This week, more than two million B.C. households will receive a cheque from the province — their share of a climate action tax credit that could climb to nearly $900 for a family of four.
The B.C. government raised the income threshold for the tax credit in its latest budget. Those increases mean the credit this year could climb to $447 for a single person, up $250 from last year. A family of four could receive up to $893.50, up $390 from 2022.
B.C. residents 19 years old and over who have filed an income tax return are eligible to receive the credit. Additional credits are paid out for spouses or common law partners, and children, though only one person in a family can receive the payment.
For parents who live with a child under 19 years old, they must be registered with the , which can be accessed through an or through the CRA's portal.
Parents in shared custody arrangements face .
Will I get the full credit?
An estimated 70 per cent of those who qualify for the are expected to receive the full amount this year, according to the province. That includes individuals who earn $39,115 or less and families whose annual income sits at or below $50,170.
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.
More details on how the credit decreases with income can be found on the B.C. government’s .
Climate action tax credit expected to increase to 2030
The tax credit is expected to rise with the price of carbon until it reaches $170 per tonne in 2030. By 2030, 80 per cent of B.C. households are expected to receive a full or partial credit.
The climate action tax credits is aimed at helping people with low and middle incomes offset their share of B.C.’s carbon tax, which is used to like charging infrastructure, as well as other green services and programs meant to tackle climate change.
The payments, which are administered by the Canada Revenue Agency, are paid out at the same time as the federal GST/HST credit.
In a statement issued Thursday, the Ministry of Finance warned British Columbians it would not contact them regarding the carbon credit by text message. Any attempt to do so could be the result of fraud.
Doubts or questions can be directed to the B.C. government at [email protected].
