Here's when you could actually see the BC renter's tax credit

The provincial government announced the new BC renter’s tax credit on budget day this week, but it could take a while before renters actually see money in their bank accounts — if they qualify at all.

First promised by John Horgan when he sought to lead the province for the first time, the renter’s rebate has been promised for years but never materialized until this week in the form of a tax credit.

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The credit will provide $400 to every renter whose household income is $60,000 or less. Those who make between $60,000 and $80,000 will receive less than $400 but will still get something.

Couples living together will need to put their combined income and are only eligible for one $400 rebate between them, whereas individuals living with roommates can apply individually and will all get the $400 if they’re eligible.

So, when will you see the $400?

Not until spring 2024 at the earliest.

Renters can start claiming the tax credit on their 2023 income tax returns when they file in spring 2024, according to the provincial government’s website. The rebate won’t come until after the Canada Revenue Agency reviews the submitted documents.

Is the rebate enough?

The $400 amount was initially promised by Horgan years ago. But now, with post-pandemic inflation and an ever-worsening housing crisis, some believe the rebate won’t do much to help renters.

“A drop in the bucket,” one user said on Twitter.

A drop in the bucket. Rent control tied to utilities’ increases would be better.

— Deemko (@Dimko_B) March 1, 2023

“Based on net income!” said another. “I’m already forking over 35%+ of my gross income yet I only qualify for a portion of this! And it’s not until next year?!”

Base it on NET income! I’m already forking over 35%+ of my GROSS income yet I only qualify for “a portion” of this! And it’s not until NEXT YEAR!? What the actual … promises promises 👎🏼

— shannon.gona (@ShannonGona) March 1, 2023

“My wife and I make just over $80K combined. Due to two moves (landlords selling), our rent has increased to almost double in three years. We, like so many others, are just trying to keep afloat,” said a third.

I don’t know if I agree with the stat of 85% of renters make under $80K as a household. My wife and I make just over $80k combined. Due to 2 moves (landlords selling) our rent has increased to almost double in 3 years. we, like so many others, are just trying to keep a float.

— Cw76BC (@c4wood) March 1, 2023

The BC government claims 80% of renter households in the province will receive at least a portion of the tax credit. It’s pegged to cost $939 million over its first three fiscal years.

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