Tuesday, June 25, 2024

Here’s why British Columbians might have extra money in their bank accounts this week


January 5th is GST cheque day across BC and the rest of Canada!

Along with the quarterly GST/HST credit that is sent out to eligible Canadians via direct deposit from the Government of Canada is an extra boost of money from the Province of BC. 

This booster comes in the form of the Climate Action Tax Credit as a way to try to help British Columbians in a difficult time.

“With the global inflation and an expensive holiday season, we know people need support now more than ever,” said Katrine Conroy, Minister of Finance. 

“These are big challenges around the world. By boosting the Climate Action Tax Credit, we are providing more help with costs for people in BC as we also drive down emissions and grow the economy.

“While others would hike fees and give polluters a free pass, we’re taking action to support people and create a more sustainable future so people can build a good life in BC,” she continued.

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In 2023, the Province increased the Climate Action Tax Credit to get more money into people’s pockets while inflation has been so high and many have had trouble with the rising cost of food and housing. 

BC is contributing as much as $447 per year for a single person or as much as $893.50 for a family of four.

Individuals with a net income less than $61,465 will receive a full or partial credit and for families, the income threshold for a family of four with a net income less than $94,845 will receive a full or partial credit.

These payments will come in quarterly distributions and will be tacked onto the federal government’s GST/HST credit distribution. 

The Province estimates that 70% of British Columbians are eligible for these disbursements. 

Curtis Blandy

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