Residents to receive climate action tax credit

The B.C. government says more than two million families and individuals will see more money in their bank accounts this week, due to the climate action tax credit.

Finance Minister Katrine Conroy saids as part of their budget this year, income thresholds, and the amount of the credit, have been raised to help residents deal with rising costs.

A single person can now receive up to $447 per year, an increase of $250 from 2022. A family of four can get as much as $893, $390 more than last 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,” a government news release stated..

The payment from the province is administered by the Canada Revenue Agency and will appear on bank statements as a payment from the Government of Canada. They can take up to ten days to deliver.

The first of the enhanced quarterly credits was issued in July.

B.C.’s carbon tax will increase every year until it reaches $170 per tonne in 2030 as required by the federal government.

“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,” Finance Minister Conroy said. “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.”