Many BC residents are set to see some extra cash sent their way this week.
For some individuals and families across BC, the quarterly climate action tax credit is set to be delivered along with the federal GST credit on Friday, April 5th.
This is the fourth and final installment of Budget 2023’s climate tax credit, but Budget 2024 also has funds allocated to boosting British Columbians’ federal tax credits in the coming fiscal year.
“Across the province, people are seeing devastating wildfires and severe drought, and this coming summer could be the worst ever,” said Katrine Conroy, Minister of Finance.
“Putting a price on pollution is about fighting climate change, and to ensure it’s fair, we are providing support to most middle- and low-income families through the climate action tax credit.”
Conroy added that this is one of several actions the government is taking against the current cost-of-living pressures impacting BC.
This coming year, a family of four that had been receiving $890 over the course of this year will soon be getting $1,008 per year.
Conversely, individuals who were receiving $447 last year, up until this week, will collect $504 a year going forward.
This increase will begin in July of this year.
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The Province says that approximately 65% British Columbians receive money back through the climate action tax credit; however, the goal is to have it reach up to 80% of BC residents by 2030.
“People want us to fight pollution and they need us to help with costs. So, we’re taking action on both,” said George Heyman, Minister of Environment and Climate Change Strategy.
“For over a decade and a half, a price on pollution has been a central and effective part of our efforts to tackle climate change.”
Heyman added that the funds from the climate action tax are used primarily to fight pollution, support people through climate emergencies and put money back in the pockets of those who need it.
Any additional funds from the tax go to tech and programs that can reduce emissions as well as climate adaptation projects.
British Columbians will see the money in their bank accounts this Friday, if they are eligible to receive it.
However, the Province says that it sometimes takes up to 10 days to be delivered depending on the bank.
It will be delivered via direct deposit from the Canada Revenue Agency.
