CP NewsAlert: B.C. hikes tax rate as budget delivers record $13 billion deficit

By Canadian Press on February 17, 2026.

VICTORIA — British Columbia Finance Minister Brenda Bailey has unveiled what she calls a “serious” budget for 2026 that raises the base income tax rate while failing to rein in the deficit as previously pledged.

The rate on the lowest tax bracket is being increased by 0.54 per cent, resulting in the average taxpayer facing a $76 increase, while the deficit is predicted to soar to a record $13.3 billion next fiscal year.

More coming.

Wolfgang Depner, The Canadian Press