Newly expanded climate action tax credit coming soon

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VICTORIA – More than two million individuals and families will see the first quarterly payment of the newly expanded and enhanced climate action tax credit in their bank accounts this week.

“As global inflation continues to impact the costs of everyday life, we’re making sure more people will receive more money to help with their bills,” said Katrine Conroy, Minister of Finance. “B.C.’s price on carbon pollution continues to be one of the strongest and most comprehensive in Canada. Boosting the climate action tax credit is just one of the ways we are putting money in people’s pockets as we work toward a low-carbon future.”

A single person can now receive as much as $447 per year, an increase of more than $250 from 2022, or more than double what they received last year. A family of four can now receive as much as $893.50, which is $390 more than last year.

The increases to the income threshold mean individuals with a net income below $61,465 will receive a full or partial credit. A single parent with two children with a net income below $89,270 will receive a full or partial credit. The increased thresholds mean more people will be eligible for the money this year. An estimated 70% of individuals eligible can expect the maximum amounts.

The credit was created to help offset costs for people and families with low and middle incomes, while ensuring B.C.’s carbon tax can continue to help pay for programs, services and infrastructure throughout the province. The income ceiling for the credit will increase annually, with a goal to reach 80% of households in B.C. by 2030.

B.C.’s climate action tax credit is paid through Canada Revenue Agency, along with the federal GST/HST credit, and can take as long as 10 days to be delivered. Despite being a payment from the province, it will appear on bank statements as a payment from the Government of Canada.

The carbon tax will increase every year until it reaches $170 per tonne in 2030, as required by the federal government.

The B.C. government will not contact you about the B.C. climate action tax credit by text message. If you get a text about the credit, it may be fraud. If unsure, contact: [email protected] (mailto:[email protected])