Money from Climate Action Tax Credit helps people after the holidays

Province of British Columbia
By Province of British Columbia
January 5th, 2024

This week, more than two million families and individuals will receive their third quarterly Climate Action Tax Credit payment.

“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 B.C. 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 B.C.”

Last year, the Province increased the Climate Action Tax Credit to put more money in people’s pockets. The Province also raised income thresholds to ensure B.C.’s clean transition remains affordable for more people.

A single person can now receive as much as $447 per year, more than double what they received in 2022. A family of four now receives as much as $893.50 per year. An estimated 70% of families and individuals who are eligible to get the quarterly payments from the Province can expect the maximum amounts.

The income ceiling for the credit will increase annually, with a goal to reach 80% of households in B.C. by 2030.

The Province is also helping people deal with rising costs from global inflation through additional measures, such as the boosted B.C. Family Benefit that is received on the 20th of each month.

The B.C. government will not contact people about the B.C. climate action tax credit by text message. A text message about the tax credit may be fraudulent. If unsure, contact: ITBTaxQuestions@gov.bc.ca (mailto:ITBTaxQuestions@gov.bc.ca)

Quick Facts:

  • The increases to the income threshold mean individuals with a net income less than $61,465 will receive a full or partial credit.
  • For families, the income threshold changes depending on the family configuration, e.g., a family of four with a net income less than $94,845 will receive a full or partial credit.
  • B.C.’s Climate Action Tax Credit is paid through Canada Revenue Agency, along with the federal GST/HST credit, and may take as many as 10 days to be delivered. Despite being a payment from the Province, it will appear on bank statements as a payment from the Government of Canada.
  • B.C.’s carbon tax is an important part of the CleanBC plan to create a healthier future by lowering climate-changing emissions.

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This post was syndicated from https://thenelsondaily.com
Categories: GeneralPolitics

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