **43607** | **42681** | **46229** | **59750** | **62341** | **59888** | **75402** | **99089** | 8.3 |
| **Self-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporations and agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Hydro | 15559 | 16544 | 17929 | 19685 | 19990 | 22064 | 23238 | 24650 | 25611 | 26707 | 29351 | 31890 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Liquor Distribution Branch |  |  |  |  |  |  | 210 | 233 | 230 | 242 | 233 | 233 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Lottery Corporation | 155 | 140 | 150 | 145 | 155 | 100 | 233 | 228 | 195 | 201 | 169 | 189 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Basin power projects | 470 | 464 | 459 | 448 | 433 | 418 | 1387 | 1349 | 1319 | 1298 | 1265 | 1227 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Power Corporation |  | 300 | 296 | 291 | 286 | 282 | 276 | 271 | 266 | 270 | 266 | 259 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-secondary institution subsidiaries | 198 | 222 | 310 | 340 | 418 | 387 | 504 | 520 | 615 | 685 | 682 | 896 | 14.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Investment Corporation | 3209 | 3335 | 3355 | 3398 |  |  |  |  |  |  |  |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 34 | 35 | 33 | 31 | 30 | 30 | 84 | 99 | 89 | 89 | 94 | 94 | 9.7 |
| **Total self-supported debt** | **19625** | **21040** | **22532** | **24338** | **21312** | **23281** | **25932** | **27350** | **28325** | **29492** | **32060** | **34788** | 5.3 |
| **Total provincial debt** | **60693** | **62920** | **65251** | **65837** | **64919** | **65962** | **72161** | **87100** | **90666** | **89380** | **107462** | **133877** | 7.5 |

---

112 \| 2025 Financial and Economic Review

Appendix 2 – Financial Review Supplementary Tables

**Table A2.11 Provincial Debt Supplementary Information – 2013/14 to 2024/25**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | annual |
| ($ millions) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| **Per cent of nominal GDP:** <sup>1</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Taxpayer-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial government direct operating | 4.4 | 3.8 | 3.2 | 1.8 | 0.4 |  |  | 2.8 | 2.0 |  | 2.1 | 5.7 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial government capital | 8.6 | 8.6 | 8.9 | 9.0 | 10.2 | 9.5 | 10.0 | 11.0 | 10.2 | 9.2 | 9.9 | 10.7 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total provincial government | 13.0 | 12.4 | 12.1 | 10.8 | 10.6 | 9.5 | 10.0 | 13.9 | 12.2 | 9.2 | 12.0 | 16.4 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported entities | 4.8 | 4.7 | 4.9 | 5.0 | 4.8 | 4.8 | 4.9 | 5.6 | 5.2 | 5.9 | 6.4 | 6.8 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxpayer-supported debt | 17.8 | 17.2 | 17.0 | 15.7 | 15.4 | 14.4 | 15.0 | 19.4 | 17.5 | 15.1 | 18.4 | 23.2 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Self-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporations and agencies | 8.5 | 8.6 | 9.0 | 9.2 | 7.6 | 7.8 | 8.4 | 8.9 | 7.9 | 7.5 | 7.8 | 8.2 | -0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total provincial debt** | **26.3** | **25.8** | **26.0** | **24.9** | **23.0** | **22.2** | **23.4** | **28.3** | **25.4** | **22.6** | **26.2** | **31.4** | 1.6 |
| **Growth rates (per cent):** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Taxpayer-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial government direct operating | 8.7 | -9.2 | -13.4 | -42.2 | -75.1 | -100.0 |  |  | -17.3 | -100.0 |  | 180.9 | 31.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial government capital | 6.0 | 6.1 | 6.0 | 6.3 | 21.7 | -2.0 | 9.5 | 9.4 | 7.7 | 0.1 | 11.1 | 12.2 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported entities | 9.3 | 5.0 | 7.2 | 6.2 | 3.4 | 6.0 | 6.0 | 12.3 | 8.7 | 25.4 | 11.7 | 11.3 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxpayer-supported debt | 7.6 | 2.0 | 2.0 | -2.9 | 5.1 | -2.1 | 8.3 | 29.2 | 4.3 | -3.9 | 25.9 | 31.4 | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Self-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporations and agencies | 11.3 | 7.2 | 7.1 | 8.0 | -12.4 | 9.2 | 11.4 | 5.5 | 3.6 | 4.1 | 8.7 | 8.5 | -2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total provincial debt** | **8.7** | **3.7** | **3.7** | **0.9** | **-1.4** | **1.6** | **9.4** | **20.7** | **4.1** | **-1.4** | **20.2** | **24.6** | 9.9 |
| **Per capita:** <sup>2</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Taxpayer-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial government direct operating | 2206 | 1969 | 1686 | 955 | 234 |  |  | 1690 | 1384 |  | 1578 | 4302 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provincial government capital | 4285 | 4470 | 4684 | 4881 | 5852 | 5634 | 6059 | 6544 | 6981 | 6820 | 7336 | 7991 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported entities | 2370 | 2448 | 2594 | 2701 | 2751 | 2866 | 2986 | 3310 | 3563 | 4358 | 4717 | 5095 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxpayer-supported debt | 8861 | 8887 | 8964 | 8537 | 8838 | 8501 | 9045 | 11543 | 11927 | 11178 | 13631 | 17389 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Self-supported debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Crown corporations and agencies | 4234 | 4465 | 4728 | 5007 | 4319 | 4637 | 5074 | 5284 | 5419 | 5505 | 5796 | 6105 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total provincial debt** | 13095 | 13351 | 13692 | 13543 | 13157 | 13137 | 14119 | 16827 | 17347 | 16683 | 19427 | 23494 | 5.5 |
| **Real Per Capita Provincial Debt (2024 $)** <sup>3</sup>** | **17267** | **17427** | **17679** | **17172** | **16336** | **15879** | **16676** | **19725** | **19781** | **17795** | **19941** | **23494** | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth rate (per cent) | 7.3 | 0.9 | 1.4 | -2.9 | -4.9 | -2.8 | 5.0 | 18.3 | 0.3 | -10.0 | 12.1 | 17.8 | n/a |

