Many people will have more money in their bank accounts as a result of the BC Affordability Credit.
“The winter season often brings extra costs to people and with the rising costs we’re seeing around the world, it can add stress to already stretched household budgets,” said Catherine Conroy, Chancellor of the Exchequer. “We know it won’t cover all the bills, but we’re hoping this little extra from the BC Affordability Credit will help take some of the pressure off as we head into the new year.”
Eighty-five percent of British Columbians will automatically receive a full or partial BC Accessibility Credit through the Canada Revenue Agency. The credit would provide another $164 for an adult and $41 for a child, which would be $410 for a family with two children.
“We are focused on helping the individuals and families who need it most right now, and we are in a strong position to continue that support,” Conroy said. “No matter what’s on the horizon, we will continue to be here for British Columbians.”
More help is coming to British Columbia families this month through the first of three enhanced British Columbia Family Benefit payments on January 20, 2023. Payments for January, February and March will include an additional $58.33 per child for each month. A family with two children will receive up to $350 of this co-payment.
These credits are two of the cost-of-living measures announced in the fall. This package will put nearly $2 billion back into the pockets of British Columbians to help them get through this tough time when costs are rising due to global inflation.
Fast facts:
- 85% of people in British Columbia will receive the BC Affordability Credit and approximately 50% of them will receive the maximum payment.
- 75% of BC families will receive full or partial BC Family Benefit, and approximately 84% of these families will receive at least $50 per month per child.
- The BC Family Benefit was formerly known as the Child Opportunity Benefit.
Find out more:
For information about new and existing benefits for individuals, visit: https://www2.gov.bc.ca/gov/content/family-social-supports/affordability/family-benefit
Learn more about BC’s enhanced family benefit: https://www2.gov.bc.ca/gov/content/family-social-supports/affordability/family-benefit#:~:text=For%20the%20July%202022% 20 to, month%20for%20each%20additional%20child
Read about the Climate Action Tax Credit:
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