Free money in BC: Here's what cash governments are giving out this August
Summer can be particularly financially challenging for some people. To provide some relief, the provincial and federal governments are offering benefits and credits to British Columbians.
Here’s when British Columbians can expect to be handed a new round of extra cash from the government this August.
BC Family Benefit
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In July, parents who receive the BC Family Benefit saw a little more cash in their bank accounts after the province boosted the payment, and they will again in August.
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. This means families will receive $445 more than last year, on average.
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 in mid-August payment.
You can calculate how much your family will receive on the provincial site.
Childcare savings
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The Child Care Fee Reduction Initiative can help families that depend on more childcare during the summer months when school is out of session.
BC has lowered childcare fees to help families save $900 monthly on licensed childcare costs.
Here’s a breakdown of how much BC families can save depending on their child’s age:
- Infant and toddler care (under 36 months): save up to $900 a month
- Aged three years to kindergarten: save up to $545 a month
- Half-day preschool: save up to $95 a month
- Kindergarten: save up to $320 a month
- Grade 1 to age 12 (before- and after-school care): save up to $145 a month
Families do not need to apply for these savings as they are automatic.
For more information on childcare savings, click here.
Besides the savings program, BC has more than 13,000 $10 dollar-a-day childcare spaces.
BC electricity affordability credit
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Once again, thanks to a BC Electricity Affordability Credit, households in BC will save an average of $100 (about $8 a month) on their electricity bills.
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.
The monthly savings kicked in April, and the BC government intended the subsidy to be a one-time credit to reduce electricity bills over a 12-month period.
Canada Child Benefit (CCB)
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The CCB, a tax-free payment from the government to help with the cost of raising children, is administered monthly by the Canada Revenue Agency (CRA).
You’ll receive the money on August 20.
Read this to learn if you’re eligible, how you can apply, and how much you can get.
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