---

<sup>1</sup> Debt as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2024/25 debt divided by GDP for the 2024 calendar year). As nominal GDP for the calendar year ending in 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025. Totals may not add due to rounding.

<sup>2</sup> Per capita debt is calculated using July 1 population (e.g. 2024/25 debt divided by population on July 1, 2024). Totals may not add due to rounding.

<sup>3</sup> Debt is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2024 CPI for 2024/25 debt).

2025 Financial and Economic Review \| 113

Appendix 2 – Financial Review Supplementary Tables

**Table A2.12 Key Provincial Debt Indicators – 2013/14 to 2024/25**<sup>1</sup>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Actual<br>2013/14 | <br>Actual<br>2014/15 | <br>Actual<br>2015/16 | <br>Actual<br>2016/17 | <br>Actual<br>2017/18 | <br>Actual<br>2018/19 | <br>Actual<br>2019/20 | <br>Actual<br>2020/21 | <br>Actual<br>2021/22 | <br>Actual<br>2022/23 | <br>Actual<br>2023/24 | <br>Actual<br>2024/25 | Average<br>annual<br>change |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (per cent) |
| Debt to revenue (per cent) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 108.9 | 107.4 | 107.1 | 100.0 | 94.8 | 89.7 | 95.9 | 115.2 | 104.4 | 90.7 | 113.4 | 134.8 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 97.7 | 95.0 | 92.6 | 82.6 | 82.6 | 75.3 | 80.6 | 101.4 | 90.9 | 74.3 | 97.9 | 122.7 | 2.1 |
| Debt per capita ($) <sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 13094 | 13350 | 13694 | 13544 | 13157 | 13137 | 14119 | 16828 | 17346 | 16685 | 19426 | 23495 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 8860 | 8886 | 8965 | 8537 | 8838 | 8500 | 9045 | 11544 | 11927 | 11179 | 13630 | 17390 | 6.3 |
| Debt to nominal GDP (per cent) <sup>3</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 26.3 | 25.8 | 26.0 | 24.9 | 23.0 | 22.2 | 23.4 | 28.3 | 25.4 | 22.6 | 26.2 | 31.4 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 17.8 | 17.2 | 17.0 | 15.7 | 15.4 | 14.4 | 15.0 | 19.4 | 17.5 | 15.1 | 18.4 | 23.2 | 2.5 |
| Interest bite (cents per dollar of revenue) <sup>4</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 4.4 | 4.3 | 4.8 | 3.8 | 4.0 | 3.8 | 3.8 | 3.7 | 3.3 | 3.2 | 3.8 | 4.6 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 3.8 | 3.7 | 4.2 | 3.3 | 3.3 | 3.2 | 3.1 | 3.1 | 2.8 | 2.5 | 3.2 | 4.1 | 0.7 |
| Interest costs ($ millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 2444 | 2525 | 2919 | 2521 | 2759 | 2786 | 2872 | 2817 | 2848 | 3116 | 3647 | 4600 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 1583 | 1651 | 1932 | 1644 | 1725 | 1793 | 1807 | 1832 | 1896 | 2032 | 2444 | 3278 | 6.8 |
| Interest rate (per cent) <sup>5</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported | 4.0 | 4.0 | 4.6 | 3.9 | 4.1 | 4.2 | 4.1 | 3.5 | 3.1 | 3.3 | 3.6 | 3.8 | -0.6 |
| Revenue Factor for Key Indicators ($ millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial <sup>6</sup> | 55710 | 58589 | 60906 | 65828 | 68471 | 73556 | 75283 | 75583 | 86832 | 98583 | 94769 | 99315 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported <sup>7</sup> | 42042 | 44085 | 46122 | 50220 | 52786 | 56703 | 57386 | 58925 | 68587 | 80575 | 77043 | 80729 | 6.1 |
| Debt ($ millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provincial | 60693 | 62920 | 65251 | 65837 | 64919 | 65962 | 72161 | 87100 | 90666 | 89380 | 107462 | 133877 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxpayer-supported <sup>8</sup> | 41068 | 41880 | 42719 | 41499 | 43607 | 42681 | 46229 | 59750 | 62341 | 59888 | 75402 | 99089 | 8.3 |
| Provincial nominal GDP ($ millions) <sup>9</sup> | 230981 | 243872 | 250784 | 263912 | 282283 | 297392 | 308993 | 307412 | 357002 | 395629 | 409881 | 426791 | 5.7 |
| Population (thousands at July 1) <sup>10</sup> | 4635 | 4713 | 4765 | 4861 | 4934 | 5021 | 5111 | 5176 | 5227 | 5357 | 5532 | 5698 | 1.9 |

---

<sup>1</sup> Figures for prior years have been restated to conform with the presentation used for 2024/25 and to include the effects of changes in underlying data and statistics.

<sup>2</sup> The ratio of debt to population (e.g. 2024/25 debt divided by population at July 1, 2024).

<sup>3</sup> The ratio of debt outstanding at fiscal year end to provincial nominal gross domestic product (GDP) for the calendar year ending in the fiscal year (e.g. 2024/25 debt divided by 2024 nominal GDP). As nominal GDP for the calendar year ending is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025.

<sup>4</sup> The ratio of interest costs (less sinking fund interest) to revenue. Figures include capitalized interest expense in order to provide a more comparable measure to outstanding debt.

<sup>5</sup> Weighted average of all outstanding debt issues.

<sup>6</sup> Includes revenue of the consolidated revenue fund (excluding dividends from enterprises) plus revenue of all government organizations and enterprises.

<sup>7</sup> Excludes revenue of government enterprises, but includes dividends from enterprises paid to the consolidated revenue fund.

<sup>8</sup> Excludes debt of commercial Crown corporations and agencies and funds held under the province's warehouse borrowing program.

<sup>9</sup> Nominal GDP for the calendar year ending in the fiscal year (e.g. Nominal GDP for 2024 is used for the fiscal year ended March 31, 2025). As nominal GDP for the calendar year ending 2024 is not available, the 2024 GDP projected in the March 2025 budget has been used for the fiscal year ended March 31, 2025.

<sup>10</sup> Population at July 1st within the fiscal year (e.g. population at July 1, 2024 is used for the fiscal year ended March 31, 2025).

