Some free money is up for grabs this tax season in B.C., but you can only get some of it by filing your income tax return.
Being entitled to some available credits depends on your income level and living situation.
According to the B.C. Ministry of Finance, one in five renters don’t file their taxes, and neither do one in 10 eligible people in Canada.
“Nearly one-quarter are young people, 18-24,” the ministry says. “By filing, most people can get money back or their taxes reduced.”
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B.C. residents will be entitled to another renter’s tax credit on their 2024 income tax return. B.C. has also increased the income threshold this year, meaning more people will be eligible than last year. You’re only eligible if you file your taxes.
The credit amounts to $400 for renters with adjusted incomes up to $63,000. Others with adjusted incomes up to $83,000 may qualify for a partial credit.
“To claim the renter’s credit, people should fill out Form BC479 British Columbia Credits when doing income tax returns,” says the ministry.
Then there’s the family benefit. Depending on your family income, you may automatically be enrolled for “many benefits” when filing your taxes.
“These include the B.C. family benefit and the climate-action tax credit.”
According to the ministry, the average family receives $2,000 from the B.C. family benefit and the one-year B.C. Family Benefit Bonus.
“The climate-action tax credit for individuals and families can provide a family of four as much as $1,008 for the 2024-25 tax year. More than two million families and individuals will receive more than the 2023-24 tax year,” the ministry adds.
For folks who might not know how to do their taxes, the B.C. Ministry of Finance says that help is out there, and there are even some free tax clinics available.
“The federal government hosts an online directory with information about where to go for help.”
According to the ministry, Canadians missed out on $2 billion in unclaimed benefits in 2015, according to a 2020 report published in Canadian Public Policy.