Here's what cash the BC government is giving out this year
We’re nearly through the first month of the new year, and you may be wondering when you’ll get some extra cash from the BC government in 2025.
After a busy holiday season, you may still be recovering from all that December spending or trying to start the year off right with saving and budgeting in mind.
To help with the rising costs from global inflation impacting British Columbian families, here is how the province aims to offset some money stress.
BC Family Benefit
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The BC family benefit provides a tax-free monthly payment to families with children under the age of 18.
BC parents should note that a sweet bonus payment will end in the next six months.
The bonus is part of the BC family benefit, which provides a tax-free monthly payment to families with children under 18.
Last year, the province announced that families would receive a bonus with the payment for the July 2024 to June 2025 benefit period.
The one-year bump in financial support is intended to help families pay for things like groceries or recreational sports.
According to the province, the maximum annual benefit, including bonus payment, that parents may receive is $2,188 for their first child, $1,375 for their second child, and $1,125 for each additional child.
These amounts are adjusted based on net income for the 2023 tax year.
Those who netted less than $35,902 will receive the maximum annual benefit.
Families with an adjusted net income between $35,902 and $114,887 will receive a reduced amount of at least $969 for their first child, $937 for their second child, and $906 for each additional child.
And for those making more than that, “these amounts are reduced by 4% of the portion of adjusted family net income over $114,887 until they are reduced to zero,” notes the province.
The bonus amount will no longer be in effect after June 2025, as the family benefit payment amounts will return to the usual levels for July 2025.
Climate Action Tax Credit
The Climate Action Tax is a quarterly payment sent out on the fifths of January, April, July, and October.
The maximum British Columbians can receive from these four payments combined is $504 for yourself, $252 for your spouse or common-law partner (or for the first child in a single-parent family), or $126 for each child (except the first child in a single parent family).
This is according to the amounts for the current benefit year (which ends in June 2025).
BC Renter’s Tax Credit
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Good news if you’re a renter or homeowner in BC as property value and income thresholds for the homeowner grant and renter’s tax credit are increasing.
For the 2024 tax year, folks making $63,000 and less or $83,000 and less will be eligible for full and partial credits, respectively. The income thresholds have increased by $3,000 compared to last year.
Those making $63,000 or less will be eligible for a full $400 credit off your taxes. Those making $83,000 or less will receive a partial credit based on their income.
Depending on how you file, you’ll need to make a mental note of this when filling out your income tax return this year.
Federal supports
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Some British Columbians will also be eligible to receive extra money from the federal government’s benefits, credits, and rebates.
Check out Daily Hive’s previous article on how and when you’ll receive more money from the feds in 2025.
With files from Amir Ali and Nikitha Martins