114 \| 2025 Financial and Economic Review

Appendix 2 – Financial Review Supplementary Tables

**Table A2.13 Historical Operating Statement Surplus (Deficit)** **<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Crown | | | | Surplus |
|  | | | | Corporations | | | | (Deficit) |
|  | Consolidated Revenue Fund | Consolidated Revenue Fund | Consolidated Revenue Fund | and | SUCH | Other | Surplus | as a Per Cent |
| ($ millions) | Revenue | Expenditure | Balance | Agencies | Sector | Adjustments | (Deficit)<sup>1</sup> | of GDP |
| 1970/71 | 1373 | 1274 | 99 |  |  |  |  | 1 |
| 1971/72 | 1558 | 1474 | 84 |  |  |  |  | 0.8 |
| 1972/73 | 1772 | 1675 | 97 |  |  |  |  | 0.8 |
| 1973/74 | 2217 | 2071 | 146 |  |  |  |  | 0.9 |
| 1974/75 | 2769 | 2779 | (10) |  |  |  |  | (0.1) |
| 1975/76 | 3124 | 3534 | (410) |  |  |  |  | (2.1) |
| 1976/77 | 3785 | 3691 | 94 |  |  |  |  | 0.4 |
| 1977/78 | 4372 | 4168 | 204 |  |  |  |  | 0.8 |
| 1978/79 | 4853 | 4582 | 271 |  |  |  |  | 0.9 |
| 1979/80<sup>1</sup> | 5860 | 5318 | 542 | (88) |  |  | 454 | 1.3 |
| 1980/81 | 5982 | 6239 | (257) | 45 |  |  | (212) | (0.5) |
| 1981/82 | 7139 | 7323 | (184) | 43 |  |  | (141) | (0.3) |
| 1982/83 | 7678 | 8662 | (984) | (257) |  |  | (1241) | (2.7) |
| 1983/84 | 8335 | 9347 | (1012) | 49 |  |  | (963) | (2.0) |
| 1984/85 | 8807 | 9801 | (994) | 172 |  |  | (822) | (1.6) |
| 1985/86 | 9160 | 10127 | (967) | 110 |  |  | (857) | (1.5) |
| 1986/87 | 9463 | 10624 | (1161) | 526 |  |  | (635) | (1.1) |
| 1987/88 | 11007 | 11055 | (48) | 119 |  |  | 71 | 0.1 |
| 1988/89 | 12570 | 11834 | 736 | 194 |  |  | 930 | 1.3 |
| 1989/90 | 13656 | 13200 | 456 | 40 |  |  | 496 | 0.6 |
| 1990/91 | 14236 | 15010 | (774) | 107 |  |  | (667) | (0.8) |
| 1991/92 | 14570 | 17101 | (2531) | 192 |  |  | (2339) | (2.8) |
| 1992/93 | 16172 | 17858 | (1686) | 210 |  |  | (1476) | (1.6) |
| 1993/94 | 17923 | 18833 | (910) | 11 |  |  | (899) | (0.9) |
| 1994/95 | 19506 | 19953 | (447) | 219 |  |  | (228) | (0.2) |
| 1995/96 | 19698 | 20054 | (356) | 38 |  |  | (318) | (0.3) |
