Exciting news, Victoria!
The province of BC has announced that due to the enhanced climate action tax credit, more than two million families and individuals will see an increased amount of money in their bank accounts this week.
According to the release, BC raised income thresholds and increased the climate action tax credit as a part of Budget 2023 to ensure BC’s clean transition remains affordable for more people.
This means a single person can now receive up to $447 per year, an increase of $250 from 2022, and a family of four can now receive as much as $893.50, $390 more than last year.
“High interest rates and global inflation are squeezing household budgets, and we’re determined to find ways to put more money into people’s bank accounts,” said Katrine Conroy, Minister of Finance.
“By expanding and significantly increasing the climate action tax credit, we’re taking on carbon pollution, while helping to reduce costs for people in communities across BC.”
BC is one of the few provinces with its own pollution-pricing system, known as the carbon tax. The climate action tax credit was created to help offset costs for people and families with low and middle incomes.
“Our government recognizes the challenges people are facing and is working hard to make life better for people,” Conroy said.
“That’s why we always encourage people to file their income taxes to ensure they receive the support they are entitled to, including the climate action tax credit, the BC family benefit and the sales tax credit.”
This payment is administered by the Canada Revenue Agency—it will appear as a payment from the Government of Canada on your bank statements.
