If you’re set up for direct deposit through the Canadian Revenu Agency (CRA), you might see a little bonus cash in your bank account this week, thanks to a BC tax credit.
It’s a holiday gift from the BC Ministry of Finance in the form of the Climate Action Tax Credit, which will benefit more than two million families and individuals.
This week’s credit is the third quarterly Climate Action Tax Credit payment, which can see single people receiving as much as $447 per year, which is double what they received in 2022.
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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.
“A family of four now receives as much as $893.50 per year. An estimated 70% of families and individuals who are eligible to get the quarterly payments from the Province can expect the maximum amounts,” the ministry said in a release.
Every year, the ceiling for the credit increases, with the BC government looking to reach 80% of households by 2030.
“By boosting the Climate Action Tax Credit, we are providing more help with costs for people in BC as we also drive down emissions and grow the economy. While others would hike fees and give polluters a free pass, we’re taking action to support people and create a more sustainable future so people can build a good life in BC,” said Kathrine Conroy, Minister of Finance, in a release.
While some may have already gotten the payment, it can take as many as ten days to be delivered.
“Despite being a payment from the Province, it will appear on bank statements as a payment from the Government of Canada.”
The Ministry of Finance is also warning folks not to fall for scams, adding that text messages about the credit are fraudulent.
Find out more here.
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