| 1996/97 | 20126 | 20241 | (115) | (270) |  |  | (385) | (0.3) |
| 1997/98 | 20216 | 20368 | (152) | (258) |  |  | (410) | (0.3) |
| 1998/99 | 20312 | 20530 | (218) | (689) | (88) |  | (995) | (0.8) |
| 1999/2000 | 21836 | 22161 | (325) | 345 | (73) |  | (53) | 0 |
| 2000/01 | 23948 | 22675 | 1273 | (171) | 105 | (52)<sup>3</sup> | 1155 | 0.8 |
| 2001/02 | 22988 | 24981 | (1993)<sup>2</sup> | (711)<sup>2</sup> | 147 | 1464<sup>3</sup> | (1093) | (0.8) |
| 2002/03 | 22212 | 25168 | (2956) | (216) | 494 |  | (2678) | (1.9) |
| 2003/04 | 23430 | 25481 | (2051) | 347 | 337 |  | (1367) | (0.9) |
| 2004/05 | 27579 | 26310 | 1269 | 1035 | 361 |  | 2665 | 1.6 |
| 2005/06 | 29952 | 27178 | 2774 | 550 | 562 | (710)<sup>4</sup> | 3176 | 1.8 |
| 2006/07 | 31713 | 28510 | 3203 | 841 | 372 | (264)<sup>4</sup> | 4152 | 2.2 |
| 2007/08 | 33007 | 30569 | 2438 | 995 | 410 | (444)<sup>4,5</sup> | 3399 | 1.7 |
| 2008/09 | 32560 | 32036 | 524 | 975 | 153 | 18<sup>4,5</sup> | 1670 | 0.8 |
| 2009/10 | 29169 | 32277 | (3108) | 803 | 492 |  | (1813) | (0.9) |
| 2010/11 | 32778 | 33581 | (803) | (219) | 710 |  | (312) | (0.2) |
| 2011/12 | 32708 | 34595 | (1887) | 239 | 807 | (1599)<sup>6</sup> | (2440) | (1.1) |
| 2012/13 | 32667 | 35125 | (2458) | 95 | 482 |  | (1881) | (0.8) |
| 2013/14 | 34088 | 34896 | (808) | 155 | 360 |  | (293) | (0.1) |
| 2014/15 | 36373 | 36063 | 310 | 199 | 684 |  | 1193 | 0.5 |
| 2015/16 | 37630 | 37722 | (92) | (621) | 762 |  | 49 | 0 |
| 2016/17 | 41344 | 39669 | 1675 | (168) | 715 |  | 2222 | 0.8 |
| 2017/18 | 43579 | 45737 | (2158) | 1270 | 1084 |  | 196 | 0.1 |
| 2018/19 | 46926 | 45161 | 1765 | (1289) | 840 |  | 1316 | 0.4 |
| 2019/20 | 46580 | 47824 | (1244) | (419) | 1132 |  | (531) | (0.2) |
| 2020/21 | 48210 | 57889 | (9679) | 1847 | 2217 |  | (5615) | (1.8) |
| 2021/22 | 57387 | 58716 | (1329) | 525 | 2066 |  | 1262 | 0.4 |
| 2022/23 | 67690 | 68322 | (632) | 168 | 1420 |  | 956 | 0.2 |
| 2023/24 | 62458 | 71537 | (9079) | 1049 | 2995 |  | (5035) | (1.2) |
| 2024/25 | 64867 | 77369 | (12502) | 1665 | 3490 |  | (7347) | (1.7) |

