If you’re stressed about money, we’ve listed some ways governments hope to offset British Columbians’ worries.
Here’s how and when you’ll receive more money from the provincial and federal governments this fall.
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As usual, eligible parents will receive the BC Family Benefit this month.
As a reminder, folks receiving the BC Family Benefit saw a little more cash in their bank accounts after the province boosted the payment, which will continue this fall.
The bump was announced to help families pay for things like groceries or recreational sports.
The bonus translated to a 25% increase in payments that started in July. On average, families will receive $445 more than last year.
According to the province, the maximum annual benefit, including the BC family benefit bonus payment, families could receive is:
- $2,188 for their first child,
- $1,375 for their second child,
- and $1,125 for each additional child.
The province says the money will be provided over 12 months (July 2024 through June 2025) and is tax-free.
The benefit is paid out monthly to about 340,000 families with children in the province via direct deposit or cheques in the mail.
Families will receive their benefits in mid-October.
You can calculate how much your family will receive on the provincial site.
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Another way the province aims to relieve British Columbians’ stress is by increasing the BC Climate Action Tax Credit.
Budget 2024 increased the credit amounts and thresholds this summer “to address rising costs and give a boost to the people who need it most,” the province previously told Daily Hive.
The next quarterly payment will be made in October.
The new amounts would be $504 for individuals, $252 for spouses, and $126 for each child, with the income thresholds rising to $41,071 for individuals and $57,288 for families.
The credit, distributed by the Canada Revenue Agency (CRA) alongside the GST/HST credit, will appear as a payment from the Government of Canada.
Quarterly credits are typically deposited around the fifth of the month, though delivery may take up to 10 days.
GST credit
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The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.
It aims to help Canadian individuals and families with low to modest incomes offset the taxes that they pay.
According to the government, you could get up to:
- $496 if you are single
- $650 if you are married or have a common-law partner
- $171 for each child under the age of 19
You don’t need to apply for this credit because you’re automatically considered for it when you file your taxes.
Last year, Ottawa doubled the GST credit for six months during the height of inflation.
You’ll receive this credit on October 4.
Canada Child Benefit (CCB)
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The CCB — a tax-free payment from the government to help with the cost of raising children — is administered monthly by the Canada Revenue Agency (CRA).
The maximum CCB amount went up in July as the new benefit year began.
Canadians can expect to receive the money on October 18.
Read this to learn if you’re eligible, how you can apply, and how much you can get.
Canada Workers Benefit (CWB)
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The CWB is a refundable tax credit that helps low-income individuals and families.
You’re eligible for the basic amount of CWB if you are:
Eligible single Canadians can receive up to $1,428; meanwhile, families can earn up to $2,461.
You can also get up to $737 for the disability supplement based on your annual income.
Check your bank on October 11 to find this payment.