Check your bank accounts this week, because you might see more money as the province increases its climate action tax credit.
The province says the increase comes as part of its 2023 budget and a single person can now receive up to $447 per year, up $250 from last year. A family of four can now get us much as $893.50, a $390 increase from last year, according to the province.
The increase means more than 2 million families and individuals will get the credit this year and around 70 per cent will qualify for maximum payments.
“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,” said finance minister Katrine Conroy.
“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.”
The payments are administered by the Canada Revenue Agency and are paid alongside the federal GST/HST credit and can take around 10 days to be delivered.
B.C. is one of the only provinces in the country that has its own pollution-pricing system, which it says is an important part of the plan to lower climate-changing emissions. The government adds the tax will increase every year until it reaches $170 per tonne in 2030.
The climate action tax credit is designed to help offset costs of people and families with low and middle incomes, according to the province.