---

<sup>1</sup> The provincial government began publishing summary financial statements in 1979/80. Figures for prior years are unavailable. For 1970/71 to 1978/79,the CRF balance is used in place of the summary accounts surplus/(deficit). Figures have been restated to reflect government accounting policies in effect at March 31, 2025.

<sup>2</sup> Does not include the $256 million transfer to the CRF for the wind-up of Forest Renewal BC and Fisheries Renewal BC.

<sup>3</sup> Impact of move to joint trusteeship for public service pension plans.

<sup>4</sup> Negotiating framework incentive payments.

<sup>5</sup> Climate Action Dividend.

<sup>6</sup> One-time HST transition repayment.

2025 Financial and Economic Review \| 115

Appendix 2 – Financial Review Supplementary Tables

**Table A2.14 Historical Provincial Debt Summary<sup>1</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Taxpayer-Supported Debt | Taxpayer-Supported Debt | Taxpayer-Supported Debt | Taxpayer-Supported Debt | Taxpayer-Supported Debt | Taxpayer-Supported Debt | | | | |
|  | Provincial | Education | Health | | | Total | | | Total Debt | Taxpayer- |
|  | Government | Facilities | Facilities | Highways, | | Taxpayer- | Self- | Total | as a | Supported |
|  | Direct | Capital | Capital | Ferries and | | Supported | Supported | Provincial | Per Cent | Debt as a Per |
| Year | Operating | Financing | Financing | Public Transit | Other<sup>2</sup> | Debt | Debt<sup>3</sup> | Debt | of GDP | Cent of GDP |
|  | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | ($ millions) | (per cent) | (per cent) |
| 1969/70 |  | 338 | 42 | 142 | 100 | 622 | 1661 | 2283 | 24.7 | 6.7 |
| 1970/71 |  | 362 | 64 | 172 | 99 | 697 | 1808 | 2505 | 25.6 | 7.1 |
| 1971/72 |  | 380 | 85 | 233 | 95 | 793 | 1948 | 2741 | 24.9 | 7.2 |
| 1972/73 |  | 408 | 105 | 288 | 87 | 888 | 2062 | 2950 | 23.8 | 7.2 |
| 1973/74 |  | 425 | 117 | 340 | 145 | 1027 | 2228 | 3255 | 21.1 | 6.7 |
| 1974/75 |  | 485 | 133 | 386 | 149 | 1153 | 2650 | 3803 | 21.3 | 6.5 |
| 1975/76 |  | 557 | 178 | 544 | 145 | 1424 | 3144 | 4568 | 23.1 | 7.2 |
| 1976/77 | 261 | 658 | 236 | 649 | 188 | 1992 | 3787 | 5779 | 24.4 | 8.4 |
| 1977/78 | 261 | 710 | 291 | 656 | 215 | 2133 | 4464 | 6597 | 24.9 | 8.1 |
| 1978/79 | 261 | 778 | 334 | 653 | 91 | 2117 | 4838 | 6955 | 23.3 | 7.1 |
