Amendments to the Assessment Act were introduced today that eliminate property tax for local government transit facilities beginning with the 2020 taxation year.

The provincial government has released second-quarter results for the 2020-21 fiscal year which show a projected deficit of $183.3 million compared to the budgeted surplus of $92.4 million.

The provincial government’s audited financial statements for the 2019-20 fiscal year ending March 31 shows a $48.7 million surplus, exceeding the budgeted surplus by $25.6 million.

In light of the financial impact of the COVID-19 pandemic, the provincial government will not proceed with the proposed property tax reductions contained in the 2020-2021 Budget.