Climate action tax coming to BC residents

More than two million individuals and families will see more money in their bank accounts as the climate action tax credit arrives this week. In Budget 2023, the Province increased income thresholds and climate action tax credits to support more people. This week, people in British Columbia will be receiving their fourth quarterly climate action tax credit. Budget 2024 allocated more than 100% of revenue from the carbon tax increase to the climate action tax credit increases. A family of four receiving $890 over the course of this year will see their payments increase to $1,008 a year, starting in July 2024. Individuals receiving $447 this year will collect $504 a year, starting in July 2024. Approximately 65% of people in B.C. receive money back through the tax credit. The credit will increase annually with the goal of 80% of individuals and families receiving the credit by 2030.