| 1979/80 | 235 | 836 | 401 | 730 | 195 | 2397 | 5704 | 8101 | 23.3 | 6.9 |
| 1980/81 | 209 | 919 | 461 | 729 | 270 | 2588 | 5956 | 8544 | 21.6 | 6.5 |
| 1981/82 | 183 | 1067 | 561 | 844 | 291 | 2946 | 7227 | 10173 | 21.8 | 6.3 |
| 1982/83 | 883 | 1204 | 660 | 1024 | 894 | 4665 | 7692 | 12357 | 26.5 | 10.0 |
| 1983/84 | 1596 | 1321 | 712 | 1392 | 1174 | 6195 | 8440 | 14635 | 29.7 | 12.6 |
| 1984/85 | 2476 | 1308 | 717 | 691 | 1276 | 6468 | 9082 | 15550 | 30.0 | 12.5 |
| 1985/86 | 3197 | 1276 | 680 | 1034 | 1376 | 7563 | 8990 | 16553 | 29.7 | 13.6 |
| 1986/87 | 4802 | 1268 | 681 | 1097 | 812 | 8660 | 8485 | 17145 | 29.1 | 14.7 |
| 1987/88 | 5017 | 1278 | 716 | 1192 | 660 | 8863 | 8149 | 17012 | 26.1 | 13.6 |
| 1988/89 | 4919 | 1322 | 763 | 1213 | 842 | 9059 | 7396 | 16455 | 22.8 | 12.6 |
| 1989/90 | 4209 | 1367 | 837 | 1244 | 1262 | 8919 | 7340 | 16259 | 20.7 | 11.4 |
| 1990/91 | 4726 | 1565 | 959 | 1287 | 1281 | 9818 | 7444 | 17262 | 21.0 | 11.9 |
| 1991/92 | 6611 | 1939 | 1040 | 1527 | 1431 | 12548 | 7493 | 20041 | 23.6 | 14.8 |
| 1992/93 | 8969 | 2426 | 1141 | 1719 | 1641 | 15896 | 7526 | 23422 | 25.9 | 17.6 |
| 1993/94 | 10257 | 3054 | 1181 | 1862 | 1627 | 17981 | 7946 | 25927 | 26.7 | 18.5 |
| 1994/95 | 10181 | 3631 | 1318 | 2158 | 1749 | 19037 | 8013 | 27050 | 26.1 | 18.4 |
| 1995/96 | 10237 | 3990 | 1399 | 2598 | 1695 | 19919 | 8847 | 28766 | 26.3 | 18.2 |
| 1996/97 | 11030 | 4230 | 1431 | 3144 | 1440 | 21275 | 8096 | 29371 | 26.1 | 18.9 |
| 1997/98 | 11488 | 4352 | 1417 | 3463 | 1431 | 22151 | 8204 | 30355 | 25.6 | 18.7 |
| 1998/99 | 11707 | 5023 | 1494 | 3678 | 1330 | 23232 | 8910 | 32142 | 26.8 | 19.4 |
| 1999/2000 | 13295 | 5429 | 1679 | 3527 | 1276 | 25206 | 9232 | 34438 | 27.4 | 20.1 |
| 2000/01 | 11578 | 5737 | 2028 | 4234 | 1527 | 25104 | 8684 | 33788 | 24.8 | 18.4 |
| 2001/02 | 13319 | 6118 | 2186 | 4685 | 1196 | 27504 | 8578 | 36082 | 26.0 | 19.8 |
| 2002/03 | 14957 | 6394 | 2265 | 4835 | 919 | 29370 | 7487 | 36857 | 25.6 | 20.4 |
| 2003/04 | 15180 | 6829 | 2343 | 4931 | 717 | 30000 | 7775 | 37775 | 24.9 | 19.7 |
| 2004/05 | 13969 | 7122 | 2253 | 4644 | 660 | 28648 | 7221 | 35869 | 21.8 | 17.4 |
| 2005/06 | 11343 | 7612 | 2635 | 4883 | 742 | 27215 | 7242 | 34457 | 19.4 | 15.4 |
| 2006/07 | 8889 | 8026 | 3053 | 5436 | 533 | 25937 | 7502 | 33439 | 17.6 | 13.6 |
| 2007/08 | 7604 | 8638 | 3511 | 6143 | 653 | 26549 | 8088 | 34637 | 17.3 | 13.2 |
