Free money in BC: Here's what cash the government is giving out this year
Last year was a tough financial year for folks across the country, and unfortunately, the new year is not looking any better.
Especially after the holiday season, many of us are recovering from the December madness, setting new budgets, and looking ahead at what our financial future will look like in 2024.
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
This year, eligible households can expect to receive the increased BC Family Benefit payments in bank accounts on the 20th of each month.
Families with yearly earnings below $106,908 with one child or yearly earnings of $143,783 with three children are eligible for the benefit, for example.
Last summer, the benefit increased by an additional $250 per year for a two-parent family of four and as much as $750 for a single-parent family with two children.
According to the province, about 95% of single-parent families in BC will get the benefit, with payments averaging $2,254 over the year.
Climate Action Tax Credit
Another way the province aims to relieve British Columbians’ stress is by increasing the BC Climate Action Tax Credit.
“As part of Budget 2023, the BC government significantly increased the Climate Action Tax Credit to address rising costs and give a boost to the people who need it most,” the province said in an email to Daily Hive.
These quarterly payments are made on the 5th day of January, April, July, and October.
A single person could receive as much as $447 per year, which is double what they received in 2022.
Individuals with a net income of less than $61,465 will receive a full or partial credit. For families, it depends on the family configuration. The ministry says that a family of four with a net income less than $94,845 will receive a full or partial credit.
Renter’s rebate
A new tax credit will be deposited into eligible renter’s bank accounts this year.
The provincial government’s newly created Renters’ Tax Credit will soon be implemented, and it’s expected to benefit approximately 80% of renter households in BC in Spring 2024.
Those eligible will receive a renter’s rebate of up to $400 after they file their 2023 taxes.
The household income brackets are as follows:
- $60,000 or less = $400 credit
- $60,000 to $80,000= less than $400
Individuals living with roommates can apply individually, while couples must input their combined income and are only eligible for one $400 rebate.
The province said that this benefit is expected to help about 80% of renter households in BC.
Federal supports
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 2024.
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