Monday, June 17, 2024

Check those bank accounts: Here’s why your GST credit was a little higher this month

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If you do your taxes and are eligible for the BC Affordability Credit, your bank account might just be a little happier than it was yesterday.

On Wednesday April 5th, the Canada Revenue Agency (CRA) doled out its latest quarterly GST credit to tax-paying Canadians. 

According to Premier David Eby, this affordability credit is meant to relieve the ongoing pressures of inflation and the toll it has taken on British Columbians just trying to get by. 

“Many British Columbians continue to struggle with the costs of everyday life due to global inflation,” said Premier Eby. “Our government is committed to supporting people through these tough times with several measures, including cost-of-living credits.” 

“The third instalment of the BC Affordability Credit will help people pay for the essentials – like a trip to the grocery store or a new pair of shoes for a growing child.”

Attached to the CRA’s GST credit is the BC Climate Action Tax Credit which the affordability credit will be tacked onto. The affordability credit will provide as much as $164 per adult and $41 per child. This equates to around $410 per family of four. 

This is the third BC Affordability Credit to be distributed by the province. 

Combined, these credits put around $1.5 billion into the pockets of British Columbians.

mm
Curtis Blandy
curtis@victoriabuzz.com

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