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Province introducing additional cost of living supports

The B.C. government is increasing the next climate action tax credit payment to people in B.C.

It will provide up to an additional $164 per adult and $41 per child.

Provincial officials said this will be an estimated package of $1,500 for a family of four.

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The tax-free credit is delivered four times a year with the next being in October.

Provincial officials said about 85 per cent of people in B.C. will benefit from the increase.

The reason for the increase is to combat rising inflation.

“Everyone is feeling the squeeze of global inflation, which is driving up the cost of groceries, gas, and other goods and services,” said Premier John Horgan in a release.

“Our next support measures will help bring down costs for renters, put money back into people’s pockets and offer families a cushion during challenging times.”

The province is also placing a two per cent cap on rent increases for 2023.

For example, if a renter pays $2000 in rent, they will save up to $816 next year.

Increases are also coming to the BC Family Benefit program.

In January, February and March, the benefit will rise by as much as $58.33 per child.

No one needs to apply for either the climate action tax credit or the B.C. family benefit.

They will be automatically received if your income tax filing is up to date.

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