Wednesday, July 24, 2024

David Eby reveals two cost-of-living credits in first move as premier of BC

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Not even 24 hours on the job, and David Eby revealed two cost of living credits for residents and businesses in BC.

After being sworn in as the 37th premier of British Columbia, Eby announced at his swearing-in ceremony that his government will be implementing two new cost-of-living credits to aid families and businesses.

The aim of these two credits will be to combat inflation as it continues to rise across the country. 

Families and Small businesses alike will receive a one-time credit on their BC Hydro bill this fall and the new BC Affordability Credit will be automatically deposited into eligible British Columbians bank accounts. 

“People and small businesses across BC are feeling the squeeze of global inflation,” said Premier David Eby. “It’s a time when people need their government to continue to be there for them.” 

“That’s why we’re focused on helping people most impacted by the rising costs we’re seeing around the world – giving people a bit of extra credit, especially at a time of year when expenses can be quick to add up.”

Related: 

David Eby officially sworn in as BC’s 37th premier during historic ceremony

BC Hydro bill credit

BC Hydro is implementing a $100 credit to eligible residents and businesses electricity bills before the year’s end. 

It was estimated that $100 is approximately one month of electricity for a family of four in a detached home or two months in an apartment.

FortisBC and other municipal utility customers will aso be eligible for this credit.

Small to medium businesses may also be eligible for a credit of up to $500. The amount will be based on their prior year’s energy consumption. 

This credit is being given because in the coming months energy bills may be higher due to colder temperatures and it is intended to offset those costs.

BC Hydro’s credit will be automatically applied to electricity bills of those eligible. Fortis and other municipal utility companies credits may not be seen on bills until early in the new year.

BC Affordability Credit

Families who are eligible will automatically receive the new BC Affordability Credit through the Canada Revenue Agency (CRA). It will be given the same way the Climate Action Tax Credit was given in October. 

Low income individuals making up to $36,901 will receive the maximum amount. Those making more than $79,376 will not receive anything. Between those two amounts, eligible individuals will receive money on a sliding scale based on their income. 

The full amount of credit will be $164 per adult and $41 per child if eligible. 

(Province of British Columbia)

Eligible families of four with a household income of $43,051 will also get the full amount with the credit phasing out at a household income of $150,051. Families of four will also receive a credit on a sliding scale if their income is between those amounts. 

A family of four could receive a full credit of $410.

“Look for B.C.’s new Affordability Credit in your bank account in January 2023,” said Eby. 

“We know it won’t cover all the bills, but we hope the little bit extra helps folks out this winter.”

mm
Curtis Blandy
curtis@victoriabuzz.com

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