BC residents could see some extra funds in their bank accounts this January

Some new and renewed cost-of-living supports have been announced by the BC government to help eligible people with their holiday bills in the new year.

The first support comes in the form of the quarterly climate action tax credit. Payments can be expected to arrive in the bank accounts of approximately 65% of families and individuals in BC on or around Friday, January 3rd. 

Annually, the average amount people will receive is estimated at $440 for individuals with no children, $680 for single-parent families and $613 for multi-parent families.

This support is delivered via Canada Revenue Agency’s (CRA) quarterly GST credit. 

Following the climate action tax credit, in January over 340,000 families with lower or middle incomes will receive their BC Family Benefit payment, which now includes a temporary cost-of-living bonus. 

The bonus is a 25% increase, equating to an average of $445 more for families. 

The Province says a family of four can receive as much as $3,563 a year, while a single parent with one child can receive as much as $2,688 per year. 

This credit is deposited in bank accounts around the 20th day of every month.

“I know the high cost of living can cause pressure for so many people during the holiday season,” said Brenda Bailey, Minister of Finance. 

“While high prices persist across the country and around the world, we are working hard to help offset costs for people in BC with tax credits that put more money into people’s pockets when they need it most.”

Additional ways the Province says it will be attempting to help British Columbians with cost-of-living are:

• Increasing minimum wage, usually implemented in the summer
• Lowering car-insurance costs
• Reducing child care fees
• Implementing free prescription birth control
• Allowing free transit for kids
• Capping rent increases to inflation
• Renewing last year’s $400  tax credit for renters

Additional benefits and supports that are available can be found on the Province’s ‘Benefits Connector’ webpage. 

Most of these tax credits are only available to those who have filed their taxes for the previous year.