B.C. budget promises relief for middle-income residents
Province increases climate tax credit, family benefit, introduces electricity savings
British Columbia's NDP government says it will keep spending to support core services and help residents weather rapidly rising costs of living, according to Thursday's budget.
But will money from the projected record deficit end up back in your pocket?
From tax credits for families, to electricity and rent rebates, to coverage for fertility treatment, here's how the latest B.C. budget could put more money in your wallet.
Climate tax credit rises with carbon tax
B.C.'s carbon tax is rising on April 1, and so are the tax credits it funds.
Maximum payments for the climate action tax credit are increasing by about 10 per cent starting in July, according to the province. The tax credit, paid quarterly, is designed to help offset the impact of the carbon taxes paid by British Columbians.
A single person in B.C. will be able to receive up to $504, up from $447 in 2023, and if they have a child, they can receive $252, up from $223 last year. A married or common-law couple, can receive up to $756 combined, up from $670 last year.
Each additional child in a single parent home and every child in a multi-parent household is also eligible for up to $126 this year, compared to $111.50 last year.
A single person without children must make less than $39,115 net annual income to be eligible for the full credit, and less than $61,465 to receive a partial credit.
Couples and single parents can receive the full amount if they make under $50,170 annually, and the cut-off for a partial credit varies based on the number of children they have.
The payments are distributed quarterly and there is no need to apply.
New electricity credit
British Columbians will save an estimated average of $100 on their power bills over the next year thanks to a new credit, according to the province.
The new B.C. electricity affordability credit will save residential, industrial and commercial power users about 4.6 per cent of their bills, officials said Thursday.
The one-time credit will start to appear on monthly power bills in April and last for one year, according to the budget.
The announcement comes as B.C. Hydro rates are set to rise by 2.3 per cent starting in April.
One-year boost to payments for families
The province is expanding the B.C. family benefit to approximately 66,000 more families and increasing payments by 25 per cent for one year starting in July.
The changes mean a total of 340,000 families will receive an average of $445 more per year, according to the province.
For example, a family of four could receive up to $3,563 per year, compared to $2,850 last year.
A single parent with one child would be eligible for up to $2,688 per year, up from $2,250 in 2023.
Families making less than $27,354 in net annual income are eligible for the full amount, and those making under $87,533 annually receive a reduced amount.
Anyone making more than $87,533 can receive partial payments based on the proportion of their income over the threshold.
B.C. to cover one round of costly fertility treatment
B.C. says it will cover one round of in-vitro fertilization (IVF) for eligible people starting in 2025, joining seven other provinces that publicly fund at least one round of the fertility treatment.
IVF is a medical procedure where an egg is retrieved from a uterus and fertilized by sperm outside of the body. It is often used by people facing infertility due to circumstances such as age or reproductive problems, and by some 2SLGBTQ+ couples and people wishing to become single parents.
One round of the procedure, including medications, can cost between $15,000 and $20,000, said B.C. officials on Thursday.
B.C. says it hasn't yet decided how it will determine eligibility for the program, but says it is considering age limits. Ontario limits public funding to people 43 and under, while Quebec's age limit is 41.
The province said people who are single as well as those who are in relationships will be eligible.
Renters to receive first long-awaited rebate
While it wasn't new in this year's budget, the long-awaited B.C. renters rebate will show up in British Columbians' tax returns this spring.
The rebate, promised by the NDP in the 2017 election and enacted in last year's budget, will shave up to $400 off taxes owed by low- and middle-income renters in B.C.
Tenants making a combined net household income of $60,000 or less are eligible for the full amount, and those making up to $80,000 are eligible for a reduced amount.
Renters must have been renting in a legal unit for a total of six months in the 2023 tax year to be eligible.
The credit must be filed on the T1 income tax and benefit return to be applied to your 2023 tax return.
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With files from Justin McElroy and Chad Pawson