If you’re strapped for cash, hope is on the way this month.
Here’s what you could expect.
Raising the BC Family Benefit
Starting in July, the province will increase the BC Family Benefit by 10% monthly.
This means a family with two parents and two children can get up to $250 more per year.
Meanwhile, a single parent with one child can earn up to $650 more per year, “or almost $12,000 in extra support over 18 years,” the province said.
“At the same time, single parents will receive as much as $500 annual top-up to help make ends meet,” the province added.
About 75% of families with children will be eligible for this benefit to help them pay for food, bills and enroll their kids in extracurricular activities.
Shelter rate increasing
According to the province, around 160,000 people, including 33,000 children, need support through income and disability assistance.
“For the first time since 2007, the shelter rate, which is a core part of the income and disability assistance rate, will increase by $125 per month with increased payments, starting July 2023,” the province said.
Additionally, people receiving income and disability assistance who rent can claim the new renter’s tax credit. This is expected to provide around $400 annually.
To help British Columbians amid the carbon tax hike, the province aims to relieve stress by increasing the BC Climate Action Tax Credit in July.
So, a two-parent household that received $500 through the tax last year, could claim almost $900 per year.
A single British Columbian who received the full $193.50 credit amount last year will now receive $447 per year.
“The income ceiling for the credit will increase annually, with a goal to reach 80% of households in BC by 2030,” the province added.
“As the carbon tax rate increases, the annual amounts paid through the Climate Action Tax Credit will also increase each year.”
If you’re eligible and have an annual credit amount of more than $40, you’ll receive payments every July, October, January, and April.
“Each payment is combined with the federal goods and services tax/harmonized sales tax (GST/HST) credit into one payment,” the province explains. “Generally, payments are made on the fifth day of the month.”
By 2030, the province said it’s projected that most people in BC will receive more from the enhanced credit than they pay in increased carbon tax costs.
The carbon tax increased by about three more cents per litre of gasoline.
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:
- $467 if you are single
- $612 if you are married or have a common-law partner
- $161 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.
Last year, Ottawa doubled the GST Credit for six months during the height of inflation.
This credit was scheduled to be issued to Canadians on July 5.
This rebate was proposed in the 2023 federal budget and became law last week, officially allowing eligible Canadians to receive extra cash for groceries.
Millions of Canadians should have received the one-time grocery rebate Wednesday.
Ottawa says it’ll provide $2.5 billion in targeted inflation relief for low to modest-income Canadians and families.
The grocery rebate will provide eligible couples with two children up to $467.
Single Canadians without children can get up to $234, and seniors will get up to $225 on average.
However, the extra payment won’t arrive as a separate deposit in your bank account. Instead, it’ll be integrated with the regular GST/HST credit scheduled for July, according to the Canada Revenue Agency (CRA).
Many Canadians have expressed their frustrations surrounding the rebate’s stringent eligibility requirements.
Canada child benefit (CCB)
The CCB — a tax-free payment from the government to help with the cost of raising children — is administered monthly by the CRA.
Read this to learn if you’re eligible, how you can apply, and how much you can get.
Canadians will be receiving this payment this month on June 20, July 20, and August 18.