Free money is on the way this month for eligible British Columbians through the BC climate action tax credit, which is essentially a rebate that helps “offset the impact of carbon taxes.”
Thankfully, you don’t need to apply for the BC climate action tax credit, as your eligibility is determined when you file your T1 income tax return, and the CRA will automatically calculate your credit amount.
The maximum amount you can receive is $447 for individuals, $223.50 for your spouse or common-law partner, and $115.50 for every child (except the first child in a single-parent family).
The next climate action tax credit payment will be rolled out this month. If you don’t see a credit for April, it’s because your total credit is less than $40, and it would’ve been paid out to you in full last July.
The income thresholds used to calculate the amounts are $39,115 for individuals and $50,170 for families. So, if your income is below those thresholds for the 2022 tax year, you’ll receive the maximum amount based on family size.
Payments will roll out within 10 days of April 15.
BC has proposed increasing the tax credit amounts, effective July 1. This would mean $504 for individuals, $252 for spouses, and $126 for each child. The threshold will also increase to $41,071 for individuals and $57,288 for families.
Starting this July, over 2 million people will see a boost to their quarterly Climate Action Tax Credit. If a family of four received $890 last year, they’ll get $1,005. A single person who got $447 last year will get $504. https://t.co/oZ01iGaU0J pic.twitter.com/GdZqb9mLSr
— BC Government News (@BCGovNews) March 6, 2024
BC is also rolling out another credit beginning this month, the BC Electricity Affordability Credit, which will give the average BC Hydro residential customer a savings of $100 over the next year, which is about $8 a month.
And if you haven’t filled out your income tax return yet, remember that you may also be eligible for the BC renters’ tax credit.
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