Millions of BC residents will be getting some free money this week

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Thanks to an “enhanced climate action tax credit,” millions of BC residents will see some free money in their bank account as early as this week.

The good news concerns the province raising income thresholds and increasing the tax credit “to ensure BC’s clean transition remains affordable for more people.”

A release from the BC government suggests that a single person can receive as much as $447 per year, an increase of more than $250 compared to 2022, or more than double what they received last year. More than two million individuals and families qualify and will see the first quarterly payment this week.

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If you’re part of a family of four, you can now receive as much as $893.50, $390 more than last year.

If you have a net income below $61,465, you will receive full or partial credit. You will also receive full or partial credit if you’re a single parent with two kids with a net income below $89,270.

“The increased thresholds mean more people will be eligible for the money this year. An estimated 70% of individuals eligible can expect the maximum amounts,” says a statement from the BC Ministry of Finance.

The ministry adds that BC is one of the few provinces “with its own pollution-pricing system, the carbon tax.”

“Most of the revenue from the carbon tax increase that is part of Budget 2023 is going back to people through the climate action tax credit.”

According to Katrine Conroy, BC’s minister of finance, this money should help people with the cost of living.

“As global inflation continues to impact the costs of everyday life, we’re making sure more people will receive more money to help with their bills,” she said.

“BC’s price on carbon pollution continues to be one of the strongest and most comprehensive in Canada. Boosting the climate action tax credit is just one of the ways we are putting money in people’s pockets as we work toward a low-carbon future.”