Free money on its way to British Columbians next month | Daily Hive

Extra holiday cash: Free money on its way to British Columbians next month

Krakenimages.com/Shutterstock | Vancouver Christmas Market/Lindsay Elliot

It’s an exciting time of year as the holidays approach. However, December can be stressful due to the hit our bank accounts can undergo. Fortunately, British Columbians can expect some extra money from the government in several ways.

With the gift-giving season approaching, it can be a struggle to afford presents amid a cost-of-living crisis — let alone groceries.

For those worried about the new expenses the holidays will inevitably bring, you could see some relief with the help of the government’s benefits, credits, and rebates.

Here is how and when you’ll receive more money from the provincial and federal governments this festive season.

Note: Canada Post is on strike, and it might cause some cheques to be delivered late. To avoid interruptions in the future to your benefit payments, sign up for direct deposit.

BC Family Benefit

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This summer, parents who receive the BC Family Benefit saw a little more cash in their bank accounts after the province boosted the payment, and this trend will continue.

The bump was announced to help families pay for things like groceries or recreational sports.

The bonus translated to a 25% increase in payments that started in July. On average, families will receive $445 more than last year.

According to the province, the maximum annual benefit, including the BC family benefit bonus payment, families could receive is:

$2,188 for their first child,
$1,375 for their second child,
and $1,125 for each additional child.

The province says the money will be provided over 12 months (July 2024 through June 2025) and is tax-free.

The benefit is paid out monthly to about 340,000 families with children in the province via direct deposit or cheques in the mail.

Families will receive their benefits on December 20.

You can calculate how much your family will receive on the provincial site.

BC electricity affordability credit

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For 12 months (since April 15, 2024), households in BC will save an average of $100 (about $8 a month) on their electricity bills due to a BC Electricity Affordability Credit.

The credit amount will be applied to eligible British Columbians’ bills.

People with bi-monthly billing will receive the bill credit in six installments, and people with monthly billing will receive the bill credit in 12 installments.

“The credit will appear as a line item in your bill details once it’s been applied,” the province said.

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Canada Pension Plan (CPP)

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The CPP is a monthly, taxable benefit that replaces part of your income at a certain age.

According to the federal government, to qualify for the retirement pension, you must be at least 60 years old and have made one valid contribution to it.

Ottawa says the amount you’ll receive depends on different factors, such as the age at which you decided to start your pension, how much and for how long you contributed to the CPP, and your average earnings throughout your working life.

“For 2025, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60,” according to the government. “The average monthly amount paid for a new retirement pension (at age 65) in July 2024 was $815.00.”

You’ll receive the money on December 20.

To learn more, read this.

Canada Child Benefit (CCB)

Vancouver Christmas Market/Lindsay Elliot

With the new benefit year beginning in July, the Canada Child Benefit (CCB) has increased, giving Canadians a small but much-needed child tax boost to support their kids.

Child tax payments have now increased by 4.7%. This means the maximum benefit for a child under six has increased by $350, from $7,437 to $7,787. For kids aged six to 17, it’s increased by $295, from $6,275 to $6,570.

This amount is tax-free, too, and you’ll receive the money on December 13.

To learn more, read this.

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