Most British Columbians will soon see a little more money in their bank accounts.
The latest Living Cost Credit, announced by Prime Minister David Ibey in November, is expected to arrive on Thursday.
Finance says 85 percent of British Columbians will receive a full or partial BC Accessibility Credit from the Canada Revenue Agency, which will provide up to $164 for an adult and $41 for a child.
Finance Minister Catherine Conroy says British Columbians’ budgets are already stretched and the credit will help combat rising costs.
“We know it’s not going to cover all the bills, but hopefully this little extra from the BC Affordability Credit will help take some of the pressure off as we head into the new year,” she said.
As of November 2022, British Columbia’s consumer price index has increased by 7.2 percent compared to the same time in 2021.
Finance Minister Catherine Conroy says about 50 percent of residents who receive the credit will receive the maximum payment of $164 for an adult and $41 for a child. (Mike MacArthur/CBC)
In November, along with the BC Affordability credit, Eby also announced a one-time $100 BC Hydro credit.
The utility says the credit was automatically applied to customers’ bills in December.
The province says BC families will also receive the first of three enhanced BC Family Benefit payments on January 20.
The three payments will be sent in January, February and March, providing up to an additional $58.33 per child each month.
“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.
In late November, former Finance Minister Selena Robinson revealed that BC has a $5 billion surplus.
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