More support to help people with rising cost of living (flickr.com)

Media Contacts

Lindsay Byers

Press Secretary
Office of the Premier
Lindsay.Byers@gov.bc.ca

Ministry of Finance

Media Relations
Natalie.North@gov.bc.ca
250 208-0706

Backgrounders

New supports to help British Columbians with costs

Enhanced Climate Action Tax Credit in October

While the Province works toward a net-zero emissions-free future, the B.C. government uses revenue raised by the carbon tax to reduce costs for people with lower incomes through the Climate Action Tax Credit.

  • About 85% of people in B.C. will benefit from the increase.
  • The tax-free credit is delivered four times a year, and the amount will depend on family size and income.
  • The October 2022 payment is increased by up to $164 for an individual and up to $41 for each child in a family. A single parent will receive $164 for their first child.
  • Enhancements are fully phased out at an income of around $148,000 for a family of four.
  • The estimated cost of delivering the temporary increase is $500 million.

Bigger BC Family Benefit in January, February, March

The BC Family Benefit provides a tax-free monthly payment to families with children under the age of 18. Formerly known as the Child Opportunity Benefit, the tax credit was launched in 2020 to help combat child poverty and help low- and moderate-income parents provide opportunities for their children.    

  • About 75% of families with children receive the BC Family Benefit and will receive the enhanced payments in January through March 2023.
  • A single parent with one child can receive up to an additional $58 per month from January to March, or $175 total.
    • The benefit is fully phased out at an income of $115,000 for a single parent with one child.
  • The increase will provide a family of four up to an additional $116 per month from January to March, or up to $350 total.
    • A family of four earning less than $117,000 will receive at least $300 more in benefits from January to March.
  • The estimated cost of delivering the temporary increase is $100 million.

Helping renters with the cost of living in 2023

To support renters amid exceptionally high global inflation rates on housing, the Province is capping allowable rent increases below inflation for 2023.

  • The maximum allowable rent increase for 2023 is set at 2%, to help keep more money in the pockets of tenants faced with rising cost pressures.
  • Capping the annual allowable rent increase at 2% instead of the rate of inflation will provider renters with significant savings.
    • For example, a renter paying $2,000 in rent will save up to $816 next year. Savings will be higher for people with higher existing rent.
  • If landlords choose to increase rent, they must provide a full three months’ notice to tenants using the correct notice-of-rent increase form. This means the earliest tenants could see an increase in rent is Jan. 1, 2023.
  • The 2023 maximum increase for manufactured home park tenancies will be 2%, plus a proportional amount for the change in local government levies and regulated utility fees.
  • In 2018, the Province capped annual rent increases to inflation, saving renters hundreds of dollars a year. Prior to that, rent increased at inflation, plus an additional 2%.
  • The annual allowable rent increase supports repairs and upgrades to maintain safe housing, while ensuring renters do not face excessive or unpredictable rent increases.

Additional supports are available to help renters with the cost of living, including:

  • interest-free loans through the BC Rent Bank.
    • Renters with low to moderate incomes facing a temporary financial crisis and at risk of eviction or essential-utility disconnection, may be eligible for an interest-free loan to help them maintain their housing.
    • A recent survey of loan recipients found that 94% of people had maintained or improved their housing situation six months after receiving assistance.
    • According to Canada Mortgage and Housing Corporation, preventing a single eviction saves a tenant $2,932 and a landlord $8,663.
    • In December 2021, B.C. became the first province in Canada with provincewide rent-bank coverage.
    • Renters can start the application process online: https://bcrentbank.ca/apply/  

Media Contacts

Lindsay Byers

Press Secretary
Office of the Premier
Lindsay.Byers@gov.bc.ca

Ministry of Attorney General

and Responsible for Housing
Media Relations
236 478-0251