| 2008/09 | 5744 | 9133 | 3936 | 6831 | 758 | 26402 | 11612 | 38014 | 18.4 | 12.8 |
| 2009/10 | 7359 | 9601 | 4389 | 7502 | 1117 | 29968 | 11917 | 41885 | 21.1 | 15.1 |
| 2010/11 | 6964 | 10108 | 4895 | 8095 | 1759 | 31821 | 13333 | 45154 | 21.8 | 15.4 |
| 2011/12 | 7813 | 10592 | 5293 | 8644 | 2317 | 34659 | 15534 | 50193 | 22.9 | 15.8 |
| 2012/13 | 9408 | 11145 | 5691 | 9421 | 2517 | 38182 | 17634 | 55816 | 25.0 | 17.1 |
| 2013/14 | 10223 | 11631 | 6038 | 10229 | 2947 | 41068 | 19625 | 60693 | 26.3 | 17.8 |
| 2014/15 | 9280 | 12118 | 6522 | 10725 | 3235 | 41880 | 21040 | 62920 | 25.8 | 17.2 |
| 2015/16 | 8034 | 12764 | 6998 | 11457 | 3466 | 42719 | 22532 | 65251 | 26.0 | 17.0 |
| 2016/17 | 4644 | 13457 | 7552 | 12242 | 3604 | 41499 | 24338 | 65837 | 24.9 | 15.7 |
| 2017/18 | 1156 | 14236 | 7903 | 16154 | 4158 | 43607 | 21312 | 64919 | 23.0 | 15.4 |
| 2018/19 |  | 14274 | 7968 | 16767 | 3672 | 42681 | 23281 | 65962 | 22.2 | 14.4 |
| 2019/20 |  | 15445 | 8507 | 17659 | 4618 | 46229 | 25932 | 72161 | 23.4 | 15.0 |
| 2020/21 | 8746 | 16861 | 9359 | 18782 | 6002 | 59750 | 27350 | 87100 | 28.3 | 19.4 |
| 2021/22 | 7233 | 18021 | 10062 | 20072 | 6953 | 62341 | 28325 | 90666 | 25.4 | 17.5 |
| 2022/23 |  | 17326 | 10269 | 24390 | 7903 | 59888 | 29492 | 89380 | 22.6 | 15.1 |
| 2023/24 | 8729 | 18538 | 12496 | 26786 | 8853 | 75402 | 32060 | 107462 | 26.2 | 18.4 |
| 2024/25 | 24516 | 20222 | 14892 | 29527 | 9932 | 99089 | 34788 | 133877 | 31.4 | 23.2 |

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<sup>1</sup> Provincial debt is prepared in accordance with Generally Accepted Accounting Principles and presented consistent with the Debt Summary Report included in the Public Accounts. Debt is shown net of sinking funds and unamortized discounts, excludes accrued interest and foreign exchange adjustments, and includes non-guaranteed debt directly incurred by commercial Crown corporations and debt guaranteed by the Province.

<sup>2</sup> Includes BC Buildings, BC Housing Management Commission, other taxpayer-supported Crown agencies, and loan guarantee provisions.

<sup>3</sup> Includes commercial Crown corporations and agencies and funds held under the province's warehouse borrowing program.

116 \| 2025 Financial and Economic Review

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