B.C.’s deficit forecast up $450M to $13.8B after calculation errors on gas royalties

The British Columbia deficit forecast has grown by about $450 million to $13.8 billion, largely because of a “calculation error” on natural gas royalties. Minister Josie Osborne, who just took over the finance portfolio last month, released the first quarterly report today showing almost $800 million more in revenue, but spending was also up. The added revenue comes from income and sales taxes but wildfire fighting costs are projected to be $614 million more and refundable tax credits for business and renters rose by $458 million. The Finance Ministry says businesses are adapting to changes in global trade, with exports…