After an expensive December, many BC residents will have a bit more money in their bank account to recover from the expenses of the holidays thanks to the BC Affordability Credit first announced in November
BC’s Minister of Finance, Katrine Conroy, says she wants British Columbians to know that their government is thinking about them.
“The winter season often brings extra expenses for people and, with the rising costs we’re seeing around the world, it can add stress to already stretched household budgets,” said Conroy.
“We know it won’t cover all the bills, but hopefully this little extra from the BC Affordability Credit will help take a bit of the pressure off as we head into a new year.”
The province said 85 percent of British Columbians could receive up to $164 per adult and $41 per child this month automatically through the Canadian Revenue Agency (CRA).
How the payment works
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.
Families with two children can receive up to a total of $410.
The allotment of what British Columbians are entitled to will be added to what they will receive from the BC Climate Action Credit (BCCAC). The province uses the BCCAC as a vehicle for any additional funds they distribute to residents.
Today people will see extra money in their pockets with the BC Affordability Credit. 85% of people in BC will benefit — up to $410 for a family of four. If you're eligible, you can expect to see the credit payment from @CanRevAgency today.https://t.co/kTdW72IhXX pic.twitter.com/J6D7gkAP3o
— BC Government News (@BCGovNews) January 5, 2023
So if you are entitled to the full $164 and your CRA account says your BCCAC credit paid out on January 5th was $212.37, the affordability credit has been added onto the $48.37 from the BCCAC.
In October of 2022, a ‘top-up’ credit of $164 was also given. So when looking at your CRA breakdown of disbursements, your payments on January 5th should be similar to the October credits.
BC Family Benefit
In addition to the affordability credit above, that credit will also come alongside an enhanced BC Family Benefit payment.
For the next three months, 75% of families could see as much as an extra $58.33 per child.
“We’re focused on helping the people and families who need it most right now, and we are in a strong position to continue this support,” Conroy said in a statement.
“No matter what is on the horizon, we’ll continue to be here for British Columbians.”