Finance
Many people will have more money in their bank accounts as a result of the BC Affordability Credit.
“The winter season often brings extra expenses for people and, with the rising costs we’re seeing around the world, it can add stress to already stretched household budgets,” said Katrine Conroy, Minister of Finance. “We know it won’t cover all the bills, but hopefully this little extra from the BC Affordability Credit will help take a bit of the pressure off as we head into a new year.”
Eighty-five per cent of British Columbians will automatically receive a full or partial BC Affordability Credit through the Canada Revenue Agency. The credit will provide as much as an additional $164 per adult and $41 per child, which will be as much as $410 for a family with two children.
“We’re focused on helping the people and families who need it most right now, and we are in a strong position to continue this support,” Conroy said. “No matter what is on the horizon, we’ll continue to be here for British Columbians.”
More help is on the way for B.C. families this month through the first of three enhanced BC Family Benefit payments on Jan. 20, 2023. The January, February and March payments will include as much as an additional $58.33 per child, for each month. A family with two children will receive as much as $350 from this top-up.
These credits are two of the cost-of-living measures announced in the fall. This package will put close to $2 billion back in British Columbians’ pockets to help them get by during this difficult time as costs rise due to global inflation.
Quick Facts:
- 85% of people in B.C. will receive the BC Affordability Credit, and approximately 50% of them will receive the maximum payment.
- 75% of B.C. families will receive a full or partial BC Family Benefit, and approximately 84% of those families will receive at least $50 per month, per child.
- The BC Family Benefit was formerly known as the Child Opportunity Benefit.
Learn More:
For information about new and existing supports for people, visit:
https://www2.gov.bc.ca/gov/content/family-social-supports/affordability/family-benefit
Learn more about the increased BC Family Benefit:
https://www2.gov.bc.ca/gov/content/family-social-supports/affordability/family-benefit#:~:text=For%20the%20July%202022%20to,month%20for%20each%20additional%20child
Read about the Climate Action Tax Credit:
https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/climate-action
