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B.C. rolls out one-time cost-of-living tax credit payments

Click to play video: 'Taxpayer’s Federation lays out its 2023 priorities for the B.C. government'
Taxpayer’s Federation lays out its 2023 priorities for the B.C. government
Taxpayer’s Federation lays out its 2023 priorities for the B.C. government – Dec 30, 2022

Low and middle-income British Columbians are set to receive an expanded tax credit this month, meant to help offset the rising cost of living.

The one-time BC Affordability Credit is being disbursed as an add-on to the already scheduled Climate Action Tax Credit, which is a quarterly payment to offset the province’s carbon tax.

In a media release Thursday, B.C. Finance Minister Katrine Conroy said the additional affordability credit will go in whole or in part to 85 per cent of British Columbians, and be paid through the Canada Revenue Agency.

B.C. residents who are signed up for direct deposit with the CRA may see the money appear in their bank accounts Thursday, but the ministry said it could take up to 10 days for the payments to arrive.

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Adults will receive up to $164 each, on top of their original carbon tax credit, with an additional $41 per child.

The credit is means tested, meaning the payout is reduced on a sliding scale for single individuals with an income over $36,901 or families with a combined income over $43,051.

The province is also boosting B.C. Family Benefit payments (formerly known as the Child Opportunity Benefit) for the first three months of 2023.

The January, February and March payments will be increased by up to $58.33 per child, each month — again, with payments adjusted to income.

Those payments are set to roll out on Jan. 20.

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