B.C. residents may see a bit more money in their bank account this week, as the B.C. government has given the climate action tax credit a boost.
“High interest rates and global inflation are squeezing household budgets, and we’re determined to find ways to put more money into people’s bank accounts,” said Katrine Conroy, Minister of Finance.
“By expanding and significantly increasing the climate action tax credit, we’re taking on carbon pollution, while helping to reduce costs for people in communities across B.C.”
This comes after the provincial government raised the income threshold and increased the tax credit amount.
The enhanced tax credit means that a single person can receive up to $447 per year, and a family of four can get up to $893.50 per year.
“The increased thresholds mean it’s expected that more than two million families and individuals will receive the credit this year, and about 70 per cent of them will qualify for the maximum payment,” said B.C. government officials.
B.C. officials said this will help make the clean transition more affordable.
“Our government recognizes the challenges people are facing and is working hard to make life better for people,” Conroy said. “That’s why we always encourage people to file their income taxes to ensure they receive the support they are entitled to, including the climate action tax credit, the BC family benefit and the sales tax credit.”