Despite summer being around the corner, it may be hard to feel excited if you’re a British Columbian hit hard by the ongoing cost-of-living crisis.
To hopefully relieve a bit of the stress you are feeling, we’ve compiled a list of ways eligible British Columbians could receive some cash over the next few months.
Raising the BC Family Benefit
Starting in July, the province will increase the BC Family Benefit by 10% monthly.
This means a family with two parents and two children can get up to $250 more per year.
Meanwhile, a single parent with one child can earn up to $650 more per year, “or almost $12,000 in extra support over 18 years,” the province said.
“At the same time, single parents will receive as much as $500 annual top-up to help make ends meet,” the province added.
About 75% of families with children will be eligible for this benefit to help them pay for food, bills and enrol their kids in extracurricular activities.
BC Climate Action Tax Credit
To help British Columbians amid the carbon tax hike, the province aims to relieve the stress by increasing the BC Climate Action Tax Credit in July.
So, a two-parent household that received $500 through the tax last year, could claim almost $900 per year.
A single British Columbian who received the full $193.50 credit amount last year will now receive $447 per year.
“The income ceiling for the credit will increase annually, with a goal to reach 80% of households in B.C. by 2030,” the province added.
“As the carbon tax rate increases, the annual amounts paid through the Climate Action Tax Credit will also increase each year.”
By 2030, the province said it’s projected that most people in the province will receive more from the enhanced credit than they pay in increased carbon tax costs by 2030.
Last month, the carbon tax increased by about three more cents per litre of gasoline.
Shelter rate increasing
According to the province, around 160,000 people, including 33,000 children, need support through income and disability assistance.
“For the first time since 2007, the shelter rate, which is a core part of the income and disability assistance rate, will increase by $125 per month with increased payments, starting July 2023,” the province said.
Additionally, people receiving income and disability assistance who rent can claim the new renter’s tax credit. This is expected to provide around $400 annually.
Higher education support
British Columbians who are pursuing higher education and are in need of financial support will be able to access more money through student loans and improved repayment terms from the provincial government.
The maximum student loan amount will double in August 2023, giving students $220 per week and those with dependents $280 per week.
Meanwhile, students and graduates who make less than $40,000 a year will not have to make any payments on their outstanding loans starting August 1.
For people making over $40,000 a year, their student loan payments will be 10% of their annual household income instead of 20%.
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