BC rebates: Here's what cash you could receive by the end of the year

The holiday season is here, and for many, it’s the most magical time of the year. But, financially speaking, it can be disastrous.

It comes as many Canadians were already in the red due to rising grocery prices, global inflation, and higher interest rates. The last weeks of the year can be a real challenge, to say the least, and every little bit helps.

Some eligible British Columbians have received extra cash from the government to support various monthly bills this year. And while it may have felt like cheques were coming in every few weeks, it seems the money pot is starting to dry up for the final months of 2023.

But there are still some rebates and benefits coming — and we’ve broken down everything you need to know, including which ones are available, how much money you may receive, and who is eligible for the cash.

BC Family Benefit

The last payment eligible British Columbians will receive are for the increased BC Family Benefit (which was permanently increased over the summer).

Eligibility is determined automatically when families register for the Canada Child Benefit and is based on income and number of children.

Bigger paycheques

Additionally, according to the federal government, many Canadians will notice their take-home pay increasing in the few months leading up to the end of the year.

This is because we pay into the Canada Pension Plan and Unemployment Insurance (EI) contributions throughout the year, and at some point, we reach our maximum contributions for the year.

However, reaching the maximum contribution will vary from person to person — as how much you earn is the biggest driving factor.

On average, many people will notice the change between July and December of each year after they have maxed out and, in turn, there will no longer be any CPP/QPP or EI deductions for the remainder of the year.

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The roundup of all the benefits for 2023

Here’s a look back at the ways the provincial government supported British Columbians throughout the year:

• BC provided enhanced BC Family Benefit payments, previously known as the Child Opportunity Benefit;
  • Come summer, the increase to the BC Family Benefit by 10% monthly was permanently made.
• Around 85% of British Columbians received an additional full or partial payment as part of the BC Affordability Credit.
• For the first time since 2007, the province increased the shelter rate by $125 per month.
• British Columbians pursuing higher education and in need of financial support were also able to access more money through student loans and improved repayment terms from the provincial government. 
• British Columbians received quarterly payments of the increased Climate Action Tax Credit.
• In the fall, more families became eligible to save up to $145 a month per child, thanks to the Child Care Fee Reduction Initiative.
• After growing calls for the province to provide free contraception, this April, BC became the first jurisdiction in Canada to do so.

Many still struggling

It’s been a challenging year for many. A recent survey from RBC found money, and lack thereof, is causing sleepless nights and straining personal relationships for many Canadians spread out across three generations.

A high number of respondents said they’d be happier if they had more confidence in their financial future, topping out at 88% among 18 to 26-year-old Canadians.

Do you benefit from these rebates? Let us know in the comments.

With files from Ty Judah