Millions British Columbians will receive their first payment of a boosted climate tax credit this week.
This year’s budget raised income thresholds and increased the climate action tax credit to soften the financial blow of the province’s clean energy measures, said the the Ministry of Finance in a press release Wednesday.
“As global inflation continues to impact the costs of everyday life, we’re making sure more people will receive more money to help with their bills,” Minister of Finance Katrine Conroy said in a written statement.
“Boosting the climate action tax credit is just one of the ways we are putting money in people’s pockets as we work toward a low-carbon future.”
The credit is aimed at helping people with low and middle incomes shoulder a fair share of B.C.’s carbon tax, which is used to pay for clean energy projects like charging infrastructure, as well as other green services and programs meant to tackle climate change.
How do I know if I'm eligible?
To be eligible, a B.C. resident must by 19 or older and have filed their taxes. The Canada Revenue Agency (CRA) will automatically calculate the amount credit an individual or family receives.
If you have a spouse or common-law partner, only one person can receive the credit on behalf of the family. That amount will remain the same no matter who receives it, according to the B.C. government.
For parents who live with a child under 19 years old, they must be registered with the Canada Child Benefit, which can be accessed through an enrolment form or through the CRA's My Account portal.
Parents in shared custody arrangements face special rules.
Payments are issued quarterly. That means that anyone who wishes to receive a payment through the climate action tax credit must be a resident of B.C. on the first day of the current financial quarter and last day of the previous quarter.
“For example, to get the October payment, you must have been a resident of B.C. on both Oct. 1 and July 1,” notes the province on its website.
The B.C. government recommends anyone moving to or from the province update their personal information with the CRA as soon as possible. Overpayments made to an ineligible individual will have to be repayed, says the government.
How much will I receive?
For a single person, the enhanced climate action credits could mean a $447-per-year deposit in their bank account, nearly double what they received in 2022. A family of four could receive up to $893.50 a year, up from $390 last year.
A single person who has a net income below $61,465, and a single parent with two children with a net income below $89,270 will receive a full or partial credit.
The government says roughly 70 per cent of British Columbians can now expect the maximum payment. The credit is expected to reach to 80 per cent B.C. households by 2030.
