Tax season is almost over, so the clock is ticking to get your renter’s tax credit if you’re a B.C. resident.
The credit is based on an individual’s annual income and can only be obtained when filing a tax return.
If you file your return yourself through a service like TurboTax or WealthSimpleTax, you’ll want to carefully review all the options to ensure it has been enabled.
Here are additional details about the credit and how much you could get.
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The tax deadline is April 30, so you must file your taxes by then to be eligible for the credit.
Depending on income, renters in B.C. can get up to a maximum of $400. If your adjusted income for the tax year is $63,000 or less, you are entitled to the full $400, but other requirements exist.
“Your adjusted income is the total of your net income and your spouse or common-law partner’s net income (if applicable) with certain adjustments,” says the B.C. Ministry of Finance.
It might sound like a no-brainer, but you have to reside in a home that you are paying to rent and be at least 19 years old.
“Eligible tenants who rent and occupy an eligible rental unit under a rental or tenancy agreement together but are not married or in a common-law relationship with each other (roommates) may each claim their own renter’s tax credit if all other criteria are met,” says the B.C. Ministry of Finance.
If you make more than $63,000 but less than $83,000, the ministry says you “may receive a reduced amount.”
University and college dorm renters can also apply.
“Individuals are not eligible for the credit if they own the housing unit they occupy. This includes direct or indirect ownership through owning shares of the capital stock of a co-operative housing corporation, or through any other method.”
More people will be able to get the credit next year.
“The adjusted income threshold amount of $63,000 will be indexed to inflation each year. For the 2025 tax year, the adjusted income threshold will be increased to $64,764, and the credit will be reduced to zero at $84,764.”
If you’re a homeowner, B.C. also has a homeowner grant for which you may be eligible.