British Columbians can get extra cash from the government this year | Daily Hive

Here are ways British Columbians can get extra cash from the government this year

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Some British Columbians can expect some extra cash in their bank accounts to offset the ongoing impacts of global inflation starting this month.

The initiatives are part of several ways the provincial and federal governments say they are helping Canadians deal with the rising cost of living.

For families

Starting January 20, families in the province will be seeing the first of three enhanced BC Family Benefit payments.

The next two payments will be sent in February and March.

For each month, a child will receive up to an additional $58.33.

A family with two children will receive as much as $350 from this top-up from the province.

About 75% of families in the province will receive a full or partial payment from the BC Family Benefit. Approximately 84% of those families will receive at least $50 per month per child.

There is no need to apply for this temporary increase. As long as a family’s income tax filing is up to date, a family will receive the extra cash.

The BC Family Benefit was previously known as the Child Opportunity Benefit.

This benefit is part of a package the province says “will put close to $2 billion back in British Columbians’ pockets.”

Federal assistance

British Columbians will also receive cash from the federal government that set a 2022 budget that introduced several ways Canadians can get additional financial help.

Rent top-up from the Canada Housing Benefit

The federal government is hoping to ease the burden on people’s bank accounts through its rent top-up program, which came became law earlier this month.

Millions of Canadians can get an extra, one-time, tax-free $500 top-up from the government’s Canada Housing Benefit.

Applications are open until Friday, March 31, 2023, so here’s what you should know before you apply.

It’s official: We’re providing parents up to $1,300 – per child under 12 – for dental care services over the next 2 years, and we’re helping nearly 2 million renters make ends meet with a one-time $500 top-up. Our legislation to deliver this support just received Royal Assent.

— Justin Trudeau (@JustinTrudeau) November 18, 2022

GST Credit

Bill C-30 received royal assent in October, which means the Goods and Services Tax Credit had officially been doubled for at least six months.

Millions of Canadians already received the deposit for the one-time doubled GST Credit payment in November.

Today’s the day! We’ve doubled the GST Tax Credit for 6 months for nearly 11 million households – single Canadians without kids will get up to $234 more, couples with two kids will get up to $467 more, and seniors will get $225 more on average – and payments are going out today.

— Justin Trudeau (@JustinTrudeau) November 4, 2022

The Canada Revenue Agency is expected to send GST credit payments for 2023 in July.

Canada Dental Benefit

Canada’s new dental benefit program has officially kicked in, finally helping families get access to much-needed dental services.

People can get up to $1,300 to help pay for dental services, depending on their income.

Applications opened on December 1st for the October 1, 2022 to June 30 2023 period. The last day you can apply is Friday, June 30, 2023.

According to the government, once your application is approved, it takes up to five business days to get the deposit from the CRA.

The second payment period is for July 1, 2023, to June 30, 2024.

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Canada Workers Benefit

Possible changes to the Canada Workers Benefit (CWB) mean eligible Canadians could receive their payments sooner.

The CWB is a refundable tax credit that helps low-income individuals and families.

Currently, it’s delivered through tax returns, which means Canadians need to wait until the tax year is over to receive the payment.

We’re working to make sure that families don’t need to choose between taking their child to the dentist and putting food on the table.

— Chrystia Freeland (@cafreeland) November 3, 2022

The federal government wants to change this so that payments can be issued sooner and help people stay afloat amid rising inflation.

If the proposed changes to the benefit become law, Canadians could receive their payments as early as July 2023 for that tax year.

That means those eligible will get a combination of the current tax return payment, and the new advance payment expected for July next year.

Click here to see if you’re eligible, and how much more money you can get.

Home Accessibility Tax Credit

This non-refundable tax credit is for eligible home renovation or alteration expenses that allow those who live with a disability to have a more accessible home.

You could claim a tax credit of up to $3,000 if you’re eligible.

This is for eligible tradespeople who can get a deduction for certain transportation, meals, and temporary lodging costs acquired by travelling significant distances to earn income at a temporary work location from temporary employment.

Are these benefits going to help you this year? Let us know in the comments.

With files from Laine Mitchell.