Most British Columbians can expect to receive two cost-of-living credits -- the BC Affordability Credit and the BC Family Benefit -- before the end of this month, the Province said on Thursday.
The BC Affordability Credit will provide up to $164 per adult and $41 per child, which means a family with two parents and two children can receive as much as $410. The Province says 85% of British Columbians will receive the Affordability Credit, with 50% of them eligible for the maximum amount.
The BC Family Benefit (previously called the Child Opportunity Benefit) applies to families with children below the age of 18, who, on Friday, January 20, can expect to receive the first of three enhanced payments -- delivered in January, February, and March -- with as much as an additional $58.33 per child, per month.
The Province says 75% of families in BC will receive the Family Benefit in full or in part, with approximately 84% of those families receiving at least $50 per child.
"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 Minister of Finance Katrine Conroy. "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."
The two affordability credits were announced in September under Premier John Horgan shortly after the BC government discovered -- to its own surprise -- that they ended the 2021-2022 fiscal year with a $1.3B budget surplus, despite previously projecting a $10B deficit.
The BC Affordability Credit comes as part of the BC Climate Action Tax Credit (BCCATC), which uses revenue from the province’s carbon tax to reduce costs of living for those with lower incomes.
An increased BCCATC payment was delivered in October, and the new additional Affordability Credit will be arriving along with this month's BCCATC payment through the Canada Revenue Agency.
Those who are already receiving the BCCATC do not need to apply for the Affordability Credit. However, the eligible income range for the Affordability Credit is higher than that of the BCCATC, capping off at $79,376, so those who have too high of an income to qualify for the BCCATC could potentially be eligible for the Affordability Credit.
