BC renters will receive up to $400 as a tax credit in 2024

In a matter of months, about 80% of renter households in BC will benefit from a new tax credit, the government says. 

This year, the BC minister of finance announced renters across British Columbia are expected to benefit from the provincial government’s newly created Renters’ Tax Credit.

The renter’s rebate has been promised for years but never materialized this March as a tax credit.

The credit will provide $400 to every renter whose household income is $60,000 or less. Those who make between $60,000 and $80,000 will receive less than $400 but will still get something.

Couples living together must input their combined income and are only eligible for one $400 rebate between them. In contrast, individuals living with roommates can apply individually and will all get the $400 if they’re eligible.

Renters can claim the tax credit on their 2023 income tax returns when they file in the spring of 2024, according to the provincial government’s website. 

The rebate won’t come until after the Canada Revenue Agency reviews the submitted documents.

The earliest renters can expect the cash in their bank accounts by the spring.

This tax credit is expected to cost $939 million over its first three fiscal years.