Here's what cash the government is giving out this spring

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Are you stressed about money? With more cash on the way from the government this spring, the provincial and federal governments hope it will offset some British Columbian’s worries.

Here’s what relief is coming your way from the province:

BC Family Benefit

Eligible households can expect to receive the increased BC Family Benefit payments in bank accounts on the 20th of each month.

Families with yearly earnings below $106,908 with one child or yearly earnings of $143,783 with three children are eligible for the benefit, for example.

Last summer, the benefit increased by an additional $250 per year for a two-parent family of four and as much as $750 for a single-parent family with two children.

According to the province, about 95% of single-parent families in BC will get the benefit, with payments averaging $2,254 over the year.

Climate Action Tax Credit

Another way the province aims to relieve British Columbians’ stress is by increasing the BC Climate Action Tax Credit.

“As part of Budget 2023, the BC government significantly increased the Climate Action Tax Credit to address rising costs and give a boost to the people who need it most,” the province said in an email to Daily Hive.

These are quarterly payments. The next deposit you will see will be on April 5.

A single person could receive as much as $447 per year, double what they received in 2022.

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.

Renter’s rebate

A new tax credit will be deposited into eligible renter’s bank accounts soon.

The provincial government’s newly created Renters’ Tax Credit will soon be implemented, and it’s expected to benefit approximately 80% of renter households in BC in the spring.

If you filed your 2023 taxes, those eligible will receive a renter’s rebate of up to $400.

The household income brackets are as follows:

$60,000 or less = $400 credit
$60,000 to $80,000= less than $400

Individuals living with roommates were able to apply individually, while couples were expected to input their combined income and are only eligible for one $400 rebate.

The province said that this benefit is expected to help about 80% of renter households in BC.

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More money from the federal government

Some British Columbians will also be eligible to receive extra money from the federal government’s benefits, credits, and rebates.

Here’s what relief is coming your way from the feds:

GST credit

The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.

It aims to help Canadian individuals and families with low to modest incomes offset the taxes that they pay.

You can expect to receive the money next on April 5.

According to the government, you could get up to:

$496 if you are single
$650 if you are married or have a common-law partner
$171 for each child under the age of 19

You don’t need to apply for this credit because you’re automatically considered for it when you file your taxes.

Last year, Ottawa doubled the GST credit for six months during the height of inflation.

Canada Child Benefit (CCB)

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).

The next spring payments are coming on March 20, April 19 and May 17.

Read this to learn if you’re eligible, how you can apply, and how much you can get.

Canada Workers Benefit (CWB)

The CWB is a refundable tax credit that helps low-income individuals and families.

You’re eligible for the basic amount of CWB if you are:

Over 19 years old on December 31, or live with a spouse or common-law partner or your child
Are a resident of Canada throughout the year
Are working but earning less than the net income level set for your province or territory of residence.

Eligible single Canadians can receive up to $1,428; meanwhile, families can earn up to $2,461.

You can also get up to $737 for the disability supplement based on your annual income.

You’ll receive the money on July 12.