Tax-credit lift puts more money in more people’s pockets

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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.”
    As part of Budget 2023, the Province raised income thresholds and increased
    the climate action tax credit to ensure B.C.’s clean transition remains
    affordable for more people.
    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 climate action tax credit provides a huge relief,” said Antoinette
    Halberstadt, a Nelson resident. “As a senior, this credit takes the stress off
    making rent payments and helps me to cover the cost of appointments others
    might not have, like physio and acupuncture. The climate action tax credit will
    help me pay for those services that are keeping me active and moving.”
    B.C. is one of the few provinces with its own pollution-pricing system, the
    carbon tax. Most of the revenue from the carbon tax increase that is part of
    Budget 2023 is going back to people through the climate action tax credit.
    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.
    The Province is helping people deal with rising costs through other measures,
    including higher BC Family Benefits. Starting July 20, 2023, families with
    children will receive as much as $750 more per year, which includes a $500
    annual top-up for single parents to help make ends meet. (news.gov.bc.ca)

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