British Columbians with low to moderate incomes should see a bit of extra cash in the bank today.
The provincial government says 85 per cent of people in B.C. will automatically get part or all of the B.C. Affordability Credit through the Canada Revenue Agency this week. About half will get the full credit.
The income supports to combat an inflationary year were announced back in November.
An individual with an income up to $36,901 will get the full credit of $164 per adult and $41 per child. The credit will be indexed up to an annual income of $79,376, and those above the maximum will not get a credit.
A family of four with a household income up to $43,051 will get the maximum of $410 per family. The credit phases out completely at a combined income of just over $150,000.
“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 Finance Minister Katrine Conroy in a statement on Thursday as the credits were being handed out.
“We know it won’t cover all the bills, but hopefully this little extra from the B.C. Affordability Credit will help take a bit of the pressure off as we head into a new year.”
B.C. Premier David Eby has pledged to continue helping lower and moderate income British Columbians with the aid of a $5.7-billion budget surplus heading into 2023 — and more money is on the way.
The first of three added B.C. Family Benefit payments will be paid out on Jan. 20, with matching payments in February and March. That benefit will be up to $58.33 per child each month depending on income level. A family with two children will receive up to $350 in total.
About 75 per cent of B.C. families will get a full or partial family benefit, and about 84 per cent of those will get at least $50 a month per child.
The cost-of-living top-ups will cost the B.C. government about $2 billion, according to the Ministry of Finance.