More cost relief programs on the way for B.C. residents

The B.C. government has announced temporary measures to reduce the impact of rising costs on residents.

The province is increasing the next Climate Action Tax Credit payment, boosting the B.C. Family Benefit and capping rent increases at two per cent, a package that could save a family of four up to $1,500.

“These are the next steps we are taking to reduce costs and putting money in people’s pockets,” Finance Minister Selina Robinson told a news conference in front of a field of kids playing in Langford.

Premier John Horgan said his NDP government is doing everything it can to reduce costs amid the unprecedented inflation.

“Everyone is feeling the squeeze of global inflation, which is driving up the cost of groceries, gas, and other goods and services,” Horgan said. “Our next support measures will help bring down costs for renters, put money back into people’s pockets and offer families a cushion during challenging times.”

Horgan also promised future relief from BC Hydro costs.

The new affordability measures include:

• In October 2022, the maximum amount for the Climate Action Tax Credit for low- and moderate-income British Columbians will be enhanced by up to an additional $164 per adult and $41 per child. This means a family with two children can receive up to an additional $410.
• In January, February and March 2023, the B.C. Family Benefit will rise by as much as $58.33 per child, for each month. A family with two children will receive up to $350 from this top-up.
• Instead of allowing rent increases equivalent to inflation, the government is placing a 2 per cent cap on rent increases for 2023. For a renter paying $2,000 in rent, this will mean saving up to $816 next year.

Robinson said 85 per cent of British Columbians, individuals and families, will benefit from the Climate Action Tax Credit increase and 75 per cent of families with children will receive more on their B.C. Family Benefit payment starting in January.

“Normally a family with one child would get $1,600 per year, but from January to March, we are adding another $175 to payments for people with one child and $350 for families with two children,” the minister said.

The temporary increases will be automatically received if income tax filing is up to date.