Extra cash and savings are on the way for British Columbians this summer

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If you’re feeling financially stressed, it can be hard to get excited for the summer season.

To hopefully relieve some of the pressure you are feeling, we’ve compiled a list of ways eligible British Columbians could receive some cash over the next few months.

Increased BC Family Benefit

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Until June, the province will increase the BC Family Benefit by 10% monthly.

This is a tax-free monthly payment to eligible families with children under 18.

For the July 2023 to June 2024 benefit period, the maximum annual benefit families could receive is:

$1,750 for your first child
$1,100 for your second child
$900 for each additional child

You can use this federal child and family benefits calculator to estimate how much your monthly benefit will be.

However, what happens after this year’s June payment?

Well, the province said it wants to maintain the structural increases to the BC Family Benefit from previous years.

BC Minister of Finance Katrine Conroy has said families currently receiving the BC Family Benefit will see a 25% increase per child in monthly payments over 12 months from July 2024 to June 2025.

Eligible families will receive about $445 more on average over the 12 months, with a family of four receiving about $1,760 more on average and a single-parent family estimated to receive a total of $2,790.

To learn more about the BC Family Benefit, visit the BC government site.

Child care savings

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With schools not in session for the summer break, it can be challenging for parents who need to depend on more childcare during this time of year.

To help families, BC is lowering childcare fees and helping them save $900 per month on licensed childcare costs.

Here’s a breakdown of how much BC families can save depending on their child’s age:

Infant and toddler care (under 36 months): save up to $900 a month
Aged 3 years to kindergarten: save up to $545 a month
Half-day preschool: save up to $95 a month
Kindergarten: save up to $320 a month
Grade 1 to age 12 (before- and after-school care): save up to $145 a month

Families do not need to apply for these savings as they are automatic.

Of course, the province also added that there are more than 13,000 $10 dollar-a-day child care spaces in BC, “with more spaces being added this year.”

For more information on childcare savings, click here.

BC electricity affordability credit

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Over 12 months (starting April 15, 2024), households in BC will save an average of $100 (about $8 a month) on their electricity bills due to a BC Electricity Affordability Credit.

The credit amount will be applied to eligible British Columbians’ bills.

People with bi-monthly billing will receive the bill credit in six installments, and people with monthly billing will receive the bill credit in 12 installments.

“The credit will appear as a line item in your bill details once it’s been applied,” the province said.

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BC carbon tax credit

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A rebate that helps “offset the impact of carbon taxes” is on the way for eligible British Columbians.

The BC climate action tax credit is a quarterly payment, and effective July 1, the rebate might increase as BC has proposed increasing it for Budget 2024.

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.

Learn more about the Budget 2024 proposal on the BC website.

GST credit

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The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.

It aims to help Canadian individuals and families with low to modest incomes offset the taxes that they pay.

According to the government, you could get up to:

$496 if you are single
$650 if you are married or have a common-law partner
$171 for each child under the age of 19

You don’t need to apply for this credit because you’re automatically considered for it when you file your taxes.

You can expect the next credit payments on July 5.

Last year, Ottawa doubled the GST credit for six months during the height of inflation.

Canada Child Benefit (CCB)

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The CCB, a tax-free payment from the government to help with the cost of raising children, is administered monthly by the Canada Revenue Agency (CRA).

You’ll receive the money on June 20, July 19 (when the new benefit year begins), and August 20.

Read this to learn if you’re eligible, how you can apply, and how much you can get.

With files from Amir Ali and Isabelle Docto

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