The BC government has upped the threshold for the renter’s tax credit for the coming tax year as well as the threshold for the homeowner’s grant in an effort to help people with property tax affordability.
The tax credit for renters was introduced for the 2023 tax year and allowed people to claim a $400 tax credit if they made $60,000 or less.
This tax credit remains in place for the 2024 tax year with the threshold adjusted to inflation.
Going forward, the Province has now increased this threshold to $63,000 for people to receive the full $400.
For those who make more than $63,000, the $400 will be adjusted in line with their income up to $83,000.
As for the homeowner’s grant, the Province will provide between $570 and $1,045 for homeowners whose property is valued up to $2,175,000.
This is an increase of $25,000 for the homeowner’s grant threshold, which will allow approximately 92% of BC property owners to claim the money.
BC homeowners eligible for the grant will receive $570 off their property tax bills if they live in certain regional districts.
Those living in Greater Victoria whose residences are within the Capital Regional District will only receive $570. The other specified regional districts which won’t receive the full grant amount are the Metro Vancouver Regional District and the Fraser Valley Regional District.
For the rest of BC’s homeowners, they will receive $770 off their property tax bills, while veterans, seniors and people with disabilities can access another grant to receive $1,045.
Additionally, the Province says that if homeowners need more time to pay property taxes, they can apply to defer their property tax for the year.
This option is available to families with dependent children, people over 55-years-old and people with disabilities. Those who qualify can continue to defer as long as they qualify.
